Central Asset Investments & Management Holdings HK Ltd Acquires New Shares in Hut 8 Corp. (NASDAQ:HUT)

Central Asset Investments & Management Holdings HK Ltd acquired a new stake in Hut 8 Corp. (NASDAQ:HUT) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 40,532 shares of the company’s stock, valued at approximately $608,000. Hut 8 makes up about 0.2% of Central Asset Investments & Management Holdings HK Ltd’s holdings, making the stock its 29th biggest holding.

Other large investors have also bought and sold shares of the company. Victory Capital Management Inc. acquired a new stake in Hut 8 in the second quarter valued at about $154,000. Triton Wealth Management PLLC boosted its stake in shares of Hut 8 by 24.9% during the first quarter. Triton Wealth Management PLLC now owns 12,490 shares of the company’s stock valued at $138,000 after purchasing an additional 2,490 shares in the last quarter. Dimensional Fund Advisors LP acquired a new stake in shares of Hut 8 during the second quarter valued at about $200,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Hut 8 by 27.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,223 shares of the company’s stock valued at $213,000 after purchasing an additional 3,105 shares in the last quarter. Finally, Arizona State Retirement System acquired a new stake in shares of Hut 8 during the second quarter valued at about $337,000. 31.75% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on HUT. Benchmark reissued a “buy” rating and set a $17.00 price target on shares of Hut 8 in a research note on Wednesday, August 14th. HC Wainwright raised Hut 8 from a “sell” rating to a “buy” rating and lifted their price target for the company from $7.50 to $13.50 in a research note on Wednesday, August 14th. Needham & Company LLC reissued a “buy” rating and set a $15.00 price target on shares of Hut 8 in a research note on Friday, August 23rd. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $22.00 price objective on shares of Hut 8 in a research note on Wednesday, August 21st. Finally, Craig Hallum lifted their price objective on Hut 8 from $12.00 to $14.00 and gave the stock a “buy” rating in a research note on Friday, June 14th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $16.08.

Insiders Place Their Bets

In other Hut 8 news, CFO Shenif Visram sold 20,239 shares of Hut 8 stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $13.38, for a total value of $270,797.82. Following the completion of the sale, the chief financial officer now directly owns 43,959 shares in the company, valued at $588,171.42. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Hut 8 news, CFO Shenif Visram sold 20,239 shares of Hut 8 stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $13.38, for a total value of $270,797.82. Following the completion of the sale, the chief financial officer now directly owns 43,959 shares in the company, valued at $588,171.42. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Joseph Flinn sold 7,618 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $11.74, for a total value of $89,435.32. Following the sale, the director now owns 11,861 shares of the company’s stock, valued at approximately $139,248.14. The disclosure for this sale can be found here. 12.00% of the stock is currently owned by corporate insiders.

Hut 8 Stock Up 3.5 %

Hut 8 stock opened at $11.42 on Wednesday. The stock’s 50 day moving average is $13.12 and its 200 day moving average is $11.03. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 0.43. Hut 8 Corp. has a one year low of $6.18 and a one year high of $21.10.

Hut 8 (NASDAQ:HUT) last issued its earnings results on Tuesday, August 13th. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.11. The business had revenue of $35.22 million during the quarter, compared to the consensus estimate of $38.00 million. On average, research analysts anticipate that Hut 8 Corp. will post -0.56 EPS for the current fiscal year.

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.