Two Seas Capital LP Boosts Stock Position in Hut 8 Corp. $HUT

Two Seas Capital LP boosted its position in shares of Hut 8 Corp. (NASDAQ:HUT) by 120.1% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 347,942 shares of the company’s stock after buying an additional 189,860 shares during the quarter. Hut 8 accounts for approximately 0.3% of Two Seas Capital LP’s investment portfolio, making the stock its 25th largest position. Two Seas Capital LP’s holdings in Hut 8 were worth $29,958,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. BlackRock Inc. bought a new stake in Hut 8 in the second quarter worth about $1,093,294,000. Avala Global LP bought a new position in shares of Hut 8 during the 2nd quarter valued at about $144,602,000. Sachem Head Capital Management LP acquired a new position in shares of Hut 8 in the 4th quarter worth approximately $129,780,000. Oasis Management Co Ltd. raised its holdings in shares of Hut 8 by 231.5% in the 4th quarter. Oasis Management Co Ltd. now owns 2,307,683 shares of the company’s stock worth $106,015,000 after purchasing an additional 1,611,653 shares in the last quarter. Finally, Wellington Management Group LLP acquired a new stake in Hut 8 during the second quarter valued at approximately $97,949,000. 31.75% of the stock is owned by institutional investors and hedge funds.

Hut 8 Trading Up 3.3%

Hut 8 stock traded up $2.95 during midday trading on Tuesday, reaching $92.22. The stock had a trading volume of 5,711,639 shares, compared to its average volume of 4,791,022. Hut 8 Corp. has a twelve month low of $31.67 and a twelve month high of $140.80. The company has a debt-to-equity ratio of 4.22, a current ratio of 19.35 and a quick ratio of 19.35. The firm has a market cap of $11.37 billion, a price-to-earnings ratio of -16.92 and a beta of 4.62. The firm’s fifty day simple moving average is $91.27 and its two-hundred day simple moving average is $92.56.

Hut 8 (NASDAQ:HUT) last announced its earnings results on Wednesday, August 5th. The company reported ($1.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.55) by ($0.72). The firm had revenue of $74.93 million for the quarter, compared to analyst estimates of $79.37 million. Hut 8 had a negative net margin of 188.59% and a negative return on equity of 0.97%. During the same period last year, the firm earned $1.18 earnings per share. Equities analysts anticipate that Hut 8 Corp. will post -2.98 EPS for the current fiscal year.

Insider Buying and Selling at Hut 8

In related news, CFO Sean Glennan sold 6,445 shares of the business’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $78.76, for a total transaction of $507,608.20. Following the transaction, the chief financial officer directly owned 17,978 shares of the company’s stock, valued at approximately $1,415,947.28. The trade was a 26.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Mayo A. Shattuck III sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, September 24th. The shares were sold at an average price of $100.00, for a total transaction of $2,000,000.00. Following the completion of the transaction, the director owned 89,408 shares in the company, valued at approximately $8,940,800. This represents a 18.28% decrease in their position. The disclosure for this sale is available in the SEC filing. 10.40% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Morgan Stanley initiated coverage on shares of Hut 8 in a research report on Thursday, July 23rd. They issued an “overweight” rating and a $263.00 price target on the stock. BTIG Research raised their price objective on Hut 8 from $115.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. B. Riley Financial lifted their target price on Hut 8 from $130.00 to $163.00 and gave the stock a “buy” rating in a report on Monday, August 3rd. Rosenblatt Securities reaffirmed a “buy” rating and set a $124.00 target price on shares of Hut 8 in a research report on Wednesday, August 5th. Finally, Maxim Group upgraded Hut 8 to a “strong-buy” rating in a research report on Wednesday, August 5th. Three analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $143.95.

About Hut 8

Hut 8 Corp. (NASDAQ: HUT) is a North American energy infrastructure and digital asset mining company. Its operations include cryptocurrency mining, with a primary focus on Bitcoin, as well as the development and management of data center infrastructure supported by its energy resources.

The company owns and operates mining and data center facilities in the United States and Canada. In addition to self-mining digital assets, Hut 8 has pursued opportunities in high-performance computing and artificial intelligence infrastructure, using its power capacity, data center sites and related development capabilities to support evolving computing demand.

Hut 8 was originally established as Hut 8 Mining Corp., a Canadian cryptocurrency mining company.