Van ECK Associates Corp decreased its stake in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) by 9.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,148,035 shares of the company's stock after selling 112,891 shares during the quarter. Van ECK Associates Corp owned about 1.27% of Hut 8 worth $17,209,000 at the end of the most recent quarter.
A number of other large investors have also added to or reduced their stakes in the stock. Global Retirement Partners LLC raised its stake in shares of Hut 8 by 280.1% in the first quarter. Global Retirement Partners LLC now owns 5,428 shares of the company's stock worth $60,000 after purchasing an additional 4,000 shares during the last quarter. Triton Wealth Management PLLC raised its stake in shares of Hut 8 by 24.9% in the first quarter. Triton Wealth Management PLLC now owns 12,490 shares of the company's stock worth $138,000 after purchasing an additional 2,490 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Hut 8 by 27.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,223 shares of the company's stock worth $213,000 after purchasing an additional 3,105 shares during the last quarter. Headlands Technologies LLC purchased a new position in shares of Hut 8 in the first quarter worth $255,000. Finally, Foundations Investment Advisors LLC purchased a new position in shares of Hut 8 in the fourth quarter worth $605,000. Hedge funds and other institutional investors own 31.75% of the company's stock.
Insider Buying and Selling
In related news, Director Joseph Flinn sold 7,618 shares of the business's stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $11.74, for a total value of $89,435.32. Following the sale, the director now directly owns 11,861 shares in the company, valued at $139,248.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Hut 8 news, CFO Shenif Visram sold 20,239 shares of the company's stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $13.38, for a total transaction of $270,797.82. Following 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 document filed with the SEC, which is available at the SEC website. Also, Director Joseph Flinn sold 7,618 shares of the company'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 in the company, valued at $139,248.14. The disclosure for this sale can be found here. 12.00% of the stock is owned by company insiders.
Hut 8 Stock Performance
Shares of NASDAQ HUT traded down $0.27 during mid-day trading on Friday, reaching $10.11. The company's stock had a trading volume of 3,440,203 shares, compared to its average volume of 4,374,558. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.68 and a current ratio of 1.68. The stock has a fifty day moving average of $14.39 and a two-hundred day moving average of $10.93. Hut 8 Corp. has a 52 week low of $6.18 and a 52 week high of $21.10.
Analyst Ratings Changes
Several research firms have recently weighed in on HUT. Benchmark restated a "buy" rating and issued a $17.00 price target on shares of Hut 8 in a research note on Wednesday, August 14th. Canaccord Genuity Group reiterated a "buy" rating and set a $22.00 price objective on shares of Hut 8 in a research report on Wednesday, August 21st. HC Wainwright upgraded Hut 8 from a "sell" rating to a "buy" rating and upped their price objective for the company from $7.50 to $13.50 in a research report on Wednesday, August 14th. Craig Hallum upped their price objective on Hut 8 from $12.00 to $14.00 and gave the company a "buy" rating in a research report on Friday, June 14th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $15.00 price objective on shares of Hut 8 in a research report on Friday, August 23rd. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $16.08.
Check Out Our Latest Stock Analysis on HUT
About Hut 8
(
Free Report)
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.
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