27,605 Shares in Hut 8 Corp. $HUT Bought by Strong Retirement Solutions LLC

Strong Retirement Solutions LLC bought a new position in Hut 8 Corp. (NASDAQ:HUT) in the 3rd quarter, HoldingsChannel.com reports. The fund bought 27,605 shares of the company’s stock, valued at approximately $2,377,000. Hut 8 makes up approximately 1.3% of Strong Retirement Solutions LLC’s investment portfolio, making the stock its 24th largest position.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Arlington Trust Co LLC raised its stake in shares of Hut 8 by 175.0% during the second quarter. Arlington Trust Co LLC now owns 275 shares of the company’s stock worth $32,000 after acquiring an additional 175 shares in the last quarter. Parkside Financial Bank & Trust boosted its stake in shares of Hut 8 by 258.5% in the 2nd quarter. Parkside Financial Bank & Trust now owns 380 shares of the company’s stock valued at $44,000 after purchasing an additional 274 shares in the last quarter. Harbor Investment Advisory LLC purchased a new stake in shares of Hut 8 in the 1st quarter valued at $47,000. CoreCap Advisors LLC grew its holdings in shares of Hut 8 by 42.1% during the 2nd quarter. CoreCap Advisors LLC now owns 540 shares of the company’s stock valued at $62,000 after purchasing an additional 160 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its holdings in shares of Hut 8 by 27.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,194 shares of the company’s stock valued at $103,000 after purchasing an additional 474 shares during the last quarter. 31.75% of the stock is currently owned by institutional investors.

Insider Buying and Selling

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

Hut 8 Trading Down 3.7%

NASDAQ:HUT traded down $3.44 during mid-day trading on Wednesday, reaching $88.78. 3,492,127 shares of the company’s stock traded hands, compared to its average volume of 4,783,151. Hut 8 Corp. has a 12-month low of $31.67 and a 12-month high of $140.80. The firm has a market capitalization of $10.94 billion, a price-to-earnings ratio of -16.29 and a beta of 4.62. 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 company has a 50 day moving average price of $91.09 and a 200-day moving average price of $92.87.

Hut 8 (NASDAQ:HUT) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($1.27) earnings per share for the quarter, missing the consensus estimate of ($0.55) by ($0.72). The business had revenue of $74.93 million during the quarter, compared to analysts’ expectations of $79.37 million. Hut 8 had a negative return on equity of 0.97% and a negative net margin of 188.59%.During the same quarter last year, the business posted $1.18 EPS. On average, sell-side analysts predict that Hut 8 Corp. will post -2.98 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have weighed in on HUT. Morgan Stanley assumed coverage on shares of Hut 8 in a research note on Thursday, July 23rd. They issued an “overweight” rating and a $263.00 price target for the company. Wells Fargo & Company assumed coverage on Hut 8 in a research note on Thursday, September 17th. They set an “overweight” rating and a $175.00 price objective on the stock. Benchmark lifted their price objective on Hut 8 from $165.00 to $195.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. Keefe, Bruyette & Woods lowered their target price on Hut 8 from $157.00 to $154.00 and set an “outperform” rating for the company in a research note on Thursday, August 6th. Finally, B. Riley Financial increased their price objective on Hut 8 from $130.00 to $163.00 and gave the company a “buy” rating in a research note on Monday, August 3rd. Three equities research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $143.95.

Hut 8 Profile

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.