VIRGINIA RETIREMENT SYSTEMS ET Al Makes New Investment in Hut 8 Corp. $HUT

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Hut 8 Corp. (NASDAQ:HUT) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 18,400 shares of the company’s stock, valued at approximately $2,124,000.

A number of other large investors also recently made changes to their positions in the business. Arlington Trust Co LLC grew its position in Hut 8 by 175.0% during the second quarter. Arlington Trust Co LLC now owns 275 shares of the company’s stock valued at $32,000 after purchasing an additional 175 shares in the last quarter. Imprint Wealth LLC purchased a new stake in Hut 8 in the 4th quarter worth approximately $38,000. Russell Investments Group Ltd. boosted 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 valued at $46,000 after buying an additional 1,719 shares during the period. Harbor Investment Advisory LLC purchased a new position in shares of Hut 8 during the 1st quarter valued at $47,000. Finally, Itau Unibanco Holding S.A. purchased a new position in shares of Hut 8 during the 4th quarter valued at $52,000. Institutional investors and hedge funds own 31.75% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on HUT. Freedom Capital raised shares of Hut 8 to a “strong-buy” rating in a research note on Tuesday, August 18th. Rosenblatt Securities restated a “buy” rating and issued a $124.00 target price on shares of Hut 8 in a research note on Wednesday, August 5th. Freedom Broker raised Hut 8 to a “strong-buy” rating in a research report on Tuesday, August 18th. Compass Point set a $195.00 price target on Hut 8 in a research note on Wednesday, July 22nd. Finally, Morgan Stanley assumed coverage on Hut 8 in a research note on Thursday, July 23rd. They issued an “overweight” rating and a $263.00 price target for the company. Three research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $144.89.

Insiders Place Their Bets

In related news, insider Victor Semah sold 10,000 shares of the company’s stock in a transaction 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 completion of the sale, the insider directly owned 31,378 shares of the company’s stock, valued at approximately $3,922,250. This represents a 24.17% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Sean Glennan sold 6,445 shares of the firm’s stock in a transaction on Monday, August 24th. The shares were sold at an average price of $78.76, for a total transaction of $507,608.20. Following the completion of the transaction, the chief financial officer owned 17,978 shares in the company, valued at $1,415,947.28. The trade was a 26.39% 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. 10.40% of the stock is currently owned by insiders.

Hut 8 Price Performance

Shares of NASDAQ:HUT opened at $90.60 on Friday. The business has a 50-day moving average of $94.15 and a two-hundred day moving average of $87.45. The company has a debt-to-equity ratio of 4.22, a current ratio of 19.35 and a quick ratio of 19.35. Hut 8 Corp. has a fifty-two week low of $30.66 and a fifty-two week high of $140.80. The stock has a market capitalization of $11.17 billion, a P/E ratio of -16.62 and a beta of 4.51.

Hut 8 (NASDAQ:HUT) last announced its earnings results 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). 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 for the quarter, compared to the consensus estimate of $79.37 million. During the same period in the previous year, the company earned $1.18 EPS. On average, equities research analysts predict that Hut 8 Corp. will post -2.85 EPS for the current fiscal year.

Hut 8 Profile

Hut 8 Corp. (NASDAQ:HUT) is a North American energy infrastructure and digital asset mining company. The company develops and operates data centers, power-generation resources and other infrastructure that support energy-intensive computing applications, including Bitcoin mining.

Hut 8 also provides services related to digital asset mining and data center operations, while pursuing opportunities in high-performance computing and artificial intelligence infrastructure. Its business is supported by a portfolio of power and data center sites in the United States and Canada.

The company was formed through the combination of Canadian Bitcoin miner Hut 8 Mining Corp.