Van ECK Associates Corp Trims Stock Holdings in Hut 8 Corp. $HUT

Van ECK Associates Corp trimmed its stake in shares of Hut 8 Corp. (NASDAQ:HUT) by 31.3% during the second quarter, HoldingsChannel.com reports. The firm owned 430,684 shares of the company’s stock after selling 195,868 shares during the quarter. Van ECK Associates Corp’s holdings in Hut 8 were worth $49,718,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in the business. Millennium Management LLC lifted its position in Hut 8 by 11.9% in the 1st quarter. Millennium Management LLC now owns 330,416 shares of the company’s stock worth $3,839,000 after buying an additional 35,120 shares during the last quarter. Prudential Financial Inc. bought a new stake in shares of Hut 8 during the 2nd quarter valued at about $216,000. Russell Investments Group Ltd. grew its holdings in shares of Hut 8 by 235.8% during the 2nd quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock worth $46,000 after acquiring an additional 1,719 shares during the period. New York State Common Retirement Fund grew its stake in Hut 8 by 19.9% in the second quarter. New York State Common Retirement Fund now owns 32,540 shares of the company’s stock worth $605,000 after purchasing an additional 5,400 shares during the period. Finally, Invesco Ltd. grew its position in shares of Hut 8 by 13.2% in the 2nd quarter. Invesco Ltd. now owns 1,067,985 shares of the company’s stock worth $19,865,000 after buying an additional 124,439 shares during the period. 31.75% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on HUT shares. Piper Sandler raised their price target on Hut 8 from $127.00 to $143.00 and gave the company an “overweight” rating in a report on Thursday, August 6th. Wall Street Zen downgraded Hut 8 from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 1st. Weiss Ratings lowered shares of Hut 8 from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, August 19th. Canaccord Genuity Group lifted their price target on shares of Hut 8 from $70.00 to $130.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Finally, Morgan Stanley assumed coverage on Hut 8 in a research report on Thursday, July 23rd. They set an “overweight” rating and a $263.00 target price for the company. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $144.89.

Hut 8 Trading Down 8.8%

NASDAQ HUT opened at $79.42 on Friday. The company has a market capitalization of $9.79 billion, a price-to-earnings ratio of -14.57 and a beta of 4.64. The company’s 50-day simple moving average is $98.87 and its two-hundred day simple moving average is $85.03. The company has a debt-to-equity ratio of 4.22, a quick ratio of 19.35 and a current ratio of 19.35. Hut 8 Corp. has a one year low of $24.20 and a one year high of $140.80.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($1.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.72). Hut 8 had a negative return on equity of 0.97% and a negative net margin of 188.59%.The company had revenue of $74.93 million for the quarter, compared to analysts’ expectations of $79.37 million. During the same quarter last year, the company earned $1.18 earnings per share. Equities analysts forecast that Hut 8 Corp. will post -2.85 EPS for the current fiscal year.

Insider Activity

In other news, insider Victor Semah sold 10,000 shares of the stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $125.00, for a total value of $1,250,000.00. Following the transaction, the insider directly owned 31,378 shares of the company’s stock, valued at approximately $3,922,250. This represents a 24.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Sean Joseph Glennan sold 6,445 shares of the firm’s stock in a transaction on Monday, August 24th. The stock was sold at an average price of $78.76, for a total transaction of $507,608.20. Following the transaction, the chief financial officer directly owned 17,978 shares of the company’s stock, valued at approximately $1,415,947.28. This trade represents a 26.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 54,664 shares of company stock valued at $6,212,160 over the last ninety days. 10.40% of the stock is currently owned by 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.