Phoenix Financial Ltd. Cuts Stake in Hut 8 Corp. $HUT

Phoenix Financial Ltd. lowered its position in shares of Hut 8 Corp. (NASDAQ:HUT) by 40.8% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 7,551 shares of the company’s stock after selling 5,207 shares during the period. Phoenix Financial Ltd.’s holdings in Hut 8 were worth $347,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Harvest Portfolios Group Inc. increased its stake in shares of Hut 8 by 75.3% during the third quarter. Harvest Portfolios Group Inc. now owns 85,093 shares of the company’s stock valued at $2,962,000 after buying an additional 36,543 shares during the period. Steadview Capital Management LLC purchased a new stake in shares of Hut 8 in the 3rd quarter worth approximately $985,000. Y Intercept Hong Kong Ltd raised its stake in shares of Hut 8 by 26.6% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 131,110 shares of the company’s stock worth $4,564,000 after acquiring an additional 27,568 shares in the last quarter. Zweig DiMenna Associates LLC raised its stake in shares of Hut 8 by 256.5% during the 3rd quarter. Zweig DiMenna Associates LLC now owns 707,000 shares of the company’s stock worth $24,611,000 after acquiring an additional 508,700 shares in the last quarter. Finally, WINTON GROUP Ltd bought a new position in shares of Hut 8 during the 3rd quarter worth approximately $1,385,000. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Wall Street Analysts Forecast Growth

HUT has been the subject of several recent analyst reports. Rosenblatt Securities boosted their price objective on shares of Hut 8 from $89.00 to $124.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Compass Point set a $130.00 price target on shares of Hut 8 in a research note on Wednesday. Cantor Fitzgerald raised their price target on shares of Hut 8 from $68.00 to $80.00 and gave the stock an “overweight” rating in a report on Thursday, April 9th. BTIG Research raised their price target on shares of Hut 8 from $90.00 to $115.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Finally, Wall Street Zen cut shares of Hut 8 from a “hold” rating to a “sell” rating in a report on Saturday, February 28th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $107.72.

Insiders Place Their Bets

In other news, Director Rick Rickertsen sold 17,491 shares of the stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $110.00, for a total value of $1,924,010.00. Following the sale, the director owned 17,491 shares in the company, valued at $1,924,010. This represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Sean Joseph Glennan sold 4,625 shares of the stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $49.05, for a total transaction of $226,856.25. Following the completion of the sale, the chief financial officer owned 12,068 shares in the company, valued at $591,935.40. The trade was a 27.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 54,628 shares of company stock valued at $4,960,721. Insiders own 10.40% of the company’s stock.

Hut 8 Trading Down 6.3%

NASDAQ HUT opened at $102.47 on Friday. The company has a fifty day simple moving average of $66.88 and a two-hundred day simple moving average of $55.72. The stock has a market cap of $11.54 billion, a P/E ratio of -34.16 and a beta of 4.48. Hut 8 Corp. has a 12-month low of $14.74 and a 12-month high of $112.26. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.12.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($1.98) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.33) by ($1.65). The company had revenue of $139.31 million during the quarter, compared to analysts’ expectations 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, analysts forecast that Hut 8 Corp. will post -2.34 earnings per share for the current year.

Hut 8 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.