FNY Investment Advisers LLC Purchases New Stake in Hut 8 Corp. $HUT

FNY Investment Advisers LLC purchased a new stake in Hut 8 Corp. (NASDAQ:HUT) in the second quarter, HoldingsChannel.com reports. The fund purchased 5,333 shares of the company’s stock, valued at approximately $99,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Victory Capital Management Inc. raised its stake in Hut 8 by 7.9% during the first quarter. Victory Capital Management Inc. now owns 11,127 shares of the company’s stock worth $129,000 after acquiring an additional 819 shares in the last quarter. Swiss National Bank raised its stake in Hut 8 by 1.4% during the first quarter. Swiss National Bank now owns 163,440 shares of the company’s stock worth $1,899,000 after acquiring an additional 2,200 shares in the last quarter. State of Wyoming acquired a new position in Hut 8 during the first quarter worth about $32,000. US Bancorp DE raised its stake in Hut 8 by 3,961.7% during the first quarter. US Bancorp DE now owns 3,290 shares of the company’s stock worth $38,000 after acquiring an additional 3,209 shares in the last quarter. Finally, SBI Securities Co. Ltd. raised its stake in Hut 8 by 51.7% during the first quarter. SBI Securities Co. Ltd. now owns 9,468 shares of the company’s stock worth $110,000 after acquiring an additional 3,228 shares in the last quarter. Institutional investors and hedge funds own 31.75% of the company’s stock.

Insider Activity at Hut 8

In related news, Director Joseph Flinn sold 8,500 shares of the company’s stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $26.55, for a total value of $225,675.00. Following the sale, the director directly owned 9,791 shares in the company, valued at $259,951.05. This represents a 46.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Sean Joseph Glennan sold 6,060 shares of the company’s stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $22.09, for a total value of $133,865.40. Following the completion of the sale, the chief financial officer owned 6,295 shares in the company, valued at $139,056.55. The trade was a 49.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 16,060 shares of company stock worth $399,485 over the last quarter. 11.20% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts have commented on the company. Canaccord Genuity Group boosted their target price on Hut 8 from $32.00 to $36.00 and gave the stock a “buy” rating in a research note on Wednesday, August 20th. Northland Securities set a $26.00 target price on Hut 8 in a research note on Friday, July 11th. Citigroup reissued an “outperform” rating on shares of Hut 8 in a research note on Tuesday. Maxim Group boosted their target price on Hut 8 from $23.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, August 11th. Finally, BTIG Research upped their price objective on Hut 8 from $33.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, October 14th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, Hut 8 presently has an average rating of “Buy” and a consensus price target of $38.41.

Hut 8 Trading Up 4.6%

Hut 8 stock opened at $40.64 on Friday. The business has a 50 day moving average of $34.76 and a 200-day moving average of $23.22. Hut 8 Corp. has a 1 year low of $10.04 and a 1 year high of $57.29. The company has a quick ratio of 1.81, a current ratio of 1.81 and a debt-to-equity ratio of 0.19.

Hut 8 (NASDAQ:HUT) last released its quarterly earnings data on Thursday, August 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.01. Hut 8 had a return on equity of 8.73% and a net margin of 112.81%.The company had revenue of $41.72 million during the quarter, compared to the consensus estimate of $49.10 million. On average, analysts anticipate that Hut 8 Corp. will post -0.53 earnings per share 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.