Perigon Wealth Management LLC Takes $5.22 Million Position in Hut 8 Corp. $HUT

Perigon Wealth Management LLC purchased a new stake in Hut 8 Corp. (NASDAQ:HUT) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 45,212 shares of the company’s stock, valued at approximately $5,220,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Millennium Management LLC raised its position in Hut 8 by 11.9% in the 1st quarter. Millennium Management LLC now owns 330,416 shares of the company’s stock valued at $3,839,000 after buying an additional 35,120 shares during the last quarter. Prudential Financial Inc. bought a new stake in Hut 8 in the 2nd quarter worth about $216,000. Russell Investments Group Ltd. lifted its position in shares of Hut 8 by 235.8% during the 2nd quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock worth $46,000 after buying an additional 1,719 shares in the last quarter. New York State Common Retirement Fund boosted its stake in shares of Hut 8 by 19.9% in the 2nd quarter. New York State Common Retirement Fund now owns 32,540 shares of the company’s stock worth $605,000 after buying an additional 5,400 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in shares of 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 buying an additional 124,439 shares during the last quarter. 31.75% of the stock is owned by institutional investors.

Hut 8 Price Performance

Hut 8 stock opened at $88.04 on Tuesday. The stock has a market cap of $10.85 billion, a price-to-earnings ratio of -16.15 and a beta of 4.64. The company has a quick ratio of 19.35, a current ratio of 19.35 and a debt-to-equity ratio of 4.22. The business has a 50-day simple moving average of $105.15 and a 200 day simple moving average of $83.52. Hut 8 Corp. has a 52 week low of $20.69 and a 52 week high of $140.80.

Hut 8 (NASDAQ:HUT) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($1.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.72). Hut 8 had a negative net margin of 188.59% and a negative return on equity of 0.97%. The firm had revenue of $72.66 million for the quarter, compared to analysts’ expectations of $79.37 million. During the same quarter in the previous year, the business earned $1.18 EPS. On average, research analysts forecast that Hut 8 Corp. will post -2.85 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

HUT has been the topic of several research analyst reports. B. Riley Financial boosted their price objective on Hut 8 from $130.00 to $163.00 and gave the stock a “buy” rating in a research report on Monday, August 3rd. Compass Point set a $195.00 price objective on shares of Hut 8 in a report on Wednesday, July 22nd. Canaccord Genuity Group boosted their target price on shares of Hut 8 from $70.00 to $130.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Morgan Stanley initiated coverage on shares of Hut 8 in a report on Thursday, July 23rd. They issued an “overweight” rating and a $263.00 price target on the stock. Finally, Piper Sandler raised their target price on Hut 8 from $127.00 to $143.00 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $144.89.

Insider Buying and Selling at Hut 8

In other news, insider Victor Semah sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $125.00, for a total transaction of $1,250,000.00. Following the completion of the transaction, the insider owned 31,378 shares in the company, valued at $3,922,250. This trade represents a 24.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Amy Marie Wilkinson sold 20,000 shares of Hut 8 stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $100.78, for a total transaction of $2,015,600.00. Following the completion of the transaction, the director directly owned 262,136 shares of the company’s stock, valued at $26,418,066.08. The trade was a 7.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 68,219 shares of company stock valued at $7,720,152. 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.