Teacher Retirement System of Texas Increases Stock Holdings in Hut 8 Corp. $HUT

Teacher Retirement System of Texas boosted its position in shares of Hut 8 Corp. (NASDAQ:HUT) by 20.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,855 shares of the company’s stock after purchasing an additional 2,550 shares during the period. Teacher Retirement System of Texas’ holdings in Hut 8 were worth $276,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of HUT. Nisa Investment Advisors LLC increased its holdings in shares of Hut 8 by 116.4% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,515 shares of the company’s stock worth $28,000 after buying an additional 815 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in Hut 8 by 7.9% in the first quarter. Victory Capital Management Inc. now owns 11,127 shares of the company’s stock valued at $129,000 after acquiring an additional 819 shares during the last quarter. Swiss National Bank grew its position in Hut 8 by 1.4% in 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 during the period. State of Wyoming acquired a new stake in Hut 8 during the first quarter worth $32,000. Finally, US Bancorp DE increased 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 during the last quarter. 31.75% of the stock is currently owned by institutional investors and hedge funds.

Hut 8 Stock Down 6.9%

Shares of NASDAQ:HUT opened at $43.91 on Wednesday. The firm has a market capitalization of $4.74 billion, a PE ratio of -79.84 and a beta of 4.40. Hut 8 Corp. has a 1 year low of $10.04 and a 1 year high of $57.29. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.72 and a quick ratio of 0.72. The firm’s 50-day moving average is $40.92 and its two-hundred day moving average is $26.80.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings data on Tuesday, November 4th. The company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.09. Hut 8 had a net margin of 115.39% and a return on equity of 8.06%. The firm had revenue of $84.36 million during the quarter, compared to analysts’ expectations of $64.70 million. Analysts predict that Hut 8 Corp. will post -0.53 EPS for the current year.

Analyst Ratings Changes

HUT has been the topic of several recent analyst reports. Maxim Group upped their price target on Hut 8 from $23.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, August 11th. BTIG Research reaffirmed a “buy” rating and issued a $55.00 target price on shares of Hut 8 in a research report on Thursday, November 6th. Northland Securities set a $58.00 target price on shares of Hut 8 in a research note on Wednesday, November 5th. Piper Sandler set a $74.00 price target on shares of Hut 8 and gave the company an “overweight” rating in a research note on Monday, October 20th. Finally, Benchmark upped their price objective on shares of Hut 8 from $36.00 to $78.00 and gave the stock a “buy” rating in a report on Tuesday, October 28th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, Hut 8 has a consensus rating of “Buy” and a consensus price target of $47.75.

Insider Activity at Hut 8

In other Hut 8 news, CFO Sean Joseph Glennan sold 6,060 shares of the business’s stock in a transaction 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 transaction, 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 transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Joseph Flinn sold 8,500 shares of the stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $26.55, for a total value of $225,675.00. Following the completion of the sale, the director owned 9,791 shares in the company, valued at approximately $259,951.05. The trade was a 46.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 16,060 shares of company stock valued at $399,485 in the last three months. 11.20% of the stock is currently owned by corporate 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.