Dockside LLC Invests $947,000 in Hut 8 Corp. $HUT

Dockside LLC acquired a new position in shares of Hut 8 Corp. (NASDAQ:HUT) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 20,609 shares of the company’s stock, valued at approximately $947,000.

A number of other institutional investors and hedge funds have also made changes to their positions in HUT. Millennium Management LLC grew its position in shares of Hut 8 by 11.9% during the first quarter. Millennium Management LLC now owns 330,416 shares of the company’s stock worth $3,839,000 after buying an additional 35,120 shares in the last quarter. Prudential Financial Inc. acquired a new position in shares of Hut 8 during the second quarter worth about $216,000. Russell Investments Group Ltd. grew its position in shares of Hut 8 by 235.8% during the second quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock worth $46,000 after buying an additional 1,719 shares in the last quarter. New York State Common Retirement Fund grew its position in shares of Hut 8 by 19.9% during the second quarter. New York State Common Retirement Fund now owns 32,540 shares of the company’s stock worth $605,000 after buying an additional 5,400 shares in the last quarter. Finally, Invesco Ltd. lifted its stake in Hut 8 by 13.2% during the second quarter. Invesco Ltd. now owns 1,067,985 shares of the company’s stock worth $19,865,000 after purchasing an additional 124,439 shares during the last quarter. 31.75% of the stock is owned by institutional investors and hedge funds.

Hut 8 Price Performance

Shares of NASDAQ HUT opened at $118.86 on Monday. 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 Corp. has a twelve month low of $15.26 and a twelve month high of $140.80. The stock has a 50 day moving average of $92.90 and a two-hundred day moving average of $65.80. The stock has a market cap of $13.38 billion, a P/E ratio of -39.62 and a beta of 4.61.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($1.98) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.33) by ($1.65). Hut 8 had a negative net margin of 109.77% and a negative return on equity of 0.35%. The firm had revenue of $139.31 million during the quarter, compared to analysts’ expectations of $78.53 million. On average, research analysts forecast that Hut 8 Corp. will post -1.29 earnings per share for the current year.

Insider Buying and Selling at Hut 8

In other Hut 8 news, Director Rick Rickertsen sold 17,491 shares of the business’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 completion of the sale, the director owned 17,491 shares in the company, valued at approximately $1,924,010. The trade was a 50.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Amy Marie Wilkinson sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $100.78, for a total value of $2,015,600.00. Following the completion of the sale, the director owned 262,136 shares of the company’s stock, valued at approximately $26,418,066.08. This represents a 7.09% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 64,505 shares of company stock worth $6,479,788. 10.40% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Piper Sandler boosted their target price on Hut 8 from $93.00 to $127.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. Rosenblatt Securities restated a “buy” rating and set a $124.00 target price on shares of Hut 8 in a research note on Thursday. Wall Street Zen cut Hut 8 from a “hold” rating to a “sell” rating in a research note on Saturday, February 28th. Weiss Ratings cut Hut 8 from a “sell (d+)” rating to a “sell (d-)” rating in a research note on Thursday, May 7th. Finally, Needham & Company LLC boosted their target price on Hut 8 from $88.00 to $128.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Seventeen investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $107.72.

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.