D1 Capital Partners L.P. Buys Shares of 1,160,000 Hut 8 Corp. (NASDAQ:HUT)

D1 Capital Partners L.P. purchased a new position in Hut 8 Corp. (NASDAQ:HUT) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 1,160,000 shares of the company’s stock, valued at approximately $17,388,000. D1 Capital Partners L.P. owned approximately 1.28% of Hut 8 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in HUT. Amalgamated Bank purchased a new position in Hut 8 during the second quarter valued at $42,000. Central Asset Investments & Management Holdings HK Ltd purchased a new position in shares of Hut 8 in the 2nd quarter worth about $608,000. Dimensional Fund Advisors LP bought a new position in Hut 8 in the 2nd quarter worth about $200,000. Headlands Technologies LLC boosted its stake in Hut 8 by 121.6% in the 2nd quarter. Headlands Technologies LLC now owns 51,228 shares of the company’s stock worth $768,000 after purchasing an additional 28,109 shares in the last quarter. Finally, Arizona State Retirement System purchased a new stake in Hut 8 during the 2nd quarter valued at about $337,000. 31.75% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

Hut 8 Trading Down 2.3 %

Hut 8 stock opened at $11.17 on Monday. Hut 8 Corp. has a 1 year low of $6.18 and a 1 year high of $21.10. The firm’s 50 day moving average price is $12.85 and its 200-day moving average price is $11.10. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 0.43.

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

Insiders Place Their Bets

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

Hut 8 Profile

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.