Patten Group Inc. Takes $384,000 Position in Hut 8 Corp. $HUT

Patten Group Inc. purchased a new stake in Hut 8 Corp. (NASDAQ:HUT) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 8,185 shares of the company’s stock, valued at approximately $384,000.

A number of other hedge funds also recently bought and sold shares of the business. Nisa Investment Advisors LLC increased its position in shares of Hut 8 by 1.6% in the fourth quarter. Nisa Investment Advisors LLC now owns 15,969 shares of the company’s stock valued at $734,000 after buying an additional 254 shares in the last quarter. CWM LLC raised its stake in shares of Hut 8 by 37.4% during the 4th quarter. CWM LLC now owns 1,106 shares of the company’s stock worth $51,000 after buying an additional 301 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Hut 8 by 1.7% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,685 shares of the company’s stock valued at $996,000 after buying an additional 362 shares in the last quarter. Vanguard Personalized Indexing Management LLC lifted its position in shares of Hut 8 by 4.5% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 8,992 shares of the company’s stock valued at $413,000 after buying an additional 388 shares in the last quarter. Finally, Integrated Wealth Concepts LLC grew its stake in Hut 8 by 4.8% in the 4th quarter. Integrated Wealth Concepts LLC now owns 10,028 shares of the company’s stock valued at $461,000 after acquiring an additional 456 shares during the period. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Hut 8 Stock Performance

Shares of HUT stock opened at $97.14 on Friday. The stock’s fifty day moving average is $108.04 and its two-hundred day moving average is $73.33. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.86 and a current ratio of 0.86. The firm has a market capitalization of $10.94 billion, a P/E ratio of -32.38 and a beta of 4.62. Hut 8 Corp. has a fifty-two week low of $18.68 and a fifty-two week high of $140.80.

Hut 8 (NASDAQ:HUT) last announced its 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). Hut 8 had a negative return on equity of 0.35% and a negative net margin of 109.77%.The business had revenue of $139.31 million for the quarter, compared to analyst estimates of $78.53 million. Research analysts expect that Hut 8 Corp. will post -1.29 earnings per share for the current fiscal year.

Analysts Set New Price Targets

HUT has been the subject of several recent analyst reports. Piper Sandler boosted their price target on shares of Hut 8 from $93.00 to $127.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Compass Point set a $130.00 target price on shares of Hut 8 in a research report on Wednesday, May 13th. Canaccord Genuity Group boosted their target price on shares of Hut 8 from $70.00 to $130.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Rosenblatt Securities restated a “buy” rating and set a $124.00 price target on shares of Hut 8 in a research report on Thursday, June 11th. Finally, Needham & Company LLC raised their price target on shares of Hut 8 from $88.00 to $128.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Seventeen equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Hut 8 presently has an average rating of “Moderate Buy” and a consensus target price of $115.79.

Insider Buying and Selling at Hut 8

In related news, Director Rick Rickertsen sold 17,491 shares of the business’s stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $110.00, for a total transaction of $1,924,010.00. Following the transaction, the director directly owned 17,491 shares in the company, valued at approximately $1,924,010. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Amy Marie Wilkinson sold 20,000 shares of the company’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $100.78, for a total transaction of $2,015,600.00. Following the sale, the director directly owned 262,136 shares of the company’s stock, valued at approximately $26,418,066.08. This represents a 7.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 112,724 shares of company stock valued at $12,184,340. Corporate insiders own 10.40% of the company’s stock.

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.