16,219 Shares in Hut 8 Corp. $HUT Bought by Fulcrum Asset Management LLP

Fulcrum Asset Management LLP bought a new stake in Hut 8 Corp. (NASDAQ:HUT) during the third quarter, Holdings Channel.com reports. The firm bought 16,219 shares of the company’s stock, valued at approximately $1,506,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Allspring Global Investments Holdings LLC increased its stake in shares of Hut 8 by 56.0% in the third quarter. Allspring Global Investments Holdings LLC now owns 77,689 shares of the company’s stock valued at $6,709,000 after purchasing an additional 27,898 shares during the period. Pictet Asset Management Holding SA raised its holdings in shares of Hut 8 by 6.3% during the third quarter. Pictet Asset Management Holding SA now owns 18,392 shares of the company’s stock valued at $1,584,000 after buying an additional 1,085 shares during the last quarter. Heritage Family Offices LLP acquired a new stake in Hut 8 in the third quarter worth about $35,000. Kestra Advisory Services LLC boosted its stake in Hut 8 by 71.7% during the 3rd quarter. Kestra Advisory Services LLC now owns 3,713 shares of the company’s stock valued at $320,000 after purchasing an additional 1,551 shares in the last quarter. Finally, Commonwealth Equity Services LLC lifted its stake in Hut 8 by 117.4% during the third quarter. Commonwealth Equity Services LLC now owns 8,872 shares of the company’s stock valued at $764,000 after purchasing an additional 4,791 shares during the last quarter. Institutional investors and hedge funds own 31.75% of the company’s stock.

Hut 8 Stock Performance

HUT opened at $61.06 on Thursday. The stock’s 50 day moving average price is $79.72 and its two-hundred day moving average price is $82.20. The company has a quick ratio of 9.48, a current ratio of 9.48 and a debt-to-equity ratio of 3.84. Hut 8 Corp. has a 12-month low of $31.67 and a 12-month high of $140.80.

Hut 8 (NASDAQ:HUT) last announced its earnings results on Wednesday, November 4th. The company reported $0.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.72) by $1.70. Hut 8 had a negative net margin of 169.76% and a negative return on equity of 9.68%. The business had revenue of $71.07 million for the quarter, compared to analyst estimates of $75.78 million. Sell-side analysts predict that Hut 8 Corp. will post -0.64 earnings per share for the current year.

Insiders Place Their Bets

In other Hut 8 news, CFO Sean Glennan sold 6,445 shares of the firm’s stock in a transaction on Monday, August 24th. The shares were sold at an average price of $78.76, for a total value of $507,608.20. Following the sale, the chief financial officer directly owned 17,978 shares in the company, valued at $1,415,947.28. This trade represents a 26.39% decrease in their position. The transaction was disclosed in a document filed 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, Director Mayo Shattuck, III sold 20,000 shares of the business’s stock in a transaction dated Thursday, September 24th. The stock was sold at an average price of $100.00, for a total transaction of $2,000,000.00. Following the transaction, the director owned 89,408 shares in the company, valued at approximately $8,940,800. The trade was a 18.28% decrease in their position. The SEC filing for this sale provides additional information. 10.40% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

HUT has been the topic of a number of recent analyst reports. Rosenblatt Securities cut their price target on shares of Hut 8 from $124.00 to $100.00 and set a “buy” rating on the stock in a report on Thursday, November 5th. Wall Street Zen upgraded shares of Hut 8 from a “strong sell” rating to a “sell” rating in a research report on Saturday, November 7th. Rothschild & Co Redburn assumed coverage on Hut 8 in a report on Monday, September 21st. They issued a “neutral” rating and a $96.00 target price for the company. Piper Sandler decreased their target price on Hut 8 from $143.00 to $123.00 and set an “overweight” rating for the company in a research report on Tuesday, October 20th. Finally, Compass Point set a $195.00 price target on Hut 8 in a report on Wednesday, July 22nd. Four analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Hut 8 has a consensus rating of “Buy” and a consensus target price of $134.05.

About Hut 8

Hut 8 is a North American energy and digital infrastructure company whose businesses include Bitcoin mining, data centers and computing services. It develops and operates facilities that support digital asset mining and other high-performance computing workloads. The company’s services include infrastructure and managed services for Bitcoin mining, as well as data center capacity and computing solutions. Hut 8 also works on developing and operating energy infrastructure to support its facilities.