Galaxy Digital Capital Management GP LLC Takes Position in Hut 8 Corp. $HUT

Galaxy Digital Capital Management GP LLC purchased a new position in Hut 8 Corp. (NASDAQ:HUT) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 28,193 shares of the company’s stock, valued at approximately $1,295,000. Hut 8 accounts for about 1.3% of Galaxy Digital Capital Management GP LLC’s investment portfolio, making the stock its 19th largest position.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Harvest Portfolios Group Inc. boosted its position in Hut 8 by 75.3% during the 3rd 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. Northwestern Mutual Wealth Management Co. increased its position in shares of Hut 8 by 4,669,387.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 4,062,454 shares of the company’s stock valued at $186,629,000 after acquiring an additional 4,062,367 shares during the period. Handelsbanken Fonder AB purchased a new position in shares of Hut 8 in the fourth quarter valued at about $1,153,000. GeoSphere Capital Management LLC raised its stake in shares of Hut 8 by 64.3% during the fourth quarter. GeoSphere Capital Management LLC now owns 115,000 shares of the company’s stock valued at $5,283,000 after acquiring an additional 45,000 shares during the last quarter. Finally, Steadview Capital Management LLC raised its stake in shares of Hut 8 by 1,425.3% during the fourth quarter. Steadview Capital Management LLC now owns 431,655 shares of the company’s stock valued at $19,830,000 after acquiring an additional 403,355 shares during the last quarter. Institutional investors own 31.75% of the company’s stock.

Hut 8 Stock Performance

Shares of HUT opened at $124.44 on Friday. The firm’s 50-day moving average price is $99.89 and its 200-day moving average price is $68.41. The firm has a market capitalization of $14.01 billion, a price-to-earnings ratio of -41.48 and a beta of 4.61. 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 1-year low of $15.26 and a 1-year high of $140.80.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($1.98) earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $139.31 million for the quarter, compared to analysts’ expectations of $78.53 million. Sell-side analysts anticipate that Hut 8 Corp. will post -1.29 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on HUT. BTIG Research raised their target price on Hut 8 from $90.00 to $115.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. B. Riley Financial upped their price target on Hut 8 from $76.00 to $130.00 and gave the company a “buy” rating in a research report on Wednesday, May 13th. Citigroup reiterated an “outperform” rating on shares of Hut 8 in a report on Tuesday, April 28th. HC Wainwright reiterated a “buy” rating and issued a $80.00 price objective on shares of Hut 8 in a research report on Thursday, February 26th. Finally, Needham & Company LLC boosted their target price on Hut 8 from $88.00 to $128.00 and gave the company 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 issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $107.72.

Insider Transactions at Hut 8

In other news, Director Joseph Flinn sold 7,719 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $117.91, for a total value of $910,147.29. Following the completion of the transaction, the director owned 10,519 shares in the company, valued at $1,240,295.29. This trade represents a 42.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Amy Marie Wilkinson sold 20,000 shares of the firm’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 transaction, the director owned 262,136 shares of the company’s stock, valued at approximately $26,418,066.08. The trade was a 7.09% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 112,724 shares of company stock valued at $12,184,340. Insiders own 10.40% of the company’s stock.

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.