Amalgamated Bank Buys New Stake in Hut 8 Corp. (NASDAQ:HUT)

Amalgamated Bank purchased a new stake in shares of Hut 8 Corp. (NASDAQ:HUT) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 2,775 shares of the company’s stock, valued at approximately $42,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in HUT. Central Asset Investments & Management Holdings HK Ltd acquired a new position in shares of Hut 8 during the 2nd quarter worth approximately $608,000. Dimensional Fund Advisors LP purchased a new stake in shares of Hut 8 during the 2nd quarter valued at approximately $200,000. Headlands Technologies LLC lifted its holdings in Hut 8 by 121.6% in the second quarter. Headlands Technologies LLC now owns 51,228 shares of the company’s stock valued at $768,000 after acquiring an additional 28,109 shares during the last quarter. Arizona State Retirement System purchased a new position in Hut 8 in the second quarter worth approximately $337,000. Finally, Victory Capital Management Inc. acquired a new stake in Hut 8 during the second quarter worth $154,000. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Hut 8 Price Performance

HUT stock opened at $11.56 on Wednesday. The firm has a 50 day moving average of $11.97 and a 200-day moving average of $11.31. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 0.43. Hut 8 Corp. has a 12-month low of $6.18 and a 12-month high of $21.10.

Hut 8 (NASDAQ:HUT) last posted its earnings results on Tuesday, August 13th. The company reported $0.02 EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.11. The firm had revenue of $35.22 million for the quarter, compared to analysts’ expectations of $38.00 million. As a group, research analysts expect that Hut 8 Corp. will post -0.56 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Craig Hallum raised their price objective on Hut 8 from $12.00 to $14.00 and gave the stock a “buy” rating in a research report on Friday, June 14th. Benchmark reiterated a “buy” rating and set a $17.00 target price on shares of Hut 8 in a research note on Wednesday, August 14th. HC Wainwright restated a “buy” rating and issued a $13.50 price target on shares of Hut 8 in a research note on Friday, September 20th. Needham & Company LLC upped their price objective on Hut 8 from $15.00 to $16.50 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. Finally, Canaccord Genuity Group restated a “buy” rating and set a $22.00 price objective on shares of Hut 8 in a research report on Wednesday, August 21st. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $16.33.

Insider Activity at Hut 8

In related news, Director Joseph Flinn sold 7,618 shares of Hut 8 stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $11.74, for a total transaction of $89,435.32. Following the completion of the transaction, the director now directly owns 11,861 shares in the company, valued at approximately $139,248.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Shenif Visram sold 20,239 shares of Hut 8 stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $13.38, for a total transaction of $270,797.82. Following the completion of the sale, the chief financial officer now directly owns 43,959 shares in the company, valued at $588,171.42. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Joseph Flinn sold 7,618 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $11.74, for a total transaction of $89,435.32. Following the transaction, the director now directly owns 11,861 shares in the company, valued at approximately $139,248.14. The disclosure for this sale can be found here. 12.00% of the stock is owned by corporate insiders.

Hut 8 Company Profile

Hut 8 Corp., together with its subsidiaries, acquires, builds, manages, and operates data centers for digital assets mining, computing, and artificial intelligence in the United States. It operates in four segments: Digital Assets Mining, Managed Services, High Performance Computing Colocation and Cloud, and Other.