Hut 8 Corp. (NASDAQ:HUT) Shares Purchased by Two Seas Capital LP

Two Seas Capital LP grew its position in shares of Hut 8 Corp. (NASDAQ:HUT) by 132.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 476,808 shares of the company’s stock after purchasing an additional 271,892 shares during the period. Hut 8 accounts for about 0.8% of Two Seas Capital LP’s investment portfolio, making the stock its 15th largest position. Two Seas Capital LP owned about 0.51% of Hut 8 worth $9,770,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of Hut 8 by 3.9% during the 4th quarter. Vanguard Group Inc. now owns 6,459,385 shares of the company’s stock worth $132,352,000 after buying an additional 245,113 shares during the last quarter. Jericho Capital Asset Management L.P. purchased a new position in shares of Hut 8 in the 4th quarter worth about $37,400,000. BIT Capital GmbH raised its holdings in shares of Hut 8 by 11.5% in the 4th quarter. BIT Capital GmbH now owns 1,818,456 shares of the company’s stock worth $37,260,000 after purchasing an additional 187,773 shares during the period. D. E. Shaw & Co. Inc. acquired a new position in shares of Hut 8 in the 4th quarter valued at about $27,115,000. Finally, Voloridge Investment Management LLC purchased a new stake in shares of Hut 8 during the 4th quarter worth about $24,170,000. Institutional investors and hedge funds own 31.75% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on HUT shares. BTIG Research started coverage on shares of Hut 8 in a report on Monday, April 14th. They issued a “buy” rating and a $18.00 price target on the stock. UBS Group set a $33.00 target price on shares of Hut 8 in a research note on Wednesday, April 2nd. B. Riley initiated coverage on shares of Hut 8 in a research report on Wednesday, May 14th. They set a “buy” rating and a $25.00 price target for the company. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price objective on shares of Hut 8 in a research note on Friday, March 7th. Finally, Northland Securities assumed coverage on Hut 8 in a research report on Monday, April 21st. They issued an “outperform” rating and a $20.00 target price for the company. Thirteen research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Hut 8 has an average rating of “Buy” and an average price target of $25.93.

Insider Transactions at Hut 8

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

Hut 8 Price Performance

Shares of Hut 8 stock opened at $16.83 on Wednesday. The business has a 50-day moving average price of $13.01 and a 200 day moving average price of $18.94. Hut 8 Corp. has a fifty-two week low of $8.53 and a fifty-two week high of $31.95. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings results 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 company had revenue of $20.88 million during the quarter, compared to analyst estimates of $33.68 million. On average, analysts predict that Hut 8 Corp. will post -0.53 EPS for the current fiscal year.

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.