Teacher Retirement System of Texas Raises Stake in Hut 8 Corp. $HUT

Teacher Retirement System of Texas raised its position in Hut 8 Corp. (NASDAQ:HUT) by 20.7% during the second quarter, HoldingsChannel reports. The firm owned 14,855 shares of the company’s stock after buying an additional 2,550 shares during the quarter. Teacher Retirement System of Texas’ holdings in Hut 8 were worth $276,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of HUT. Baird Financial Group Inc. acquired a new position in shares of Hut 8 during the first quarter worth $360,000. Nuveen LLC acquired a new stake in Hut 8 in the first quarter valued at $2,508,000. Banco Bilbao Vizcaya Argentaria S.A. lifted its holdings in Hut 8 by 256.6% during the 1st quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 51,621 shares of the company’s stock worth $601,000 after buying an additional 37,147 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its position in shares of Hut 8 by 181.2% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,287,163 shares of the company’s stock worth $14,957,000 after acquiring an additional 829,484 shares in the last quarter. Finally, Cresset Asset Management LLC acquired a new position in shares of Hut 8 during the 1st quarter worth about $692,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

HUT has been the topic of several research analyst reports. BTIG Research reissued a “buy” rating and set a $55.00 target price on shares of Hut 8 in a research report on Thursday, November 6th. Benchmark raised their price objective on shares of Hut 8 from $36.00 to $78.00 and gave the stock a “buy” rating in a report on Tuesday, October 28th. Roth Capital restated a “buy” rating and set a $60.00 price objective (up previously from $31.00) on shares of Hut 8 in a research report on Monday, September 15th. B. Riley reaffirmed a “buy” rating on shares of Hut 8 in a research report on Wednesday, October 22nd. Finally, Wall Street Zen upgraded shares of Hut 8 from a “sell” rating to a “hold” rating in a research note on Saturday. Two analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, Hut 8 presently has an average rating of “Buy” and an average price target of $47.75.

Hut 8 Stock Performance

Shares of HUT opened at $43.91 on Wednesday. The company’s 50 day simple moving average is $40.92 and its 200-day simple moving average is $26.80. The firm has a market cap of $4.74 billion, a PE ratio of -79.84 and a beta of 4.40. Hut 8 Corp. has a 12-month low of $10.04 and a 12-month high of $57.29. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.14.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings results on Tuesday, November 4th. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.09. Hut 8 had a net margin of 115.39% and a return on equity of 8.06%. The firm had revenue of $84.36 million during the quarter, compared to analysts’ expectations of $64.70 million. As a group, equities analysts predict that Hut 8 Corp. will post -0.53 EPS for the current year.

Insider Activity

In related news, Director Joseph Flinn sold 8,500 shares of the firm’s stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $26.55, for a total transaction of $225,675.00. Following the transaction, the director owned 9,791 shares of the company’s stock, valued at $259,951.05. This trade represents a 46.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Sean Joseph Glennan sold 6,060 shares of the business’s stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $22.09, for a total value of $133,865.40. Following the completion of the transaction, the chief financial officer owned 6,295 shares in the company, valued at $139,056.55. This trade represents a 49.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 16,060 shares of company stock valued at $399,485 in the last quarter. Insiders own 11.20% of the company’s stock.

Hut 8 Profile

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.