Arizona State Retirement System Acquires New Shares in Hut 8 Corp. (NASDAQ:HUT)

Arizona State Retirement System bought a new position in Hut 8 Corp. (NASDAQ:HUT) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 22,483 shares of the company’s stock, valued at approximately $337,000.

A number of other large investors have also added to or reduced their stakes in the company. Victory Capital Management Inc. purchased a new stake in shares of Hut 8 during the second quarter worth about $154,000. Foundations Investment Advisors LLC grew its stake in shares of Hut 8 by 2.0% during the second quarter. Foundations Investment Advisors LLC now owns 48,728 shares of the company’s stock worth $730,000 after acquiring an additional 949 shares during the last quarter. Rhumbline Advisers grew its stake in shares of Hut 8 by 684,077.8% during the second quarter. Rhumbline Advisers now owns 123,152 shares of the company’s stock worth $1,846,000 after acquiring an additional 123,134 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew 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 worth $213,000 after acquiring an additional 3,105 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Hut 8 during the second quarter worth about $4,390,000. 31.75% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Hut 8

In other 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 completion of 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 filing with the SEC, which is available at this link. In other news, Director Joseph Flinn sold 7,618 shares of the company’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 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 approximately $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 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 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 currently owned by corporate insiders.

Hut 8 Stock Up 3.5 %

Shares of NASDAQ:HUT opened at $11.42 on Wednesday. Hut 8 Corp. has a 12-month low of $6.18 and a 12-month high of $21.10. The business has a 50 day moving average of $13.12 and a two-hundred day moving average of $11.03. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.68 and a quick ratio of 1.68.

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 analysts’ consensus estimates of ($0.09) by $0.11. The company had revenue of $35.22 million during the quarter, compared to analyst estimates of $38.00 million. As a group, research analysts expect that Hut 8 Corp. will post -0.56 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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

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.