Millennium Management LLC Acquires 205,836 Shares of Hut 8 Corp. (NASDAQ:HUT)

Millennium Management LLC lifted its stake in Hut 8 Corp. (NASDAQ:HUT) by 46.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 649,518 shares of the company’s stock after acquiring an additional 205,836 shares during the period. Millennium Management LLC owned approximately 0.72% of Hut 8 worth $9,733,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in HUT. Amalgamated Bank purchased a new position in Hut 8 during the second quarter valued at approximately $42,000. Victory Capital Management Inc. bought a new position in shares of Hut 8 in the second quarter worth $154,000. Dimensional Fund Advisors LP purchased a new stake in shares of Hut 8 in the second quarter worth $200,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Hut 8 by 27.9% during the second 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. Finally, Arizona State Retirement System purchased a new position in Hut 8 during the second quarter worth about $337,000. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

HUT has been the topic of several recent analyst reports. HC Wainwright reaffirmed a “buy” rating and issued a $13.50 price target on shares of Hut 8 in a report on Friday, September 20th. Benchmark reaffirmed a “buy” rating and issued a $17.00 target price on shares of Hut 8 in a research note on Monday. Canaccord Genuity Group reissued a “buy” rating and issued a $22.00 price target on shares of Hut 8 in a research note on Wednesday, August 21st. Needham & Company LLC increased their price target on shares of Hut 8 from $15.00 to $16.50 and gave the stock a “buy” rating in a report on Tuesday, September 24th. Finally, Craig Hallum lifted their price objective on shares of Hut 8 from $14.00 to $15.00 and gave the stock a “buy” rating in a report on Wednesday, October 2nd. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $16.50.

Insider Transactions at Hut 8

In related news, 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 transaction of $89,435.32. Following the completion of the sale, the director now directly owns 11,861 shares in the company, valued at $139,248.14. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, Director Joseph Flinn sold 7,618 shares of the company’s stock in a transaction on 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 sale, the director now directly owns 11,861 shares in the company, valued at $139,248.14. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Shenif Visram sold 20,239 shares of the firm’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 directly owns 43,959 shares in the company, valued at approximately $588,171.42. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 12.00% of the company’s stock.

Hut 8 Stock Down 3.3 %

Shares of NASDAQ HUT opened at $11.34 on Wednesday. Hut 8 Corp. has a one year low of $6.18 and a one year high of $21.10. The firm’s 50 day simple moving average is $11.44 and its two-hundred day simple moving average is $11.45. 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 issued its earnings results on Tuesday, August 13th. The company reported $0.02 EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.11. The business had revenue of $35.22 million during the quarter, compared to analysts’ expectations of $38.00 million. As a group, sell-side analysts anticipate that Hut 8 Corp. will post -0.56 EPS for the current year.

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.