Vennlight Capital Management LP Invests $2.41 Million in Hut 8 Corp. (NASDAQ:HUT)

Vennlight Capital Management LP bought a new position in shares of Hut 8 Corp. (NASDAQ:HUT) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 117,800 shares of the company’s stock, valued at approximately $2,414,000. Hut 8 comprises about 2.3% of Vennlight Capital Management LP’s investment portfolio, making the stock its 12th largest holding. Vennlight Capital Management LP owned approximately 0.13% of Hut 8 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Nisa Investment Advisors LLC boosted its stake in Hut 8 by 77.9% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company’s stock worth $26,000 after buying an additional 545 shares during the last quarter. R Squared Ltd purchased a new stake in Hut 8 during the 4th quarter worth about $26,000. Optiver Holding B.V. purchased a new stake in shares of Hut 8 during the 4th quarter worth approximately $35,000. Russell Investments Group Ltd. grew its stake in Hut 8 by 832.4% during the 4th quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company’s stock worth $42,000 after buying an additional 1,823 shares during the last quarter. Finally, Principal Securities Inc. acquired a new position in Hut 8 in the fourth quarter valued at $45,000. Institutional investors and hedge funds own 31.75% of the company’s stock.

Hut 8 Stock Up 9.9%

Shares of Hut 8 stock opened at $17.13 on Monday. The firm’s 50-day moving average price is $12.80 and its two-hundred day moving average price is $18.95. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35. Hut 8 Corp. has a 1-year low of $8.53 and a 1-year high of $31.95.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.18) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.06). The company had revenue of $20.88 million during the quarter, compared to analysts’ expectations of $33.68 million. On average, sell-side analysts expect that Hut 8 Corp. will post -0.53 EPS for the current year.

Insider Activity at Hut 8

In other news, insider Victor Semah sold 11,363 shares of the firm’s stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $12.95, for a total value of $147,150.85. Following the completion of the transaction, the insider now owns 15,738 shares in the company, valued at $203,807.10. This trade represents a 41.93% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 11.20% of the stock is owned by corporate insiders.

Analyst Ratings Changes

HUT has been the subject of several recent analyst reports. Maxim Group began coverage on shares of Hut 8 in a research note on Thursday, May 1st. They issued a “buy” rating and a $20.00 price objective for the company. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 price objective on shares of Hut 8 in a report on Friday, March 7th. B. Riley assumed coverage on Hut 8 in a research note on Wednesday, May 14th. They issued a “buy” rating and a $25.00 target price for the company. Northland Capmk upgraded shares of Hut 8 to a “strong-buy” rating in a research note on Monday, April 21st. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $32.00 price target on shares of Hut 8 in a research report on Monday, May 12th. Thirteen investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $25.93.

Hut 8 Company 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.