Ninepoint Partners LP Invests $720,000 in Hut 8 Corp. (NASDAQ:HUT)

Ninepoint Partners LP bought a new position in Hut 8 Corp. (NASDAQ:HUT) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 48,000 shares of the company’s stock, valued at approximately $720,000. Ninepoint Partners LP owned approximately 0.05% of Hut 8 as of its most recent filing with the SEC.

Several other institutional investors have also recently made changes to their positions in HUT. Foundations Investment Advisors LLC increased its position in Hut 8 by 2.0% during the 2nd quarter. Foundations Investment Advisors LLC now owns 48,728 shares of the company’s stock valued at $730,000 after buying an additional 949 shares in the last quarter. Triton Wealth Management PLLC increased its position in 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. Amalgamated Bank bought a new position in Hut 8 during the 2nd quarter valued at approximately $42,000. Zurcher Kantonalbank Zurich Cantonalbank increased 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 in the last quarter. Finally, Westend Capital Management LLC increased its position in Hut 8 by 1.7% during the 2nd quarter. Westend Capital Management LLC now owns 477,961 shares of the company’s stock valued at $7,289,000 after buying an additional 7,827 shares in the last quarter. Institutional investors own 31.75% of the company’s stock.

Hut 8 Stock Up 3.6 %

HUT stock opened at $13.08 on Friday. Hut 8 Corp. has a 1 year low of $6.18 and a 1 year high of $21.10. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.68 and a current ratio of 1.68. The stock’s fifty day moving average price is $12.26 and its 200-day moving average price is $11.18.

Hut 8 (NASDAQ:HUT) last released its quarterly earnings results 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 analysts’ expectations of $38.00 million. Equities analysts anticipate that Hut 8 Corp. will post -0.56 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Craig Hallum increased their target price on Hut 8 from $12.00 to $14.00 and gave the company a “buy” rating in a research note on Friday, June 14th. HC Wainwright reiterated a “buy” rating and set a $13.50 target price on shares of Hut 8 in a research note on Friday, September 20th. Canaccord Genuity Group reiterated a “buy” rating and set a $22.00 target price on shares of Hut 8 in a research note on Wednesday, August 21st. Benchmark reiterated a “buy” rating and set a $17.00 target price on shares of Hut 8 in a research note on Wednesday, August 14th. Finally, Needham & Company LLC increased their target price on Hut 8 from $15.00 to $16.50 and gave the company a “buy” rating in a research note on Tuesday. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $16.33.

Insider Activity at Hut 8

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