Hut 8 Corp. (NASDAQ:HUT) Position Boosted by Van ECK Associates Corp

Van ECK Associates Corp lifted its stake in Hut 8 Corp. (NASDAQ:HUT) by 79.6% in the first quarter, Holdings Channel.com reports. The firm owned 1,260,926 shares of the company’s stock after acquiring an additional 558,824 shares during the quarter. Van ECK Associates Corp’s holdings in Hut 8 were worth $13,920,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the stock. Global Retirement Partners LLC increased its stake in Hut 8 by 280.1% in the 1st quarter. Global Retirement Partners LLC now owns 5,428 shares of the company’s stock valued at $60,000 after buying an additional 4,000 shares during the period. Triton Wealth Management PLLC grew its holdings in shares of Hut 8 by 24.9% during the 1st quarter. Triton Wealth Management PLLC now owns 12,490 shares of the company’s stock valued at $138,000 after acquiring an additional 2,490 shares in the last quarter. AM Investment Strategies LLC acquired a new position in shares of Hut 8 in the fourth quarter worth $597,000. Foundations Investment Advisors LLC purchased a new stake in shares of Hut 8 during the fourth quarter worth $605,000. Finally, Savior LLC acquired a new stake in Hut 8 during the fourth quarter valued at $1,543,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.

Hut 8 Trading Down 2.0 %

HUT stock traded down $0.32 during midday trading on Friday, hitting $15.84. 4,357,426 shares of the company traded hands, compared to its average volume of 4,981,871. Hut 8 Corp. has a twelve month low of $6.18 and a twelve month high of $22.75. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.18. The business has a 50 day simple moving average of $10.51 and a 200-day simple moving average of $9.81.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings data on Wednesday, May 15th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.11). The company had revenue of $51.74 million for the quarter, compared to analyst estimates of $50.60 million. Equities research analysts predict that Hut 8 Corp. will post -0.43 earnings per share for the current fiscal year.

Insider Buying and Selling at Hut 8

In other Hut 8 news, CFO Shenif Visram sold 17,905 shares of the firm’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $8.15, for a total value of $145,925.75. Following the sale, the chief financial officer now owns 30,865 shares of the company’s stock, valued at approximately $251,549.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 12.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Craig Hallum upped their target price on Hut 8 from $12.00 to $14.00 and gave the stock a “buy” rating in a research report on Friday, June 14th. Needham & Company LLC increased their price objective on Hut 8 from $13.00 to $15.00 and gave the stock a “buy” rating in a report on Monday, June 24th. Canaccord Genuity Group lifted their target price on shares of Hut 8 from $14.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, June 27th. HC Wainwright reissued a “sell” rating and issued a $7.50 target price on shares of Hut 8 in a research report on Tuesday, June 25th. Finally, Benchmark raised their price target on shares of Hut 8 from $12.00 to $17.00 and gave the company a “buy” rating in a report on Friday, June 21st. One research analyst has rated the stock with a sell rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $15.08.

Hut 8 Company Profile

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.