Thomist Capital Management LP Makes New $502,000 Investment in Hut 8 Corp. (NASDAQ:HUT)

Thomist Capital Management LP bought a new position in shares of Hut 8 Corp. (NASDAQ:HUT) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 24,200 shares of the company’s stock, valued at approximately $502,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. ProShare Advisors LLC raised its position in Hut 8 by 48.9% during the fourth quarter. ProShare Advisors LLC now owns 22,801 shares of the company’s stock worth $467,000 after acquiring an additional 7,492 shares during the last quarter. Panoramic Capital LLC acquired a new position in shares of Hut 8 in the fourth quarter valued at approximately $2,200,000. Nomura Holdings Inc. acquired a new position in shares of Hut 8 in the fourth quarter valued at approximately $208,000. Nuveen Asset Management LLC raised its position in shares of Hut 8 by 2.5% in the fourth quarter. Nuveen Asset Management LLC now owns 226,673 shares of the company’s stock valued at $4,645,000 after buying an additional 5,590 shares during the last quarter. Finally, FORA Capital LLC acquired a new position in shares of Hut 8 in the fourth quarter valued at approximately $1,503,000. Institutional investors and hedge funds own 31.75% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on HUT. Benchmark cut their price objective on shares of Hut 8 from $41.00 to $33.00 and set a “buy” rating for the company in a research report on Wednesday, April 2nd. Maxim Group began coverage on shares of Hut 8 in a research report on Thursday, May 1st. They issued a “buy” rating and a $20.00 price objective for the company. Northland Capmk raised shares of Hut 8 to a “strong-buy” rating in a research report on Monday, April 21st. Canaccord Genuity Group reissued a “buy” rating and issued a $32.00 price objective on shares of Hut 8 in a research report on Monday, May 12th. Finally, B. Riley began coverage on shares of Hut 8 in a research report on Wednesday. They issued a “buy” rating and a $25.00 price objective for the company. Thirteen analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Hut 8 currently has an average rating of “Buy” and a consensus price target of $25.93.

Hut 8 Price Performance

Hut 8 stock opened at $17.13 on Friday. Hut 8 Corp. has a 1 year low of $8.53 and a 1 year high of $31.95. The firm has a 50 day moving average price of $12.80 and a 200 day moving average price of $18.92. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00.

Hut 8 (NASDAQ:HUT) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.06). The business had revenue of $20.88 million for the quarter, compared to the consensus estimate of $33.68 million. As a group, sell-side analysts forecast that Hut 8 Corp. will post -0.53 EPS for the current fiscal year.

Insiders Place Their Bets

In other Hut 8 news, insider Victor Semah sold 11,363 shares of the business’s stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $12.95, for a total transaction of $147,150.85. Following the completion of the sale, the insider now directly owns 15,738 shares in the company, valued at $203,807.10. The trade was a 41.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 11.20% of the stock is owned by insiders.

About Hut 8

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.