Man Group plc bought a new position in shares of Hut 8 Corp. (NASDAQ:HUT – Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 65,469 shares of the company’s stock, valued at approximately $7,558,000. Man Group plc owned about 0.05% of Hut 8 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also modified their holdings of HUT. Arlington Trust Co LLC grew its stake 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 purchasing an additional 175 shares in the last quarter. Imprint Wealth LLC acquired a new position in shares of Hut 8 in the 4th quarter valued at approximately $38,000. Russell Investments Group Ltd. raised its position in shares of Hut 8 by 235.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock valued at $46,000 after purchasing an additional 1,719 shares in the last quarter. Harbor Investment Advisory LLC purchased a new position in shares of Hut 8 during the 1st quarter valued at approximately $47,000. Finally, Activest Wealth Management purchased a new position in shares of Hut 8 during the 4th quarter valued at approximately $49,000. Institutional investors and hedge funds own 31.75% of the company’s stock.
Analyst Upgrades and Downgrades
HUT has been the subject of a number of research analyst reports. BTIG Research lifted their price target on shares of Hut 8 from $115.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. Canaccord Genuity Group raised their price objective on shares of Hut 8 from $70.00 to $130.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Morgan Stanley started coverage on shares of Hut 8 in a research report on Thursday, July 23rd. They issued an “overweight” rating and a $263.00 target price for the company. Keefe, Bruyette & Woods decreased their price target on Hut 8 from $157.00 to $154.00 and set an “outperform” rating for the company in a research note on Thursday, August 6th. Finally, Citizens Jmp boosted their price target on Hut 8 from $100.00 to $140.00 and gave the company a “market outperform” rating in a report on Thursday, May 7th. Three 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, Hut 8 has an average rating of “Buy” and a consensus price target of $144.89.
Hut 8 Stock Down 8.8%
Shares of Hut 8 stock opened at $79.42 on Friday. The company has a current ratio of 19.35, a quick ratio of 19.35 and a debt-to-equity ratio of 4.22. The business’s 50 day simple moving average is $98.87 and its 200-day simple moving average is $85.03. The stock has a market capitalization of $9.79 billion, a price-to-earnings ratio of -14.57 and a beta of 4.64. Hut 8 Corp. has a twelve month low of $24.20 and a twelve month high of $140.80.
Hut 8 (NASDAQ:HUT – Get Free Report) last released its quarterly earnings data 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). The company had revenue of $74.93 million for the quarter, compared to analyst estimates of $79.37 million. Hut 8 had a negative net margin of 188.59% and a negative return on equity of 0.97%. During the same quarter in the prior year, the firm earned $1.18 EPS. Equities research analysts forecast that Hut 8 Corp. will post -2.85 earnings per share for the current year.
Insider Activity
In related news, insider Victor Semah sold 10,000 shares of Hut 8 stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $125.00, for a total value of $1,250,000.00. Following the sale, the insider directly owned 31,378 shares in the company, valued at $3,922,250. This trade represents a 24.17% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Joseph Flinn sold 30,500 shares of the business’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $116.21, for a total transaction of $3,544,405.00. Following the transaction, the director directly owned 18,238 shares of the company’s stock, valued at $2,119,437.98. The trade was a 62.58% 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. Over the last quarter, insiders sold 54,664 shares of company stock valued at $6,212,160. 10.40% of the stock is currently owned by company insiders.
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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