Steamboat Capital Partners LLC Takes Position in Hut 8 Corp. $HUT

Steamboat Capital Partners LLC bought a new position in Hut 8 Corp. (NASDAQ:HUT) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 63,216 shares of the company’s stock, valued at approximately $7,298,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Arizona State Retirement System boosted its holdings in Hut 8 by 0.5% during the 2nd quarter. Arizona State Retirement System now owns 27,320 shares of the company’s stock valued at $3,154,000 after acquiring an additional 125 shares during the period. CoreCap Advisors LLC increased its stake in shares of Hut 8 by 42.1% in the second quarter. CoreCap Advisors LLC now owns 540 shares of the company’s stock worth $62,000 after buying an additional 160 shares during the period. Arlington Trust Co LLC raised its holdings in Hut 8 by 175.0% during the 2nd quarter. Arlington Trust Co LLC now owns 275 shares of the company’s stock valued at $32,000 after buying an additional 175 shares during the last quarter. Allworth Financial LP boosted its position in Hut 8 by 18.5% during the 2nd quarter. Allworth Financial LP now owns 1,364 shares of the company’s stock valued at $157,000 after buying an additional 213 shares during the period. Finally, GAMMA Investing LLC boosted its position in 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 buying an additional 274 shares during the period. 31.75% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Piper Sandler boosted their target price on Hut 8 from $127.00 to $143.00 and gave the company an “overweight” rating in a research note on Thursday, August 6th. Jefferies Financial Group assumed coverage on shares of Hut 8 in a report on Thursday, May 14th. They issued a “buy” rating and a $156.00 price objective for the company. Morgan Stanley began coverage on shares of Hut 8 in a research note on Thursday, July 23rd. They set an “overweight” rating and a $263.00 target price on the stock. Wall Street Zen lowered shares of Hut 8 from a “sell” rating to a “strong sell” rating in a report on Saturday, August 1st. Finally, Weiss Ratings cut Hut 8 from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, August 19th. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $144.89.

Insider Buying and Selling

In other Hut 8 news, Director Joseph Flinn sold 30,500 shares of the company’s stock in a transaction dated 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 sale, the director owned 18,238 shares in the company, valued at $2,119,437.98. This represents a 62.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Sean Glennan sold 6,445 shares of the stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $78.76, for a total transaction of $507,608.20. Following the completion of the sale, the chief financial officer directly owned 17,978 shares of the company’s stock, valued at $1,415,947.28. This represents a 26.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 54,664 shares of company stock valued at $6,212,160. 10.40% of the stock is owned by company insiders.

Hut 8 Trading Up 6.4%

Shares of NASDAQ:HUT opened at $99.49 on Wednesday. The company has a debt-to-equity ratio of 4.22, a current ratio of 19.35 and a quick ratio of 19.35. The company has a market cap of $12.26 billion, a P/E ratio of -18.26 and a beta of 4.51. The stock’s fifty day moving average price is $94.47 and its 200-day moving average price is $86.91. Hut 8 Corp. has a 1 year low of $26.19 and a 1 year high of $140.80.

Hut 8 (NASDAQ:HUT) last posted its earnings results on Wednesday, August 5th. The company reported ($1.27) EPS for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.72). Hut 8 had a negative return on equity of 0.97% and a negative net margin of 188.59%.The company had revenue of $74.93 million during the quarter, compared to the consensus estimate of $79.37 million. During the same period last year, the firm posted $1.18 EPS. Sell-side analysts expect that Hut 8 Corp. will post -2.85 earnings per share for the current year.

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.