Weiss Asset Management LP Has $22.15 Million Stock Position in Hut 8 Corp. $HUT

Weiss Asset Management LP reduced its holdings in Hut 8 Corp. (NASDAQ:HUT) by 25.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 472,186 shares of the company’s stock after selling 164,160 shares during the period. Weiss Asset Management LP’s holdings in Hut 8 were worth $22,150,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of HUT. Northwestern Mutual Wealth Management Co. increased its position in Hut 8 by 4,669,387.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 4,062,454 shares of the company’s stock worth $186,629,000 after acquiring an additional 4,062,367 shares during the period. Handelsbanken Fonder AB bought a new stake in Hut 8 in the 4th quarter valued at $1,153,000. Steadview Capital Management LLC boosted its holdings in Hut 8 by 1,425.3% in the 4th quarter. Steadview Capital Management LLC now owns 431,655 shares of the company’s stock valued at $19,830,000 after purchasing an additional 403,355 shares during the period. GeoSphere Capital Management LLC grew its position in Hut 8 by 64.3% in the 4th quarter. GeoSphere Capital Management LLC now owns 115,000 shares of the company’s stock worth $5,283,000 after purchasing an additional 45,000 shares during the last quarter. Finally, Thoroughbred Financial Services LLC acquired a new stake in Hut 8 in the 4th quarter worth $741,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Hut 8

In other news, Director Amy Marie Wilkinson sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $100.78, for a total value of $2,015,600.00. Following the sale, the director directly owned 262,136 shares in the company, valued at approximately $26,418,066.08. This represents a 7.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Joseph Flinn sold 30,500 shares of the stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $116.21, for a total value of $3,544,405.00. Following the completion of the transaction, the director directly owned 18,238 shares of the company’s stock, valued at approximately $2,119,437.98. The trade was a 62.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 112,724 shares of company stock worth $12,184,340. 10.40% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

HUT has been the subject of a number of research analyst reports. Jefferies Financial Group assumed coverage on shares of Hut 8 in a research report on Thursday, May 14th. They set a “buy” rating and a $156.00 price objective for the company. Needham & Company LLC lifted their target price on Hut 8 from $128.00 to $145.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. Citigroup restated an “outperform” rating on shares of Hut 8 in a research note on Tuesday, April 28th. Piper Sandler upped their price target on Hut 8 from $93.00 to $127.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $124.00 price objective on shares of Hut 8 in a research report on Tuesday, July 21st. Eighteen equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $133.10.

Hut 8 Trading Down 6.5%

Shares of HUT stock opened at $109.99 on Friday. Hut 8 Corp. has a 52-week low of $18.68 and a 52-week high of $140.80. The stock has a market cap of $12.38 billion, a price-to-earnings ratio of -36.66 and a beta of 4.62. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.86 and a current ratio of 0.86. The firm has a fifty day moving average of $111.59 and a 200-day moving average of $79.31.

Hut 8 (NASDAQ:HUT) last released its quarterly earnings data on Wednesday, May 6th. The company reported ($1.98) EPS for the quarter, missing analysts’ consensus estimates of ($0.33) by ($1.65). Hut 8 had a negative return on equity of 0.35% and a negative net margin of 109.77%.The business had revenue of $139.31 million for the quarter, compared to the consensus estimate of $78.53 million. On average, equities research analysts forecast that Hut 8 Corp. will post -2.12 earnings per share for the current fiscal year.

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.