Victory Capital Management Inc. Purchases New Holdings in Hut 8 Corp. (NASDAQ:HUT)

Victory Capital Management Inc. acquired a new position in shares of Hut 8 Corp. (NASDAQ:HUT) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 10,305 shares of the company’s stock, valued at approximately $154,000.

Other large investors have also bought and sold shares of the company. Nomura Holdings Inc. acquired a new stake in Hut 8 during the 4th quarter worth $1,774,000. Vanguard Group Inc. boosted its holdings in shares of Hut 8 by 8,329.2% in the first quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock valued at $30,770,000 after buying an additional 2,754,037 shares during the period. Van ECK Associates Corp increased its position in shares of Hut 8 by 79.6% during the first quarter. Van ECK Associates Corp now owns 1,260,926 shares of the company’s stock worth $13,920,000 after acquiring an additional 558,824 shares in the last quarter. Swiss National Bank raised its holdings in shares of Hut 8 by 61.6% during the first quarter. Swiss National Bank now owns 141,940 shares of the company’s stock worth $1,567,000 after acquiring an additional 54,100 shares during the period. Finally, Bank of New York Mellon Corp bought a new stake in Hut 8 in the 2nd quarter valued at $4,390,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently commented on HUT. Needham & Company LLC boosted their price target on Hut 8 from $15.00 to $16.50 and gave the company a “buy” rating in a report on Tuesday. Craig Hallum boosted their target price on Hut 8 from $12.00 to $14.00 and gave the company a “buy” rating in a research note on Friday, June 14th. HC Wainwright reaffirmed a “buy” rating and issued a $13.50 target price on shares of Hut 8 in a research report on Friday, September 20th. Benchmark reiterated a “buy” rating and set a $17.00 target price on shares of Hut 8 in a report on Wednesday, August 14th. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $22.00 target price on shares of Hut 8 in a research note on Wednesday, August 21st. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $16.33.

Insider Buying and Selling

In other Hut 8 news, CFO Shenif Visram sold 20,239 shares of the company’s stock in a transaction 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 transaction, the chief financial officer now directly owns 43,959 shares of the company’s stock, valued at approximately $588,171.42. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Joseph Flinn sold 7,618 shares of the business’s stock in a transaction that occurred 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 sale, the director now directly owns 11,861 shares in the company, valued at $139,248.14. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Shenif Visram sold 20,239 shares of the 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 sale, the chief financial officer now directly owns 43,959 shares in the company, valued at approximately $588,171.42. The disclosure for this sale can be found here. 12.00% of the stock is currently owned by insiders.

Hut 8 Stock Performance

NASDAQ HUT opened at $12.50 on Wednesday. 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 firm has a 50-day moving average of $12.51 and a 200-day moving average of $11.16. Hut 8 Corp. has a 52-week low of $6.18 and a 52-week high of $21.10.

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