Steadview Capital Management LLC Invests $985,000 in Hut 8 Corp. $HUT

Steadview Capital Management LLC bought a new position in Hut 8 Corp. (NASDAQ:HUT) during the third quarter, Holdings Channel.com reports. The firm bought 28,300 shares of the company’s stock, valued at approximately $985,000. Hut 8 makes up about 0.1% of Steadview Capital Management LLC’s portfolio, making the stock its 11th biggest holding.

Other hedge funds have also added to or reduced their stakes in the company. Ameriprise Financial Inc. grew its stake in Hut 8 by 1,043.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 2,486,814 shares of the company’s stock valued at $46,255,000 after buying an additional 2,269,237 shares in the last quarter. Thames Capital Management LLC bought a new stake in Hut 8 in the third quarter worth $25,084,000. Moore Capital Management LP bought a new stake in Hut 8 in the second quarter valued at approximately $9,159,000. JPMorgan Chase & Co. raised its stake in shares of Hut 8 by 337.0% during the second quarter. JPMorgan Chase & Co. now owns 454,012 shares of the company’s stock valued at $8,445,000 after acquiring an additional 350,112 shares during the last quarter. Finally, Intrinsic Edge Capital Management LLC bought a new position in Hut 8 during the 2nd quarter valued at approximately $5,952,000. Institutional investors own 31.75% of the company’s stock.

Wall Street Analysts Forecast Growth

HUT has been the topic of several research reports. Rosenblatt Securities restated a “buy” rating and set a $65.00 price target on shares of Hut 8 in a research report on Thursday, December 18th. Citigroup reissued an “outperform” rating on shares of Hut 8 in a report on Tuesday, October 21st. Cantor Fitzgerald lifted their price objective on Hut 8 from $24.00 to $64.00 and gave the stock an “overweight” rating in a report on Tuesday, November 4th. Keefe, Bruyette & Woods upped their target price on shares of Hut 8 from $30.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, December 19th. Finally, Benchmark reiterated a “buy” rating on shares of Hut 8 in a research note on Wednesday, December 17th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, Hut 8 presently has a consensus rating of “Buy” and an average target price of $56.76.

Hut 8 Stock Performance

Shares of HUT opened at $55.12 on Friday. The business has a 50-day simple moving average of $47.41 and a two-hundred day simple moving average of $37.69. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.14. Hut 8 Corp. has a 52 week low of $10.04 and a 52 week high of $62.91. The stock has a market cap of $5.96 billion, a price-to-earnings ratio of -141.33 and a beta of 4.41.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings data on Tuesday, November 4th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.09. The company had revenue of $80.72 million during the quarter, compared to the consensus estimate of $64.70 million. Hut 8 had a return on equity of 8.06% and a net margin of 115.39%. On average, analysts expect that Hut 8 Corp. will post -0.53 EPS for the current year.

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.