Balyasny Asset Management L.P. Boosts Stock Position in Hut 8 Corp. (NASDAQ:HUT)

Balyasny Asset Management L.P. lifted its holdings in shares of Hut 8 Corp. (NASDAQ:HUT) by 354.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 63,317 shares of the company’s stock after purchasing an additional 49,374 shares during the period. Balyasny Asset Management L.P.’s holdings in Hut 8 were worth $1,297,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Nisa Investment Advisors LLC raised its stake in shares of Hut 8 by 77.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company’s stock worth $26,000 after purchasing an additional 545 shares during the period. R Squared Ltd bought a new stake in shares of Hut 8 during the 4th quarter worth $26,000. Optiver Holding B.V. bought a new stake in shares of Hut 8 during the 4th quarter worth $35,000. Russell Investments Group Ltd. raised its stake in Hut 8 by 832.4% in the 4th quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company’s stock valued at $42,000 after acquiring an additional 1,823 shares during the period. Finally, Principal Securities Inc. bought a new stake in Hut 8 in the 4th quarter valued at about $45,000. 31.75% of the stock is currently owned by institutional investors.

Hut 8 Stock Performance

Shares of NASDAQ:HUT opened at $16.50 on Wednesday. The company has a 50 day moving average of $12.50 and a 200 day moving average of $18.97. Hut 8 Corp. has a 12 month low of $7.67 and a 12 month high of $31.95. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.18) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.06). The company had revenue of $20.88 million for the quarter, compared to the consensus estimate of $33.68 million. On average, sell-side analysts expect that Hut 8 Corp. will post -0.53 EPS for the current fiscal year.

Insiders Place Their Bets

In other Hut 8 news, insider Victor Semah sold 11,363 shares of the business’s stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $12.95, for a total value of $147,150.85. Following the completion of the transaction, the insider now owns 15,738 shares of the company’s stock, valued at $203,807.10. The trade was a 41.93% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 12.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on HUT shares. Northland Capmk upgraded Hut 8 to a “strong-buy” rating in a research note on Monday, April 21st. BTIG Research started coverage on Hut 8 in a research note on Monday, April 14th. They issued a “buy” rating and a $18.00 price objective on the stock. UBS Group set a $33.00 price objective on Hut 8 in a research note on Wednesday, April 2nd. Northland Securities started coverage on Hut 8 in a research note on Monday, April 21st. They issued an “outperform” rating and a $20.00 price objective on the stock. Finally, HC Wainwright restated a “buy” rating and issued a $25.00 price objective on shares of Hut 8 in a research note on Friday, May 9th. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $26.00.

Hut 8 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.