The Manufacturers Life Insurance Company Takes $5.17 Million Position in Hut 8 Corp. $HUT

The Manufacturers Life Insurance Company purchased a new position in Hut 8 Corp. (NASDAQ:HUT) during the second quarter, HoldingsChannel reports. The firm purchased 44,793 shares of the company’s stock, valued at approximately $5,171,000.

Several other large investors also recently modified their holdings of HUT. CoreCap Advisors LLC increased its position in Hut 8 by 42.1% during the second quarter. CoreCap Advisors LLC now owns 540 shares of the company’s stock valued at $62,000 after acquiring an additional 160 shares during the last quarter. Arlington Trust Co LLC boosted its position in Hut 8 by 175.0% in the second quarter. Arlington Trust Co LLC now owns 275 shares of the company’s stock worth $32,000 after purchasing an additional 175 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Hut 8 by 35.0% during the 2nd quarter. GAMMA Investing LLC now owns 1,057 shares of the company’s stock valued at $122,000 after purchasing an additional 274 shares during the period. CWM LLC grew its stake in shares of Hut 8 by 37.4% during the 4th quarter. CWM LLC now owns 1,106 shares of the company’s stock valued at $51,000 after purchasing an additional 301 shares during the period. Finally, Vanguard Personalized Indexing Management LLC increased its position in shares of Hut 8 by 4.5% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 8,992 shares of the company’s stock valued at $413,000 after purchasing an additional 388 shares during the last quarter. Institutional investors own 31.75% of the company’s stock.

Insider Buying and Selling at Hut 8

In other Hut 8 news, 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 owned 31,378 shares of the company’s stock, valued at $3,922,250. The trade was a 24.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Joseph Flinn sold 30,500 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $116.21, for a total transaction of $3,544,405.00. Following the completion of the transaction, the director 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 SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 54,664 shares of company stock valued at $6,212,160 over the last 90 days. 10.40% of the stock is currently owned by corporate insiders.

Hut 8 Stock Down 1.0%

NASDAQ HUT opened at $78.64 on Tuesday. The stock’s 50-day moving average price is $98.03 and its 200-day moving average price is $85.40. The company has a quick ratio of 19.35, a current ratio of 19.35 and a debt-to-equity ratio of 4.22. Hut 8 Corp. has a 52 week low of $24.20 and a 52 week high of $140.80. The company has a market capitalization of $9.69 billion, a P/E ratio of -14.43 and a beta of 4.64.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings data 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 company had revenue of $74.93 million for the quarter, compared to the consensus estimate of $79.37 million. Hut 8 had a negative net margin of 188.59% and a negative return on equity of 0.97%. During the same quarter last year, the firm posted $1.18 earnings per share. On average, equities research analysts predict that Hut 8 Corp. will post -2.85 earnings per share for the current year.

Analyst Upgrades and Downgrades

HUT has been the topic of several recent research reports. Loop Capital set a $226.00 price objective on shares of Hut 8 in a research note on Monday, June 22nd. BTIG Research boosted their target price on shares of Hut 8 from $115.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, June 24th. Freedom Broker raised shares of Hut 8 to a “strong-buy” rating in a report on Tuesday, August 18th. Needham & Company LLC decreased their price target on shares of 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, Northland Securities set a $120.00 price target on shares of Hut 8 in a research note on Thursday, May 7th. Three analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $144.89.

Hut 8 Company 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.