Hut 8 Corp. $HUT Shares Sold by Moore Capital Management LP

Moore Capital Management LP lessened its position in Hut 8 Corp. (NASDAQ:HUT) by 2.3% in the 2nd quarter, Holdings Channel reports. The firm owned 706,455 shares of the company’s stock after selling 16,545 shares during the period. Hut 8 accounts for approximately 1.2% of Moore Capital Management LP’s investment portfolio, making the stock its 5th biggest holding. Moore Capital Management LP’s holdings in Hut 8 were worth $81,557,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of HUT. CoreCap Advisors LLC boosted its position in shares of Hut 8 by 42.1% during the second quarter. CoreCap Advisors LLC now owns 540 shares of the company’s stock worth $62,000 after purchasing an additional 160 shares in the last quarter. Arlington Trust Co LLC increased its position in shares of Hut 8 by 175.0% in the 2nd quarter. Arlington Trust Co LLC now owns 275 shares of the company’s stock valued at $32,000 after buying an additional 175 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Hut 8 by 35.0% in the 2nd quarter. GAMMA Investing LLC now owns 1,057 shares of the company’s stock valued at $122,000 after buying an additional 274 shares in the last quarter. CWM LLC raised its stake in Hut 8 by 37.4% during the 4th quarter. CWM LLC now owns 1,106 shares of the company’s stock worth $51,000 after buying an additional 301 shares during the period. Finally, Vanguard Personalized Indexing Management LLC raised its stake in Hut 8 by 4.5% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 8,992 shares of the company’s stock worth $413,000 after buying an additional 388 shares during the period. 31.75% of the stock is currently owned by institutional investors and hedge funds.

Hut 8 Price Performance

Shares of NASDAQ HUT opened at $79.42 on Monday. The company has a fifty day moving average price of $98.87 and a 200 day moving average price of $85.23. The firm has a market cap of $9.79 billion, a PE ratio of -14.57 and a beta of 4.64. The company has a current ratio of 19.35, a quick ratio of 19.35 and a debt-to-equity ratio of 4.22. Hut 8 Corp. has a 1-year low of $24.20 and a 1-year 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 (EPS) for the quarter, missing the consensus estimate of ($0.55) by ($0.72). The firm had revenue of $74.93 million during the quarter, compared to analyst estimates of $79.37 million. Hut 8 had a negative net margin of 188.59% and a negative return on equity of 0.97%. During the same period in the prior year, the business earned $1.18 EPS. Research analysts predict that Hut 8 Corp. will post -2.85 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Freedom Broker raised Hut 8 to a “strong-buy” rating in a research note on Tuesday, August 18th. Citizens Jmp raised their price target on Hut 8 from $100.00 to $140.00 and gave the stock a “market outperform” rating in a research report on Thursday, May 7th. BTIG Research lifted their price objective on Hut 8 from $115.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. Freedom Capital upgraded Hut 8 to a “strong-buy” rating in a research report on Tuesday, August 18th. Finally, Canaccord Genuity Group increased their target price on Hut 8 from $70.00 to $130.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, Hut 8 presently has a consensus rating of “Buy” and an average target price of $144.89.

Insider Buying and Selling

In related news, insider Victor Semah sold 10,000 shares of Hut 8 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 sale, the insider owned 31,378 shares of the company’s stock, valued at approximately $3,922,250. This trade represents a 24.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Joseph Flinn sold 30,500 shares of the business’s stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $116.21, for a total value of $3,544,405.00. Following the completion of the sale, the director owned 18,238 shares in the company, valued at $2,119,437.98. The trade was a 62.58% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 54,664 shares of company stock worth $6,212,160. 10.40% of the stock is owned by corporate insiders.

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.