Galaxy Digital Capital Management GP LLC Acquires 42,747 Shares of Hut 8 Corp. $HUT

Galaxy Digital Capital Management GP LLC boosted its holdings in Hut 8 Corp. (NASDAQ:HUT) by 151.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 70,940 shares of the company’s stock after acquiring an additional 42,747 shares during the period. Hut 8 accounts for 3.5% of Galaxy Digital Capital Management GP LLC’s holdings, making the stock its 4th biggest position. Galaxy Digital Capital Management GP LLC owned about 0.06% of Hut 8 worth $3,328,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in HUT. Northwestern Mutual Wealth Management Co. raised 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 purchasing an additional 4,062,367 shares during the period. Handelsbanken Fonder AB acquired a new stake in shares of Hut 8 during the 4th quarter worth about $1,153,000. Steadview Capital Management LLC boosted its holdings in shares of Hut 8 by 1,425.3% during the 4th quarter. Steadview Capital Management LLC now owns 431,655 shares of the company’s stock worth $19,830,000 after buying an additional 403,355 shares during the period. GeoSphere Capital Management LLC boosted its holdings in shares of Hut 8 by 64.3% during the 4th quarter. GeoSphere Capital Management LLC now owns 115,000 shares of the company’s stock worth $5,283,000 after buying an additional 45,000 shares during the period. Finally, Thoroughbred Financial Services LLC acquired a new position in Hut 8 in the 4th quarter valued at about $741,000. Institutional investors and hedge funds own 31.75% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Northland Securities set a $120.00 price target on shares of Hut 8 in a report on Thursday, May 7th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $124.00 target price on shares of Hut 8 in a research report on Tuesday. Citigroup reaffirmed an “outperform” rating on shares of Hut 8 in a research report on Tuesday, April 28th. Needham & Company LLC increased their target price on Hut 8 from $128.00 to $145.00 and gave the stock a “buy” rating in a research note on Monday. Finally, Benchmark lifted their price target on Hut 8 from $165.00 to $195.00 and gave the stock a “buy” rating in a report on Wednesday. Eighteen 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.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $133.10.

Insider Buying and Selling at Hut 8

In related news, insider Victor Semah sold 10,000 shares of the stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $125.00, for a total transaction of $1,250,000.00. Following the sale, the insider owned 31,378 shares of the company’s stock, valued at $3,922,250. This represents a 24.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Joseph Flinn sold 7,719 shares of the firm’s stock in a transaction 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 transaction, the director owned 10,519 shares in the company, valued at approximately $1,240,295.29. This trade represents a 42.32% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 112,724 shares of company stock valued at $12,184,340 in the last three months. Corporate insiders own 10.40% of the company’s stock.

Hut 8 Price Performance

NASDAQ:HUT opened at $109.99 on Friday. Hut 8 Corp. has a 52 week low of $18.68 and a 52 week high of $140.80. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.86 and a current ratio of 0.86. The firm’s 50-day simple moving average is $111.59 and its 200 day simple moving average is $79.31. The firm has a market cap of $12.38 billion, a price-to-earnings ratio of -36.66 and a beta of 4.62.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings data 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). Hut 8 had a negative net margin of 109.77% and a negative return on equity of 0.35%. The business had revenue of $139.31 million during the quarter, compared to the consensus estimate of $78.53 million. As a group, sell-side analysts predict that Hut 8 Corp. will post -1.29 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.