Hut 8 Corp. $HUT Holdings Lowered by Harvest Portfolios Group Inc.

Harvest Portfolios Group Inc. trimmed its stake in shares of Hut 8 Corp. (NASDAQ:HUT) by 33.6% in the 4th quarter, HoldingsChannel reports. The firm owned 56,531 shares of the company’s stock after selling 28,562 shares during the quarter. Harvest Portfolios Group Inc.’s holdings in Hut 8 were worth $2,597,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. GAMMA Investing LLC purchased a new stake in shares of Hut 8 during the fourth quarter valued at $30,000. Russell Investments Group Ltd. lifted its holdings in shares of Hut 8 by 235.8% during the second quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock valued at $46,000 after purchasing an additional 1,719 shares during the last quarter. Activest Wealth Management purchased a new stake in shares of Hut 8 during the fourth quarter valued at $49,000. Danske Bank A S purchased a new stake in shares of Hut 8 during the fourth quarter valued at $51,000. Finally, CWM LLC lifted its stake in Hut 8 by 37.4% in the 4th quarter. CWM LLC now owns 1,106 shares of the company’s stock worth $51,000 after acquiring an additional 301 shares in the last quarter. 31.75% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Hut 8

In other news, CFO Sean Joseph Glennan sold 4,625 shares of the stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $49.05, for a total transaction of $226,856.25. Following the transaction, the chief financial officer owned 12,068 shares in the company, valued at $591,935.40. This represents a 27.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Rick Rickertsen sold 17,491 shares of the stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $110.00, for a total transaction of $1,924,010.00. Following the transaction, the director owned 17,491 shares in the company, valued at approximately $1,924,010. This trade represents a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 54,628 shares of company stock worth $4,960,721 in the last 90 days. 10.40% of the stock is owned by insiders.

Wall Street Analyst Weigh In

HUT has been the subject of several research analyst reports. Weiss Ratings downgraded Hut 8 from a “sell (d+)” rating to a “sell (d-)” rating in a research note on Thursday, May 7th. Citigroup reissued an “outperform” rating on shares of Hut 8 in a research note on Tuesday, April 28th. BTIG Research increased their price objective on Hut 8 from $90.00 to $115.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Piper Sandler increased their price objective on Hut 8 from $93.00 to $127.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. Finally, Canaccord Genuity Group increased their price objective on Hut 8 from $70.00 to $130.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Seventeen research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $107.72.

Hut 8 Stock Up 3.4%

Shares of Hut 8 stock opened at $96.51 on Thursday. The firm has a market cap of $10.87 billion, a price-to-earnings ratio of -32.17 and a beta of 4.48. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.86 and a quick ratio of 0.86. Hut 8 Corp. has a 52-week low of $14.74 and a 52-week high of $112.26. The stock has a 50-day simple moving average of $69.66 and a 200-day simple moving average of $56.71.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($1.98) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.33) by ($1.65). The firm had revenue of $139.31 million for the quarter, compared to analyst estimates of $78.53 million. Hut 8 had a negative net margin of 109.77% and a negative return on equity of 0.35%. On average, equities research analysts expect that Hut 8 Corp. will post -2.34 earnings per share for the current fiscal year.

Hut 8 Company Profile

Hut 8 Corp., trading on the Nasdaq under the symbol HUT, is a North American digital infrastructure company specializing in cryptocurrency mining and high‐performance computing. Founded in 2017 and headquartered in Toronto, Canada, Hut 8 operates purpose‐built data centers that house fleets of specialized ASIC and GPU servers. Through its flagship mining facilities in Alberta and Ontario, the company leverages low‐cost, low‐carbon power sources—such as hydroelectric and natural gas—to support sustainable bitcoin production.