Azora Capital LP Purchases New Position in Hut 8 Corp. $HUT

Azora Capital LP purchased a new position in Hut 8 Corp. (NASDAQ:HUT) in the third quarter, Holdings Channel reports. The fund purchased 245,543 shares of the company’s stock, valued at approximately $8,547,000.

Several other institutional investors also recently bought and sold shares of HUT. Advisors Asset Management Inc. grew its holdings in Hut 8 by 68.4% in the second quarter. Advisors Asset Management Inc. now owns 1,613 shares of the company’s stock valued at $30,000 after purchasing an additional 655 shares during the period. Russell Investments Group Ltd. raised its stake in shares of Hut 8 by 235.8% during the 2nd 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. Global Retirement Partners LLC lifted its position in shares of Hut 8 by 152.2% during the 3rd quarter. Global Retirement Partners LLC now owns 3,349 shares of the company’s stock valued at $117,000 after buying an additional 2,021 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Hut 8 by 31.3% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 9,179 shares of the company’s stock valued at $171,000 after buying an additional 2,186 shares in the last quarter. Finally, Ameritas Investment Partners Inc. grew its stake in Hut 8 by 13.6% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 9,625 shares of the company’s stock valued at $179,000 after acquiring an additional 1,150 shares during the period. 31.75% of the stock is owned by institutional investors and hedge funds.

Hut 8 Stock Down 0.5%

NASDAQ HUT opened at $48.32 on Friday. The business has a fifty day moving average price of $55.24 and a 200 day moving average price of $45.93. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.09 and a current ratio of 1.09. The company has a market cap of $5.36 billion, a P/E ratio of -20.83 and a beta of 4.42. Hut 8 Corp. has a one year low of $10.04 and a one year high of $66.07.

Insiders Place Their Bets

In other news, insider Victor Semah sold 5,498 shares of the stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $49.05, for a total value of $269,676.90. Following the completion of the sale, the insider directly owned 24,796 shares in the company, valued at $1,216,243.80. This represents a 18.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Sean Joseph Glennan sold 4,625 shares of the firm’s stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $49.05, for a total transaction of $226,856.25. Following the completion of the transaction, the chief financial officer directly owned 12,068 shares in the company, valued at approximately $591,935.40. This represents a 27.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 11.20% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on HUT. Canaccord Genuity Group boosted their price target on shares of Hut 8 from $62.00 to $70.00 and gave the stock a “buy” rating in a report on Friday, February 27th. Roth Mkm reiterated a “buy” rating and issued a $80.00 target price on shares of Hut 8 in a research report on Tuesday, January 27th. Needham & Company LLC boosted their target price on shares of Hut 8 from $60.00 to $66.00 and gave the stock a “buy” rating in a research note on Thursday, February 26th. Piper Sandler restated an “overweight” rating on shares of Hut 8 in a research report on Thursday, December 18th. Finally, Wall Street Zen lowered shares of Hut 8 from a “hold” rating to a “sell” rating in a research note on Saturday, February 28th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $65.56.

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.