Vennlight Capital Management LP Invests $2.41 Million in Hut 8 Corp. (NASDAQ:HUT)

Vennlight Capital Management LP purchased a new position in shares of Hut 8 Corp. (NASDAQ:HUT) during the fourth quarter, HoldingsChannel reports. The fund purchased 117,800 shares of the company’s stock, valued at approximately $2,414,000. Hut 8 comprises 2.3% of Vennlight Capital Management LP’s investment portfolio, making the stock its 12th biggest position.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Jericho Capital Asset Management L.P. acquired a new stake in Hut 8 in the fourth quarter valued at approximately $37,400,000. D. E. Shaw & Co. Inc. bought a new position in shares of Hut 8 during the 4th quarter worth about $27,115,000. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Hut 8 in the 4th quarter worth about $23,009,000. Invesco Ltd. boosted its holdings in Hut 8 by 1,408.8% during the 4th quarter. Invesco Ltd. now owns 936,650 shares of the company’s stock worth $19,192,000 after acquiring an additional 874,572 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA bought a new position in shares of Hut 8 in the fourth quarter valued at approximately $9,378,000. Institutional investors and hedge funds own 31.75% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on HUT shares. Maxim Group initiated coverage on Hut 8 in a research note on Thursday, May 1st. They issued a “buy” rating and a $20.00 target price on the stock. Northland Capmk upgraded Hut 8 to a “strong-buy” rating in a research note on Monday, April 21st. Benchmark dropped their price target on Hut 8 from $41.00 to $33.00 and set a “buy” rating for the company in a research report on Wednesday, April 2nd. HC Wainwright restated a “buy” rating and set a $25.00 price objective on shares of Hut 8 in a research report on Friday, May 9th. Finally, UBS Group set a $33.00 price target on Hut 8 in a research report on Wednesday, April 2nd. Thirteen investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $25.93.

Hut 8 Stock Up 9.9%

Hut 8 stock opened at $17.13 on Monday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35. Hut 8 Corp. has a 1-year low of $8.53 and a 1-year high of $31.95. The firm has a 50-day moving average of $12.80 and a 200-day moving average of $18.95.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.06). The company had revenue of $20.88 million for the quarter, compared to the consensus estimate of $33.68 million. On average, equities analysts expect that Hut 8 Corp. will post -0.53 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Victor Semah sold 11,363 shares of the business’s stock in a transaction on Monday, May 5th. The shares were sold at an average price of $12.95, for a total value of $147,150.85. Following the sale, the insider now owns 15,738 shares in the company, valued at approximately $203,807.10. The trade was a 41.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 11.20% of the stock is currently owned by corporate insiders.

About Hut 8

Hut 8 Corp., together with its subsidiaries, acquires, builds, manages, and operates data centers for digital assets mining, computing, and artificial intelligence in the United States. It operates in four segments: Digital Assets Mining, Managed Services, High Performance Computing Colocation and Cloud, and Other.