Rhumbline Advisers Grows Stake in Hut 8 Corp. (NASDAQ:HUT)

Rhumbline Advisers raised its stake in Hut 8 Corp. (NASDAQ:HUT) by 684,077.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 123,152 shares of the company’s stock after acquiring an additional 123,134 shares during the quarter. Rhumbline Advisers owned approximately 0.14% of Hut 8 worth $1,846,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Triton Wealth Management PLLC lifted its stake in shares of Hut 8 by 24.9% during the 1st quarter. Triton Wealth Management PLLC now owns 12,490 shares of the company’s stock valued at $138,000 after buying an additional 2,490 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Hut 8 by 27.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,223 shares of the company’s stock valued at $213,000 after buying an additional 3,105 shares during the period. Headlands Technologies LLC purchased a new stake in Hut 8 during the 1st quarter valued at $255,000. Swiss National Bank boosted its position in Hut 8 by 61.6% during the 1st quarter. Swiss National Bank now owns 141,940 shares of the company’s stock valued at $1,567,000 after buying an additional 54,100 shares during the period. Finally, Nomura Holdings Inc. purchased a new stake in Hut 8 during the 4th quarter valued at $1,774,000. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Needham & Company LLC reissued a “buy” rating and set a $15.00 price target on shares of Hut 8 in a research report on Friday, August 23rd. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $22.00 target price on shares of Hut 8 in a research report on Wednesday, August 21st. Craig Hallum raised their target price on shares of Hut 8 from $12.00 to $14.00 and gave the stock a “buy” rating in a research report on Friday, June 14th. Benchmark reaffirmed a “buy” rating and issued a $17.00 target price on shares of Hut 8 in a research report on Wednesday, August 14th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $13.50 target price on shares of Hut 8 in a research report on Friday. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $16.08.

Insider Buying and Selling at Hut 8

In other news, CFO Shenif Visram sold 20,239 shares of Hut 8 stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $13.38, for a total value of $270,797.82. Following the completion of the sale, the chief financial officer now directly owns 43,959 shares in the company, valued at $588,171.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Hut 8 news, CFO Shenif Visram sold 20,239 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $13.38, for a total value of $270,797.82. Following the completion of the transaction, the chief financial officer now directly owns 43,959 shares in the company, valued at $588,171.42. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Joseph Flinn sold 7,618 shares of the stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $11.74, for a total value of $89,435.32. Following the sale, the director now owns 11,861 shares of the company’s stock, valued at approximately $139,248.14. The disclosure for this sale can be found here. 12.00% of the stock is owned by company insiders.

Hut 8 Stock Down 2.3 %

NASDAQ:HUT opened at $11.17 on Friday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.68 and a current ratio of 1.68. Hut 8 Corp. has a fifty-two week low of $6.18 and a fifty-two week high of $21.10. The firm has a 50-day simple moving average of $12.85 and a two-hundred day simple moving average of $11.05.

Hut 8 (NASDAQ:HUT) last released its quarterly earnings data on Tuesday, August 13th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.11. The firm had revenue of $35.22 million for the quarter, compared to the consensus estimate of $38.00 million. On average, analysts forecast that Hut 8 Corp. will post -0.56 EPS for the current fiscal year.

About Hut 8

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.