Patten Group Inc. Makes New Investment in Hut 8 Corp. $HUT

Patten Group Inc. acquired a new stake in shares of Hut 8 Corp. (NASDAQ:HUT) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 8,185 shares of the company’s stock, valued at approximately $384,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Nisa Investment Advisors LLC grew its position in Hut 8 by 1.6% during the 4th quarter. Nisa Investment Advisors LLC now owns 15,969 shares of the company’s stock worth $734,000 after purchasing an additional 254 shares during the last quarter. CWM LLC raised its holdings in shares of Hut 8 by 37.4% in the fourth quarter. CWM LLC now owns 1,106 shares of the company’s stock worth $51,000 after buying an additional 301 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Hut 8 by 1.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,685 shares of the company’s stock worth $996,000 after buying an additional 362 shares during the period. Vanguard Personalized Indexing Management LLC lifted its stake in shares of Hut 8 by 4.5% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 8,992 shares of the company’s stock worth $413,000 after buying an additional 388 shares during the period. Finally, Integrated Wealth Concepts LLC grew its holdings in shares of Hut 8 by 4.8% during the fourth quarter. Integrated Wealth Concepts LLC now owns 10,028 shares of the company’s stock valued at $461,000 after buying an additional 456 shares during the last quarter. 31.75% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Amy Marie Wilkinson sold 20,000 shares of Hut 8 stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $100.78, for a total transaction of $2,015,600.00. Following the completion of the transaction, the director directly owned 262,136 shares of the company’s stock, valued at $26,418,066.08. The trade was a 7.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Rick Rickertsen sold 17,491 shares of the business’s stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $110.00, for a total transaction of $1,924,010.00. Following the completion of the transaction, the director owned 17,491 shares of the company’s stock, valued at approximately $1,924,010. This represents a 50.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 112,724 shares of company stock valued at $12,184,340 in the last ninety days. Insiders own 10.40% of the company’s stock.

Hut 8 Price Performance

Shares of HUT opened at $97.14 on Friday. The business’s 50-day moving average is $108.04 and its two-hundred day moving average is $73.33. The company has a market capitalization of $10.94 billion, a P/E ratio of -32.38 and a beta of 4.62. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.86 and a current ratio of 0.86. Hut 8 Corp. has a fifty-two week low of $18.68 and a fifty-two week high of $140.80.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings data 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 during the quarter, compared to analyst estimates of $78.53 million. Research analysts predict that Hut 8 Corp. will post -1.29 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms recently issued reports on HUT. Needham & Company LLC upped their target price on Hut 8 from $88.00 to $128.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Piper Sandler boosted their price target on Hut 8 from $93.00 to $127.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Citizens Jmp increased their price objective on Hut 8 from $100.00 to $140.00 and gave the company a “market outperform” rating in a report on Thursday, May 7th. Citigroup restated an “outperform” rating on shares of Hut 8 in a research note on Tuesday, April 28th. Finally, Canaccord Genuity Group lifted their target price on Hut 8 from $70.00 to $130.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Seventeen research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Hut 8 presently has an average rating of “Moderate Buy” and an average target price of $115.79.

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.