Dayah Capital LLC Purchases 24,456 Shares of Hut 8 Corp. $HUT

Dayah Capital LLC lifted its position in shares of Hut 8 Corp. (NASDAQ:HUT) by 12.6% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 217,920 shares of the company’s stock after purchasing an additional 24,456 shares during the quarter. Hut 8 comprises approximately 3.9% of Dayah Capital LLC’s holdings, making the stock its 6th largest holding. Dayah Capital LLC’s holdings in Hut 8 were worth $10,223,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of HUT. GAMMA Investing LLC purchased a new position in Hut 8 in the fourth quarter valued at approximately $30,000. Imprint Wealth LLC acquired a new position in Hut 8 during the fourth quarter valued at approximately $38,000. Russell Investments Group Ltd. grew its stake in 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 during the period. Harbor Investment Advisory LLC purchased a new stake in Hut 8 during the first quarter worth approximately $47,000. Finally, Activest Wealth Management acquired a new stake in shares of Hut 8 in the fourth quarter worth $49,000. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Hut 8 Trading Up 22.8%

HUT opened at $108.27 on Friday. The firm has a market capitalization of $12.19 billion, a P/E ratio of -36.09 and a beta of 4.62. The firm’s 50 day moving average is $111.81 and its 200-day moving average is $80.64. Hut 8 Corp. has a 52-week low of $18.68 and a 52-week high of $140.80. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.12.

Hut 8 (NASDAQ:HUT) last posted its earnings results on Wednesday, May 6th. The company reported ($1.98) EPS for the quarter, missing analysts’ consensus estimates of ($0.33) by ($1.65). The firm had revenue of $139.31 million for the quarter, compared to analyst estimates of $78.53 million. Hut 8 had a negative return on equity of 0.35% and a negative net margin of 109.77%. Analysts expect that Hut 8 Corp. will post -2.52 EPS for the current fiscal year.

Insider Activity

In other Hut 8 news, Director Joseph Flinn sold 7,719 shares of the company’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $117.91, for a total value of $910,147.29. Following the completion of the transaction, the director directly owned 10,519 shares of the company’s stock, valued at $1,240,295.29. This represents a 42.32% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Victor Semah sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $125.00, for a total value 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 disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 112,724 shares of company stock worth $12,184,340. Corporate insiders own 10.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on HUT shares. Benchmark raised their target price on shares of Hut 8 from $165.00 to $195.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. Citigroup reaffirmed an “outperform” rating on shares of Hut 8 in a research report on Tuesday, April 28th. Canaccord Genuity Group increased their price target on Hut 8 from $70.00 to $130.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Jefferies Financial Group assumed coverage on Hut 8 in a research report on Thursday, May 14th. They issued a “buy” rating and a $156.00 price objective on the stock. Finally, Needham & Company LLC boosted their price objective on Hut 8 from $128.00 to $145.00 and gave the stock a “buy” rating in a research note on Monday, July 20th. Eighteen research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Hut 8 currently has an average rating of “Moderate Buy” and a consensus price target of $137.20.

Hut 8 Company 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.