State of Wyoming Invests $384,000 in Hut 8 Corp. $HUT

State of Wyoming acquired a new stake in shares of Hut 8 Corp. (NASDAQ:HUT) during the first quarter, Holdings Channel reports. The institutional investor acquired 8,189 shares of the company’s stock, valued at approximately $384,000.

Several other hedge funds have also recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. grew its stake in Hut 8 by 4,669,387.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 4,062,454 shares of the company’s stock valued at $186,629,000 after purchasing an additional 4,062,367 shares during the last quarter. Handelsbanken Fonder AB acquired a new position in shares of Hut 8 in the fourth quarter valued at about $1,153,000. Steadview Capital Management LLC raised its stake in shares of Hut 8 by 1,425.3% in the fourth quarter. Steadview Capital Management LLC now owns 431,655 shares of the company’s stock worth $19,830,000 after purchasing an additional 403,355 shares during the last quarter. GeoSphere Capital Management LLC raised its stake in shares of Hut 8 by 64.3% in the fourth 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 shares of Hut 8 during the fourth quarter worth about $741,000. 31.75% of the stock is owned by institutional investors and hedge funds.

Hut 8 Stock Performance

Shares of HUT stock opened at $109.99 on Monday. Hut 8 Corp. has a 52-week low of $18.68 and a 52-week high of $140.80. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.12. The stock has a market cap of $12.38 billion, a PE ratio of -36.66 and a beta of 4.62. The business has a 50-day simple moving average of $111.59 and a 200-day simple moving average of $79.46.

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

Insider Buying and Selling

In other news, Director Joseph Flinn sold 7,719 shares of the firm’s stock in a transaction that occurred 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 sale, the director owned 10,519 shares of the company’s stock, valued at $1,240,295.29. This trade represents a 42.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 Hut 8 stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $125.00, for a total transaction of $1,250,000.00. Following the transaction, the insider directly owned 31,378 shares of the company’s stock, valued at approximately $3,922,250. This trade represents a 24.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 112,724 shares of company stock worth $12,184,340. 10.40% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

HUT has been the topic of a number of recent research reports. Benchmark upped their target price on Hut 8 from $165.00 to $195.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Rosenblatt Securities reissued a “buy” rating and set a $124.00 price target on shares of Hut 8 in a research report on Tuesday, July 21st. Piper Sandler raised their price target on shares of Hut 8 from $93.00 to $127.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Needham & Company LLC lifted their price objective on shares of Hut 8 from $128.00 to $145.00 and gave the company a “buy” rating in a research note on Monday, July 20th. Finally, B. Riley Financial upped their price objective on shares of Hut 8 from $76.00 to $130.00 and gave the company a “buy” rating in a report on Wednesday, May 13th. Eighteen investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, Hut 8 presently has a consensus rating of “Moderate Buy” and a consensus target price of $133.10.

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.