Healthcare of Ontario Pension Plan Trust Fund Makes New $4.36 Million Investment in Hut 8 Corp. $HUT

Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Hut 8 Corp. (NASDAQ:HUT) during the 1st quarter, HoldingsChannel.com reports. The firm bought 92,900 shares of the company’s stock, valued at approximately $4,358,000.

A number of other hedge funds also recently modified their holdings of the business. Millennium Management LLC boosted its position in shares of Hut 8 by 11.9% in the first quarter. Millennium Management LLC now owns 330,416 shares of the company’s stock worth $3,839,000 after buying an additional 35,120 shares during the period. Prudential Financial Inc. purchased a new position in shares of Hut 8 during the second quarter valued at $216,000. Russell Investments Group Ltd. raised its position in Hut 8 by 235.8% during the second quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock valued at $46,000 after buying an additional 1,719 shares during the period. New York State Common Retirement Fund raised its position in Hut 8 by 19.9% during the second quarter. New York State Common Retirement Fund now owns 32,540 shares of the company’s stock valued at $605,000 after buying an additional 5,400 shares during the period. Finally, Invesco Ltd. lifted its stake in Hut 8 by 13.2% in the 2nd quarter. Invesco Ltd. now owns 1,067,985 shares of the company’s stock worth $19,865,000 after acquiring an additional 124,439 shares in the last quarter. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Hut 8 Price Performance

Shares of NASDAQ:HUT opened at $108.27 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.12. Hut 8 Corp. has a 1 year low of $18.68 and a 1 year high of $140.80. The business has a fifty day simple moving average of $111.81 and a 200 day simple moving average of $80.64. The firm has a market cap of $12.19 billion, a price-to-earnings ratio of -36.09 and a beta of 4.62.

Hut 8 (NASDAQ:HUT) last issued its earnings results on Wednesday, May 6th. The company reported ($1.98) EPS for the quarter, missing analysts’ consensus estimates of ($0.33) by ($1.65). Hut 8 had a negative net margin of 109.77% and a negative return on equity of 0.35%. The firm had revenue of $139.31 million during the quarter, compared to analysts’ expectations of $78.53 million. As a group, sell-side analysts predict that Hut 8 Corp. will post -2.52 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on HUT shares. Rosenblatt Securities restated a “buy” rating and set a $124.00 price objective on shares of Hut 8 in a research report on Tuesday, July 21st. Canaccord Genuity Group upped their target price on Hut 8 from $70.00 to $130.00 and gave the company a “buy” rating in a report on Thursday, May 7th. BTIG Research increased their price target on shares of Hut 8 from $115.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. Citigroup reissued an “outperform” rating on shares of Hut 8 in a research report on Tuesday, April 28th. Finally, B. Riley Financial raised their price target on shares of Hut 8 from $76.00 to $130.00 and gave the stock a “buy” rating in a report on Wednesday, May 13th. Eighteen research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $137.20.

Insider Transactions at Hut 8

In related news, insider Victor Semah sold 10,000 shares of the stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $125.00, for a total value of $1,250,000.00. Following the transaction, the insider owned 31,378 shares in the company, valued at approximately $3,922,250. This represents a 24.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Rick Rickertsen sold 17,491 shares of the stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $110.00, for a total value of $1,924,010.00. Following the completion of the transaction, the director owned 17,491 shares in the company, valued at $1,924,010. This represents a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 112,724 shares of company stock valued at $12,184,340 over the last 90 days. Company insiders own 10.40% of the company’s stock.

Hut 8 Company Profile

Hut 8 Corp., trading on the Nasdaq under the symbol HUT, is a North American digital infrastructure company specializing in cryptocurrency mining and high?performance computing. Founded in 2017 and headquartered in Toronto, Canada, Hut 8 operates purpose?built data centers that house fleets of specialized ASIC and GPU servers. Through its flagship mining facilities in Alberta and Ontario, the company leverages low?cost, low?carbon power sources—such as hydroelectric and natural gas—to support sustainable bitcoin production.