Harvest Portfolios Group Inc. Grows Stock Holdings in Hut 8 Corp. $HUT

Harvest Portfolios Group Inc. raised its holdings in shares of Hut 8 Corp. (NASDAQ:HUT) by 70.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 48,550 shares of the company’s stock after purchasing an additional 20,145 shares during the quarter. Harvest Portfolios Group Inc.’s holdings in Hut 8 were worth $903,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Massachusetts Financial Services Co. MA increased its holdings in shares of Hut 8 by 181.2% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,287,163 shares of the company’s stock worth $14,957,000 after buying an additional 829,484 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Hut 8 by 74.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,104,612 shares of the company’s stock worth $12,835,000 after acquiring an additional 471,355 shares in the last quarter. Yaupon Capital Management LP bought a new stake in Hut 8 during the first quarter worth approximately $3,196,000. Edgestream Partners L.P. purchased a new stake in Hut 8 during the first quarter valued at approximately $3,042,000. Finally, Nuveen LLC bought a new stake in shares of Hut 8 in the 1st quarter valued at approximately $2,508,000. 31.75% of the stock is owned by hedge funds and other institutional investors.

Hut 8 Stock Up 2.8%

NASDAQ:HUT opened at $44.59 on Friday. The company has a market cap of $4.82 billion, a price-to-earnings ratio of -81.07 and a beta of 4.40. Hut 8 Corp. has a twelve month low of $10.04 and a twelve month high of $57.29. The company has a current ratio of 0.72, a quick ratio of 1.81 and a debt-to-equity ratio of 0.14. The stock has a fifty day simple moving average of $40.18 and a 200-day simple moving average of $26.15.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings results on Tuesday, November 4th. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.16) by $0.09. Hut 8 had a net margin of 115.39% and a return on equity of 8.06%. The company had revenue of $84.36 million for the quarter, compared to the consensus estimate of $64.70 million. Analysts anticipate that Hut 8 Corp. will post -0.53 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on HUT. JMP Securities boosted their target price on Hut 8 from $25.00 to $65.00 and gave the company a “market outperform” rating in a research report on Tuesday, October 21st. Benchmark lifted their price objective on shares of Hut 8 from $36.00 to $78.00 and gave the stock a “buy” rating in a research note on Tuesday, October 28th. Roth Capital reiterated 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. Northland Securities set a $58.00 target price on shares of Hut 8 in a report on Wednesday. Finally, BTIG Research reaffirmed a “buy” rating and set a $55.00 price target on shares of Hut 8 in a research note on Thursday. Two investment 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 company’s stock. According to data from MarketBeat.com, Hut 8 currently has a consensus rating of “Buy” and an average target price of $47.75.

Insider Transactions at Hut 8

In other news, CFO Sean Joseph Glennan sold 6,060 shares of the firm’s stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $22.09, for a total transaction of $133,865.40. Following the transaction, the chief financial officer directly owned 6,295 shares of the company’s stock, valued at approximately $139,056.55. This trade represents a 49.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Joseph Flinn sold 8,500 shares of Hut 8 stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $26.55, for a total transaction of $225,675.00. Following the sale, the director directly owned 9,791 shares of the company’s stock, valued at $259,951.05. This represents a 46.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 16,060 shares of company stock worth $399,485 over the last 90 days. 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.