SG Americas Securities LLC Makes New $334,000 Investment in Hut 8 Corp. (NASDAQ:HUT)

SG Americas Securities LLC acquired a new position in shares of Hut 8 Corp. (NASDAQ:HUT) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 27,229 shares of the company’s stock, valued at approximately $334,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in Hut 8 by 8,329.2% during the 1st quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock worth $30,770,000 after acquiring an additional 2,754,037 shares during the period. Tidal Investments LLC bought a new position in shares of Hut 8 in the 1st quarter valued at $18,191,000. Van ECK Associates Corp increased 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 purchasing an additional 558,824 shares during the last quarter. D1 Capital Partners L.P. bought a new position in shares of Hut 8 in the 2nd quarter valued at $17,388,000. Finally, Millennium Management LLC increased its stake in shares of Hut 8 by 46.4% in the 2nd quarter. Millennium Management LLC now owns 649,518 shares of the company’s stock valued at $9,733,000 after purchasing an additional 205,836 shares during the last quarter. Institutional investors own 31.75% of the company’s stock.

Insider Activity

In other news, CFO Shenif Visram sold 20,239 shares of the business’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $13.38, for a total value of $270,797.82. Following the transaction, the chief financial officer now directly owns 43,959 shares of the company’s stock, valued at $588,171.42. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, Director Joseph Flinn sold 7,618 shares of the business’s 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 completion of the sale, the director now directly owns 11,861 shares of the company’s stock, valued at $139,248.14. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Shenif Visram sold 20,239 shares of the business’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 completion of the sale, the chief financial officer now directly owns 43,959 shares of the company’s stock, valued at $588,171.42. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 12.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

HUT has been the topic of several recent analyst reports. Benchmark reiterated a “buy” rating and issued a $17.00 price target on shares of Hut 8 in a research note on Monday, October 7th. Craig Hallum lifted their price target on Hut 8 from $14.00 to $15.00 and gave the company a “buy” rating in a research note on Wednesday, October 2nd. Canaccord Genuity Group reiterated a “buy” rating and issued a $22.00 price target on shares of Hut 8 in a research note on Wednesday, August 21st. HC Wainwright restated a “buy” rating and set a $13.50 price objective on shares of Hut 8 in a research report on Friday, September 20th. Finally, Needham & Company LLC boosted their price objective on Hut 8 from $15.00 to $16.50 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $16.50.

Hut 8 Price Performance

Shares of HUT opened at $14.47 on Friday. Hut 8 Corp. has a 12 month low of $6.18 and a 12 month high of $21.10. The stock’s 50-day moving average price is $11.39 and its two-hundred day moving average price is $11.56. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 0.43.

Hut 8 (NASDAQ:HUT) last announced its 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 company had revenue of $35.22 million for the quarter, compared to analyst estimates of $38.00 million. As a group, research analysts expect 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.