Covestor Ltd Raises Holdings in Hut 8 Corp. $HUT

Covestor Ltd grew its stake in shares of Hut 8 Corp. (NASDAQ:HUT) by 355,350.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,327 shares of the company’s stock after acquiring an additional 21,321 shares during the quarter. Hut 8 comprises approximately 0.5% of Covestor Ltd’s investment portfolio, making the stock its 18th largest holding. Covestor Ltd’s holdings in Hut 8 were worth $980,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Nisa Investment Advisors LLC increased its stake in Hut 8 by 1.6% during the 4th quarter. Nisa Investment Advisors LLC now owns 15,969 shares of the company’s stock valued at $734,000 after purchasing an additional 254 shares in the last quarter. CWM LLC increased its position in shares of Hut 8 by 37.4% in the 4th quarter. CWM LLC now owns 1,106 shares of the company’s stock valued at $51,000 after acquiring an additional 301 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Hut 8 by 3.5% in the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 9,500 shares of the company’s stock valued at $331,000 after acquiring an additional 321 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Hut 8 by 1.7% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,685 shares of the company’s stock worth $996,000 after acquiring an additional 362 shares during the last quarter. Finally, Arizona State Retirement System lifted its position in Hut 8 by 1.9% during the 3rd quarter. Arizona State Retirement System now owns 29,290 shares of the company’s stock worth $1,020,000 after acquiring an additional 542 shares during the period. 31.75% of the stock is owned by hedge funds and other institutional investors.

Hut 8 Stock Performance

Shares of HUT stock opened at $93.31 on Wednesday. The stock has a market cap of $10.51 billion, a PE ratio of -31.10 and a beta of 4.48. The business has a 50-day simple moving average of $68.70 and a 200-day simple moving average of $56.38. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.12. Hut 8 Corp. has a 52-week low of $14.74 and a 52-week high of $112.26.

Hut 8 (NASDAQ:HUT) last posted its earnings results on Wednesday, May 6th. The company reported ($1.98) EPS for the quarter, missing the consensus estimate of ($0.33) by ($1.65). The company had revenue of $139.31 million for the quarter, compared to analyst estimates of $78.53 million. Hut 8 had a negative return on equity of 0.35% and a negative net margin of 109.77%. On average, equities analysts expect that Hut 8 Corp. will post -2.34 EPS for the current year.

Insiders Place Their Bets

In related news, Director Rick Rickertsen sold 17,491 shares of the business’s stock in a transaction on 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 directly owned 17,491 shares in the company, valued at $1,924,010. The trade was a 50.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Victor Semah sold 10,518 shares of the stock in a transaction on Monday, May 4th. The stock was sold at an average price of $76.83, for a total transaction of $808,097.94. Following the sale, the insider directly owned 41,378 shares in the company, valued at $3,179,071.74. This trade represents a 20.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 54,628 shares of company stock worth $4,960,721. Corporate insiders own 10.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Canaccord Genuity Group boosted their price target on Hut 8 from $70.00 to $130.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Roth Mkm reaffirmed a “buy” rating and set a $80.00 target price on shares of Hut 8 in a report on Tuesday, January 27th. Jefferies Financial Group started coverage on Hut 8 in a research report on Thursday, May 14th. They issued a “buy” rating and a $156.00 target price on the stock. Citigroup reiterated an “outperform” rating on shares of Hut 8 in a report on Tuesday, April 28th. Finally, Rosenblatt Securities raised their price target on shares of Hut 8 from $89.00 to $124.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Seventeen investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $107.72.

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.