Steadview Capital Management LLC Sells 88,345 Shares of Hut 8 Corp. $HUT

Steadview Capital Management LLC trimmed its holdings in Hut 8 Corp. (NASDAQ:HUT) by 22.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 299,945 shares of the company’s stock after selling 88,345 shares during the period. Hut 8 accounts for about 8.9% of Steadview Capital Management LLC’s investment portfolio, making the stock its 4th largest position. Steadview Capital Management LLC owned about 0.24% of Hut 8 worth $25,825,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Oppenheimer & Co. Inc. grew its position in shares of Hut 8 by 310.2% in the third quarter. Oppenheimer & Co. Inc. now owns 12,347 shares of the company’s stock valued at $1,063,000 after purchasing an additional 9,337 shares during the last quarter. Apollon Wealth Management LLC increased its stake in shares of Hut 8 by 21.9% during the 3rd quarter. Apollon Wealth Management LLC now owns 2,856 shares of the company’s stock worth $246,000 after purchasing an additional 513 shares in the last quarter. Sterling Capital Management LLC raised its position in shares of Hut 8 by 130.3% during the 3rd quarter. Sterling Capital Management LLC now owns 2,752 shares of the company’s stock worth $237,000 after purchasing an additional 1,557 shares during the last quarter. SBI Securities Co. Ltd. raised its position in shares of Hut 8 by 32.2% during the 3rd quarter. SBI Securities Co. Ltd. now owns 1,629 shares of the company’s stock worth $140,000 after purchasing an additional 397 shares during the last quarter. Finally, SteelPeak Wealth LLC acquired a new position in shares of Hut 8 during the 3rd quarter worth approximately $722,000. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Hut 8

In related news, CFO Sean Glennan sold 6,445 shares of the stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $78.76, for a total transaction of $507,608.20. Following the transaction, the chief financial officer directly owned 17,978 shares in the company, valued at approximately $1,415,947.28. This represents a 26.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Mayo A. Shattuck III sold 20,000 shares of the firm’s stock in a transaction dated Thursday, September 24th. The stock was sold at an average price of $100.00, for a total value of $2,000,000.00. Following the completion of the sale, the director directly owned 89,408 shares in the company, valued at approximately $8,940,800. The trade was a 18.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 10.40% of the stock is owned by company insiders.

Hut 8 Stock Performance

NASDAQ:HUT opened at $59.40 on Friday. The company has a debt-to-equity ratio of 4.22, a current ratio of 19.35 and a quick ratio of 19.35. The firm has a market cap of $7.32 billion, a PE ratio of -10.90 and a beta of 4.62. The firm has a 50 day simple moving average of $83.97 and a 200-day simple moving average of $82.33. Hut 8 Corp. has a 1-year low of $31.67 and a 1-year high of $140.80.

Hut 8 (NASDAQ:HUT) last announced its 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). The firm had revenue of $74.93 million for the quarter, compared to analyst estimates of $79.37 million. Hut 8 had a negative return on equity of 0.97% and a negative net margin of 188.59%. During the same quarter last year, the business posted $1.18 EPS. On average, equities analysts expect that Hut 8 Corp. will post -2.93 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have commented on HUT. Rothschild & Co Redburn began coverage on Hut 8 in a report on Monday, September 21st. They set a “neutral” rating and a $96.00 target price on the stock. Roth Capital assumed coverage on Hut 8 in a report on Wednesday, October 7th. They issued a “buy” rating and a $108.00 price target for the company. Piper Sandler cut their price target on Hut 8 from $143.00 to $123.00 and set an “overweight” rating for the company in a report on Tuesday, October 20th. Needham & Company LLC reduced their price objective on Hut 8 from $145.00 to $138.00 and set a “buy” rating on the stock in a research report on Wednesday, August 5th. Finally, Wall Street Zen lowered Hut 8 from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 1st. Four equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Hut 8 presently has an average rating of “Buy” and a consensus target price of $146.77.

About Hut 8

Hut 8 Corp. is a North American energy infrastructure and computing company whose business includes digital asset mining, high-performance computing and data center operations. The company develops and manages power and infrastructure assets intended to support energy-intensive computing applications.

Hut 8’s activities have historically centered on Bitcoin mining, supported by company-operated data centers and specialized mining equipment. It also provides infrastructure for emerging computing applications, including artificial intelligence and other high-performance computing workloads, as it seeks to expand beyond cryptocurrency mining.

The company was established in Canada and expanded its operations in the United States through its combination with U.S.