The Manufacturers Life Insurance Company Makes New Investment in Hut 8 Corp. (NASDAQ:HUT)

The Manufacturers Life Insurance Company bought a new position in shares of Hut 8 Corp. (NASDAQ:HUT) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 30,678 shares of the company’s stock, valued at approximately $460,000.

Other institutional investors also recently bought and sold shares of the company. Nomura Holdings Inc. purchased a new stake in shares of Hut 8 in the 4th quarter valued at approximately $1,774,000. Westend Capital Management LLC purchased a new stake in shares of Hut 8 in the 1st quarter valued at approximately $5,190,000. Van ECK Associates Corp raised its stake in shares of Hut 8 by 79.6% in the 1st quarter. Van ECK Associates Corp now owns 1,260,926 shares of the company’s stock valued at $13,920,000 after acquiring an additional 558,824 shares during the period. Swiss National Bank raised its stake in shares of Hut 8 by 61.6% in the 1st quarter. Swiss National Bank now owns 141,940 shares of the company’s stock valued at $1,567,000 after acquiring an additional 54,100 shares during the period. Finally, Headlands Technologies LLC purchased a new stake in shares of Hut 8 in the 1st quarter valued at approximately $255,000. 31.75% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Hut 8 news, Director Joseph Flinn sold 7,618 shares of the business’s stock in a transaction that occurred 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 transaction, the director now owns 11,861 shares in the company, valued at $139,248.14. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other 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 value of $89,435.32. Following the completion of the transaction, the director now owns 11,861 shares in the company, valued at approximately $139,248.14. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Shenif Visram sold 20,239 shares of the company’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $13.38, for a total transaction of $270,797.82. Following the completion of the transaction, the chief financial officer now owns 43,959 shares of the company’s stock, valued at approximately $588,171.42. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 12.00% of the stock is currently owned by company insiders.

Hut 8 Stock Performance

NASDAQ HUT opened at $12.90 on Thursday. 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 Corp. has a 52 week low of $6.18 and a 52 week high of $21.10. The firm has a 50 day moving average of $11.33 and a two-hundred day moving average of $11.51.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings results on Tuesday, August 13th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.09) by $0.11. The firm had revenue of $35.22 million for the quarter, compared to analyst estimates of $38.00 million. Sell-side analysts predict that Hut 8 Corp. will post -0.56 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on HUT. HC Wainwright reissued a “buy” rating and issued a $13.50 price target on shares of Hut 8 in a research note on Friday, September 20th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $22.00 target price on shares of Hut 8 in a research note on Wednesday, August 21st. Needham & Company LLC upped their target price on shares of Hut 8 from $15.00 to $16.50 and gave the stock a “buy” rating in a research note on Tuesday, September 24th. Craig Hallum upped their target price on shares of Hut 8 from $14.00 to $15.00 and gave the stock a “buy” rating in a research note on Wednesday, October 2nd. Finally, Benchmark reaffirmed a “buy” rating and set a $17.00 target price on shares of Hut 8 in a research note on Monday, October 7th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Hut 8 presently has an average rating of “Buy” and an average target price of $16.50.

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.