Thomist Capital Management LP Invests $2.45 Million in Hut 8 Corp. $HUT

Thomist Capital Management LP bought a new position in Hut 8 Corp. (NASDAQ:HUT) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 21,185 shares of the company’s stock, valued at approximately $2,446,000. Hut 8 accounts for about 0.8% of Thomist Capital Management LP’s holdings, making the stock its 29th biggest position.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in HUT. Dimensional Fund Advisors LP increased its position in shares of Hut 8 by 11.1% in the first quarter. Dimensional Fund Advisors LP now owns 207,619 shares of the company’s stock valued at $9,717,000 after acquiring an additional 20,813 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Hut 8 by 4,669,387.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 4,062,454 shares of the company’s stock worth $186,629,000 after purchasing an additional 4,062,367 shares during the period. Handelsbanken Fonder AB bought a new stake in shares of Hut 8 in the fourth quarter worth about $1,153,000. Dayah Capital LLC grew its stake in shares of Hut 8 by 12.6% in the first quarter. Dayah Capital LLC now owns 217,920 shares of the company’s stock worth $10,223,000 after purchasing an additional 24,456 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Hut 8 during the 1st quarter valued at about $4,358,000. 31.75% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director Joseph Flinn sold 30,500 shares of the business’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $116.21, for a total transaction of $3,544,405.00. Following the sale, the director owned 18,238 shares in the company, valued at approximately $2,119,437.98. The trade was a 62.58% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Victor Semah sold 10,000 shares of the business’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $125.00, for a total transaction of $1,250,000.00. Following the sale, the insider owned 31,378 shares in the company, valued at approximately $3,922,250. This trade represents a 24.17% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 48,219 shares of company stock valued at $5,704,552. 10.40% of the stock is owned by corporate insiders.

Hut 8 Stock Down 1.6%

HUT stock opened at $79.56 on Tuesday. Hut 8 Corp. has a fifty-two week low of $21.89 and a fifty-two week high of $140.80. The business’s 50 day moving average price is $101.92 and its two-hundred day moving average price is $84.32. The company has a debt-to-equity ratio of 4.22, a quick ratio of 19.35 and a current ratio of 19.35. The company has a market capitalization of $9.81 billion, a price-to-earnings ratio of -14.60 and a beta of 4.64.

Hut 8 (NASDAQ:HUT) last announced its earnings results on Wednesday, August 5th. The company reported ($1.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.55) by ($0.72). The firm had revenue of $72.66 million during the quarter, compared to the consensus estimate of $79.37 million. Hut 8 had a negative return on equity of 0.97% and a negative net margin of 188.59%.During the same period in the prior year, the company posted $1.18 EPS. As a group, analysts forecast that Hut 8 Corp. will post -2.85 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have commented on HUT. Loop Capital set a $226.00 price target on Hut 8 in a research report on Monday, June 22nd. Northland Securities set a $120.00 price objective on Hut 8 in a research report on Thursday, May 7th. Weiss Ratings lowered Hut 8 from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, August 19th. Needham & Company LLC cut their price target on shares of Hut 8 from $145.00 to $138.00 and set a “buy” rating on the stock in a report on Wednesday, August 5th. Finally, Piper Sandler boosted their price objective on shares of Hut 8 from $127.00 to $143.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $144.89.

About Hut 8

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.