Montanova Capital LLC Acquires Shares of 670,000 Hut 8 Corp. $HUT

Montanova Capital LLC bought a new stake in shares of Hut 8 Corp. (NASDAQ:HUT) in the 2nd quarter, HoldingsChannel reports. The fund bought 670,000 shares of the company’s stock, valued at approximately $77,348,000. Hut 8 accounts for about 1.3% of Montanova Capital LLC’s portfolio, making the stock its 24th biggest holding.

Other hedge funds also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in Hut 8 in the second quarter worth about $1,093,294,000. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Hut 8 by 4,669,387.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 4,062,454 shares of the company’s stock worth $186,629,000 after purchasing an additional 4,062,367 shares during the period. SRS Investment Management LLC bought a new stake in shares of Hut 8 in the 4th quarter worth approximately $131,838,000. Sachem Head Capital Management LP purchased a new position in Hut 8 in the fourth quarter valued at approximately $129,780,000. Finally, Ameriprise Financial Inc. lifted its stake in Hut 8 by 1,043.0% in the second quarter. Ameriprise Financial Inc. now owns 2,486,814 shares of the company’s stock valued at $46,255,000 after purchasing an additional 2,269,237 shares during the last quarter. 31.75% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Freedom Broker raised Hut 8 to a “strong-buy” rating in a research report on Tuesday, August 18th. Morgan Stanley began coverage on Hut 8 in a research report on Thursday, July 23rd. They set an “overweight” rating and a $263.00 price target on the stock. Jefferies Financial Group started coverage on Hut 8 in a research note on Thursday, May 14th. They set a “buy” rating and a $156.00 price target for the company. Needham & Company LLC dropped their price objective on shares of Hut 8 from $145.00 to $138.00 and set a “buy” rating on the stock in a report on Wednesday, August 5th. Finally, Weiss Ratings lowered shares of Hut 8 from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, August 19th. Three analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Hut 8 currently has an average rating of “Buy” and an average target price of $144.89.

Hut 8 Stock Performance

Shares of HUT opened at $78.64 on Tuesday. Hut 8 Corp. has a 52-week low of $24.20 and a 52-week high of $140.80. The stock’s 50-day simple moving average is $98.03 and its 200 day simple moving average is $85.40. The company has a debt-to-equity ratio of 4.22, a quick ratio of 19.35 and a current ratio of 19.35. The stock has a market capitalization of $9.69 billion, a price-to-earnings ratio of -14.43 and a beta of 4.64.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($1.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.72). Hut 8 had a negative return on equity of 0.97% and a negative net margin of 188.59%.The firm had revenue of $74.93 million during the quarter, compared to analysts’ expectations of $79.37 million. During the same period in the previous year, the company posted $1.18 earnings per share. Research analysts forecast that Hut 8 Corp. will post -2.85 EPS for the current fiscal year.

Insider Activity

In other news, Director Joseph Flinn sold 7,719 shares of Hut 8 stock in a transaction on Friday, June 12th. The shares were sold at an average price of $117.91, for a total transaction of $910,147.29. Following the completion of the sale, the director directly owned 10,519 shares of the company’s stock, valued at approximately $1,240,295.29. The trade was a 42.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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 company’s stock in a transaction 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 completion of the transaction, the insider owned 31,378 shares of the company’s stock, valued at $3,922,250. This trade represents a 24.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 54,664 shares of company stock worth $6,212,160. 10.40% of the stock is currently owned by corporate insiders.

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.