D1 Capital Partners L.P. Takes $17.39 Million Position in Hut 8 Corp. (NASDAQ:HUT)

D1 Capital Partners L.P. acquired a new position in Hut 8 Corp. (NASDAQ:HUT - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,160,000 shares of the company's stock, valued at approximately $17,388,000. D1 Capital Partners L.P. owned about 1.28% of Hut 8 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in HUT. Vanguard Group Inc. increased its holdings in Hut 8 by 8,329.2% in the first quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company's stock worth $30,770,000 after buying an additional 2,754,037 shares during the last quarter. Tidal Investments LLC acquired a new position in Hut 8 during the first quarter valued at approximately $18,191,000. Van ECK Associates Corp grew its holdings in Hut 8 by 79.6% during the first quarter. Van ECK Associates Corp now owns 1,260,926 shares of the company's stock valued at $13,920,000 after purchasing an additional 558,824 shares during the last quarter. Westend Capital Management LLC acquired a new position in Hut 8 during the first quarter valued at approximately $5,190,000. Finally, Bank of New York Mellon Corp acquired a new position in Hut 8 during the second quarter valued at approximately $4,390,000. Institutional investors and hedge funds own 31.75% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Canaccord Genuity Group reiterated a "buy" rating and set a $22.00 price target on shares of Hut 8 in a report on Wednesday, August 21st. Needham & Company LLC reiterated a "buy" rating and set a $15.00 price target on shares of Hut 8 in a report on Friday, August 23rd. Benchmark reiterated a "buy" rating and set a $17.00 price target on shares of Hut 8 in a report on Wednesday, August 14th. Craig Hallum increased their price target on Hut 8 from $12.00 to $14.00 and gave the company a "buy" rating in a report on Friday, June 14th. Finally, HC Wainwright reissued a "buy" rating and issued a $13.50 price objective on shares of Hut 8 in a research report on Friday. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $16.08.

Insider Buying and Selling

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

Hut 8 Price Performance

HUT stock traded up $0.40 during midday trading on Monday, hitting $11.57. The stock had a trading volume of 4,255,803 shares, compared to its average volume of 4,953,710. Hut 8 Corp. has a 52 week low of $6.18 and a 52 week high of $21.10. The stock has a 50-day simple moving average of $12.85 and a 200 day simple moving average of $11.10. 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 (NASDAQ:HUT - Get Free Report) last issued its earnings results on Tuesday, August 13th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.09) by $0.11. The firm had revenue of $35.22 million during the quarter, compared to the consensus estimate of $38.00 million. On average, analysts expect that Hut 8 Corp. will post -0.56 earnings per share for the current year.

About Hut 8

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.