8,384 Shares of Hut 8 Corp. $HUT Bought by SteelPeak Wealth LLC

SteelPeak Wealth LLC acquired a new stake in shares of Hut 8 Corp. (NASDAQ:HUT) in the third quarter, Holdings Channel.com reports. The firm acquired 8,384 shares of the company’s stock, valued at approximately $722,000.

Other institutional investors have also modified their holdings of the company. BlackRock Inc. acquired a new position in shares of Hut 8 in the 2nd quarter valued at about $1,093,294,000. Avala Global LP acquired a new stake in Hut 8 during the second quarter worth about $144,602,000. Wellington Management Group LLP acquired a new stake in Hut 8 during the second quarter worth about $97,949,000. Montanova Capital LLC purchased a new position in Hut 8 during the second quarter valued at approximately $77,348,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in Hut 8 during the second quarter valued at approximately $56,364,000. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on HUT shares. Canaccord Genuity Group reissued a “buy” rating and issued a $130.00 price target on shares of Hut 8 in a report on Wednesday, October 7th. Compass Point set a $195.00 price objective on shares of Hut 8 in a research note on Wednesday, July 22nd. Needham & Company LLC dropped their price objective on shares of Hut 8 from $145.00 to $138.00 and set a “buy” rating on the stock in a research note on Wednesday, August 5th. Freedom Capital raised shares of Hut 8 to a “strong-buy” rating in a report on Tuesday, August 18th. Finally, Maxim Group raised shares of Hut 8 to a “strong-buy” rating in a report on Wednesday, August 5th. Four research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $149.00.

Hut 8 Stock Performance

Shares of Hut 8 stock opened at $68.17 on Tuesday. 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 twelve month low of $31.67 and a twelve month high of $140.80. The business has a 50-day moving average price of $87.77 and a 200 day moving average price of $94.71.

Hut 8 (NASDAQ:HUT) last released its quarterly earnings results 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). The business had revenue of $74.93 million during the quarter, compared to analyst estimates of $79.37 million. Hut 8 had a negative return on equity of 0.97% and a negative net margin of 188.59%. During the same period in the previous year, the company posted $1.18 EPS. On average, analysts predict that Hut 8 Corp. will post -2.93 EPS for the current fiscal year.

Insider Activity at Hut 8

In other Hut 8 news, CFO Sean Glennan sold 6,445 shares of the firm’s stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $78.76, for a total value of $507,608.20. Following the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Mayo Shattuck, III sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, September 24th. The shares were sold at an average price of $100.00, for a total value of $2,000,000.00. Following the completion of the sale, the director owned 89,408 shares of the company’s stock, valued at $8,940,800. This trade represents a 18.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 10.40% of the stock is currently owned by company insiders.

About Hut 8

Hut 8 Corp. is a North American energy infrastructure and computing company whose business includes digital asset mining, high-performance computing and data center operations. The company develops and manages power and infrastructure assets intended to support energy-intensive computing applications.

Hut 8’s activities have historically centered on Bitcoin mining, supported by company-operated data centers and specialized mining equipment. It also provides infrastructure for emerging computing applications, including artificial intelligence and other high-performance computing workloads, as it seeks to expand beyond cryptocurrency mining.

The company was established in Canada and expanded its operations in the United States through its combination with U.S.