Hut 8 Corp. $HUT Stock: Oppenheimer & Co. Inc. Grows Stake

Oppenheimer & Co. Inc. grew its stake in shares of Hut 8 Corp. (NASDAQ:HUT) by 310.2% in the third quarter, Holdings Channel.com reports. The fund owned 12,347 shares of the company’s stock after buying an additional 9,337 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Hut 8 were worth $1,063,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of HUT. Canada Pension Plan Investment Board acquired a new stake in Hut 8 during the second quarter valued at $45,301,000. Dimensional Fund Advisors LP lifted its holdings in shares of Hut 8 by 11.1% during the first quarter. Dimensional Fund Advisors LP now owns 207,619 shares of the company’s stock worth $9,717,000 after buying an additional 20,813 shares during the last quarter. Signal Advisors Wealth LLC acquired a new stake in Hut 8 during the third quarter worth about $2,378,000. Dayah Capital LLC raised its stake in shares of Hut 8 by 12.6% in the first quarter. Dayah Capital LLC now owns 217,920 shares of the company’s stock valued at $10,223,000 after purchasing an additional 24,456 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Hut 8 in the first quarter valued at about $4,358,000. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on HUT shares. Keefe, Bruyette & Woods reduced their price objective on Hut 8 from $157.00 to $154.00 and set an “outperform” rating on the stock in a report on Thursday, August 6th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $124.00 price target on shares of Hut 8 in a research note on Wednesday, August 5th. B. Riley Financial lowered their price objective on shares of Hut 8 from $163.00 to $134.00 and set a “buy” rating for the company in a research report on Friday. Piper Sandler dropped their price target on Hut 8 from $143.00 to $123.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 20th. Finally, Maxim Group raised Hut 8 to a “strong-buy” rating in a research note on Wednesday, August 5th. Four research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $146.77.

Hut 8 Trading Down 7.4%

Shares of Hut 8 stock opened at $55.01 on Tuesday. The company’s 50-day moving average price is $83.46 and its 200-day moving average price is $82.30. Hut 8 Corp. has a 12-month low of $31.67 and a 12-month high of $140.80. 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 company has a market cap of $6.78 billion, a price-to-earnings ratio of -10.09 and a beta of 4.62.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($1.27) EPS for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.72). The company had revenue of $74.93 million during the quarter, compared to analysts’ expectations 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 last year, the firm earned $1.18 earnings per share. On average, equities analysts expect that Hut 8 Corp. will post -2.93 earnings per share for the current fiscal year.

Insider Buying and Selling at Hut 8

In other Hut 8 news, Director Mayo Shattuck, III sold 20,000 shares of the firm’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 transaction of $2,000,000.00. Following the sale, the director owned 89,408 shares in the company, valued at approximately $8,940,800. This trade represents a 18.28% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Sean Glennan sold 6,445 shares of the stock in a transaction on Monday, August 24th. The shares were sold at an average price of $78.76, for a total transaction of $507,608.20. Following the transaction, the chief financial officer owned 17,978 shares of the company’s stock, valued at $1,415,947.28. This trade represents a 26.39% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 10.40% of the company’s stock.

Hut 8 Company Profile

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.