Clearline Capital LP Purchases New Shares in Hut 8 Corp. (NASDAQ:HUT)

Clearline Capital LP acquired a new stake in shares of Hut 8 Corp. (NASDAQ:HUT) during the second quarter, Holdings Channel reports. The fund acquired 18,709 shares of the company’s stock, valued at approximately $280,000.

A number of other large investors have also recently added to or reduced their stakes in HUT. Vanguard Group Inc. lifted its position in shares of Hut 8 by 8,329.2% in the 1st 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 1st quarter valued at about $18,191,000. D1 Capital Partners L.P. acquired a new position in Hut 8 during the 2nd quarter valued at about $17,388,000. Van ECK Associates Corp increased its stake in Hut 8 by 79.6% during the 1st quarter. Van ECK Associates Corp now owns 1,260,926 shares of the company’s stock valued at $13,920,000 after buying an additional 558,824 shares during the period. Finally, Westend Capital Management LLC acquired a new position in shares of Hut 8 in the 1st quarter worth approximately $5,190,000. 31.75% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on HUT shares. Craig Hallum lifted their price objective on shares of Hut 8 from $12.00 to $14.00 and gave the stock a “buy” rating in a research note on Friday, June 14th. HC Wainwright restated a “buy” rating and set a $13.50 price target on shares of Hut 8 in a report on Friday, September 20th. Needham & Company LLC raised their price target on shares of Hut 8 from $15.00 to $16.50 and gave the stock a “buy” rating in a report on Tuesday, September 24th. Canaccord Genuity Group reiterated a “buy” rating and issued a $22.00 target price on shares of Hut 8 in a research note on Wednesday, August 21st. Finally, Benchmark reissued a “buy” rating and issued a $17.00 price target on shares of Hut 8 in a research report on Wednesday, August 14th. Six analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $16.33.

Hut 8 Trading Up 3.6 %

Shares of HUT stock opened at $13.08 on Monday. Hut 8 Corp. has a 1 year low of $6.18 and a 1 year high of $21.10. The firm’s fifty day simple moving average is $12.13 and its 200 day simple moving average is $11.25. 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) last announced its quarterly earnings results on Tuesday, August 13th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate 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. Analysts expect that Hut 8 Corp. will post -0.56 earnings per share for the current fiscal year.

Insider Buying and Selling at Hut 8

In other news, Director Joseph Flinn sold 7,618 shares of the business’s stock in a transaction 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 approximately $139,248.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Joseph Flinn sold 7,618 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $11.74, for a total transaction of $89,435.32. Following the transaction, the director now owns 11,861 shares in the company, valued at approximately $139,248.14. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Shenif Visram sold 20,239 shares of the company’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $13.38, for a total transaction of $270,797.82. Following the transaction, the chief financial officer now owns 43,959 shares in the company, valued at approximately $588,171.42. The disclosure for this sale can be found here. Insiders own 12.00% of the company’s stock.

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.