Sachem Head Capital Management LP acquired a new position in shares of Hut 8 Corp. (NASDAQ:HUT – Free Report) during the 4th quarter, Holdings Channel reports. The firm acquired 2,825,000 shares of the company’s stock, valued at approximately $129,780,000. Hut 8 makes up 3.0% of Sachem Head Capital Management LP’s holdings, making the stock its 15th biggest position.
Several other large investors have also recently added to or reduced their stakes in HUT. Northwestern Mutual Wealth Management Co. increased its position in Hut 8 by 4,669,387.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 4,062,454 shares of the company’s stock worth $186,629,000 after buying an additional 4,062,367 shares during the period. Ameriprise Financial Inc. increased its position in Hut 8 by 1,043.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 2,486,814 shares of the company’s stock worth $46,255,000 after buying an additional 2,269,237 shares during the period. Oasis Management Co Ltd. increased its position in Hut 8 by 231.5% during the 4th quarter. Oasis Management Co Ltd. now owns 2,307,683 shares of the company’s stock worth $106,015,000 after buying an additional 1,611,653 shares during the period. Value Aligned Research Advisors LLC increased its position in shares of Hut 8 by 110.2% in the third quarter. Value Aligned Research Advisors LLC now owns 1,948,995 shares of the company’s stock worth $67,845,000 after purchasing an additional 1,021,955 shares during the period. Finally, Voloridge Investment Management LLC bought a new position in shares of Hut 8 in the third quarter worth $35,044,000. Institutional investors own 31.75% of the company’s stock.
Analyst Upgrades and Downgrades
HUT has been the topic of a number of recent analyst reports. Citizens Jmp raised their price target on Hut 8 from $100.00 to $140.00 and gave the stock a “market outperform” rating in a research report on Thursday, May 7th. Needham & Company LLC raised their price target on Hut 8 from $88.00 to $128.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. B. Riley Financial raised their price target on Hut 8 from $76.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday, May 13th. Weiss Ratings cut Hut 8 from a “sell (d+)” rating to a “sell (d-)” rating in a research report on Thursday, May 7th. Finally, Canaccord Genuity Group raised their price target on Hut 8 from $70.00 to $130.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Seventeen investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Hut 8 has an average rating of “Moderate Buy” and a consensus price target of $107.72.
Hut 8 Stock Performance
Hut 8 stock opened at $118.86 on Monday. Hut 8 Corp. has a 12-month low of $15.26 and a 12-month high of $140.80. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.12. The business’s 50-day moving average price is $92.90 and its two-hundred day moving average price is $65.80. The stock has a market cap of $13.38 billion, a PE ratio of -39.62 and a beta of 4.61.
Hut 8 (NASDAQ:HUT – Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported ($1.98) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.33) by ($1.65). Hut 8 had a negative net margin of 109.77% and a negative return on equity of 0.35%. The business had revenue of $139.31 million during the quarter, compared to the consensus estimate of $78.53 million. As a group, analysts expect that Hut 8 Corp. will post -1.29 earnings per share for the current fiscal year.
Insider Buying and Selling at Hut 8
In other Hut 8 news, Director Amy Marie Wilkinson sold 20,000 shares of Hut 8 stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $100.78, for a total value of $2,015,600.00. Following the transaction, the director owned 262,136 shares in the company, valued at $26,418,066.08. The trade was a 7.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Rick Rickertsen sold 17,491 shares of Hut 8 stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $110.00, for a total value of $1,924,010.00. Following the completion of the transaction, the director owned 17,491 shares in the company, valued at approximately $1,924,010. This represents a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 64,505 shares of company stock worth $6,479,788 over the last 90 days. Insiders own 10.40% of the company’s stock.
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.
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