Main Street Research LLC Makes New $413,000 Investment in Hut 8 Corp. $HUT

Main Street Research LLC acquired a new position in Hut 8 Corp. (NASDAQ:HUT) in the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 8,986 shares of the company’s stock, valued at approximately $413,000.

A number of other hedge funds also recently modified their holdings of HUT. Northwestern Mutual Wealth Management Co. lifted its position in shares of Hut 8 by 4,669,387.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 4,062,454 shares of the company’s stock worth $186,629,000 after acquiring an additional 4,062,367 shares during the period. Ameriprise Financial Inc. lifted its position in shares of Hut 8 by 1,043.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 2,486,814 shares of the company’s stock worth $46,255,000 after acquiring an additional 2,269,237 shares during the period. Value Aligned Research Advisors LLC lifted its position in shares of Hut 8 by 110.2% in the 3rd quarter. Value Aligned Research Advisors LLC now owns 1,948,995 shares of the company’s stock worth $67,845,000 after acquiring an additional 1,021,955 shares during the period. Voloridge Investment Management LLC bought a new stake in shares of Hut 8 in the 3rd quarter worth approximately $35,044,000. Finally, Nishkama Capital LLC bought a new stake in shares of Hut 8 in the 3rd quarter worth approximately $28,137,000. Institutional investors own 31.75% of the company’s stock.

Insider Buying and Selling

In related news, insider Victor Semah sold 10,518 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $76.83, for a total transaction of $808,097.94. Following the completion of the transaction, the insider owned 41,378 shares in the company, valued at $3,179,071.74. This trade represents a 20.27% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Rick Rickertsen sold 17,491 shares of the firm’s stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $110.00, for a total value of $1,924,010.00. Following the transaction, the director owned 17,491 shares of the company’s stock, valued at $1,924,010. This trade represents a 50.00% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 54,628 shares of company stock worth $4,960,721 in the last 90 days. 10.40% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts have commented on HUT shares. Keefe, Bruyette & Woods raised their price objective on Hut 8 from $55.00 to $75.00 and gave the stock a “moderate buy” rating in a research report on Tuesday, January 27th. Arete Research started coverage on Hut 8 in a research report on Monday, March 23rd. They issued a “buy” rating and a $136.00 price objective for the company. B. Riley Financial raised their price objective on Hut 8 from $76.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday, May 13th. Canaccord Genuity Group raised their target price on Hut 8 from $70.00 to $130.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Finally, Citizens Jmp raised their target price 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. Seventeen equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $107.72.

Hut 8 Price Performance

Hut 8 stock opened at $105.90 on Monday. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.86 and a quick ratio of 0.86. The company has a market capitalization of $11.92 billion, a PE ratio of -35.30 and a beta of 4.48. Hut 8 Corp. has a one year low of $14.74 and a one year high of $112.26. The business has a 50 day simple moving average of $71.87 and a 200 day simple moving average of $57.46.

Hut 8 (NASDAQ:HUT) last posted its earnings results on Wednesday, May 6th. The company reported ($1.98) EPS for the quarter, missing the consensus estimate of ($0.33) by ($1.65). The company had revenue of $139.31 million for the quarter, compared to the consensus estimate of $78.53 million. Hut 8 had a negative return on equity of 0.35% and a negative net margin of 109.77%. On average, sell-side analysts forecast that Hut 8 Corp. will post -1.29 EPS for the current fiscal year.

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.