SG Americas Securities LLC Makes New $334,000 Investment in Hut 8 Corp. (NASDAQ:HUT)

SG Americas Securities LLC acquired a new position in shares of Hut 8 Corp. (NASDAQ:HUT) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 27,229 shares of the company’s stock, valued at approximately $334,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Amalgamated Bank bought a new stake in Hut 8 during the 2nd quarter worth approximately $42,000. Victory Capital Management Inc. bought a new stake in Hut 8 during the 2nd quarter worth approximately $154,000. Dimensional Fund Advisors LP bought a new stake in Hut 8 during the 2nd quarter worth approximately $200,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings 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 valued at $213,000 after acquiring an additional 3,105 shares in the last quarter. Finally, Clearline Capital LP bought a new position in shares of Hut 8 in the second quarter valued at approximately $280,000. 31.75% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently issued reports on HUT. Needham & Company LLC upped their target price on Hut 8 from $15.00 to $16.50 and gave the company a “buy” rating in a report on Tuesday, September 24th. Benchmark reaffirmed a “buy” rating and issued a $17.00 target price on shares of Hut 8 in a report on Monday, October 7th. Craig Hallum upped their target price on Hut 8 from $14.00 to $15.00 and gave the company a “buy” rating in a report on Wednesday, October 2nd. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $22.00 target price on shares of Hut 8 in a report on Wednesday, August 21st. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $13.50 target price on shares of Hut 8 in a report on Friday, September 20th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $16.50.

Insider Activity at Hut 8

In other Hut 8 news, CFO Shenif Visram sold 20,239 shares of the firm’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 sale, the chief financial officer now owns 43,959 shares in the company, valued at $588,171.42. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Hut 8 news, Director Joseph Flinn sold 7,618 shares of Hut 8 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 sale, the director now directly owns 11,861 shares of the company’s stock, valued at approximately $139,248.14. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Shenif Visram sold 20,239 shares of the business’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 completion of the sale, the chief financial officer now directly owns 43,959 shares in the company, valued at approximately $588,171.42. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 12.00% of the stock is owned by corporate insiders.

Hut 8 Trading Up 14.2 %

Hut 8 stock opened at $14.47 on Friday. Hut 8 Corp. has a 12 month low of $6.18 and a 12 month high of $21.10. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 0.43. The business’s 50 day simple moving average is $11.39 and its 200 day simple moving average is $11.56.

Hut 8 (NASDAQ:HUT) last posted its earnings results 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 analysts’ expectations of $38.00 million. As a group, research analysts expect that Hut 8 Corp. will post -0.56 EPS for the current fiscal year.

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.