Hut 8 Corp. $HUT Stake Lessened by Steadview Capital Management LLC

Steadview Capital Management LLC reduced its stake in Hut 8 Corp. (NASDAQ:HUT) by 22.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 299,945 shares of the company’s stock after selling 88,345 shares during the period. Hut 8 makes up about 8.9% of Steadview Capital Management LLC’s investment portfolio, making the stock its 4th biggest holding. Steadview Capital Management LLC’s holdings in Hut 8 were worth $25,825,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently bought and sold shares of HUT. Oppenheimer & Co. Inc. lifted its holdings in Hut 8 by 310.2% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 12,347 shares of the company’s stock worth $1,063,000 after buying an additional 9,337 shares in the last quarter. Apollon Wealth Management LLC boosted its position in Hut 8 by 21.9% in the 3rd quarter. Apollon Wealth Management LLC now owns 2,856 shares of the company’s stock valued at $246,000 after buying an additional 513 shares during the last quarter. Sterling Capital Management LLC boosted its position in Hut 8 by 130.3% in the 3rd quarter. Sterling Capital Management LLC now owns 2,752 shares of the company’s stock valued at $237,000 after buying an additional 1,557 shares during the last quarter. SBI Securities Co. Ltd. grew its stake in shares of Hut 8 by 32.2% during the third quarter. SBI Securities Co. Ltd. now owns 1,629 shares of the company’s stock valued at $140,000 after acquiring an additional 397 shares in the last quarter. Finally, SteelPeak Wealth LLC acquired a new stake in shares of Hut 8 during the third quarter valued at about $722,000. Institutional investors and hedge funds own 31.75% of the company’s stock.

Hut 8 Stock Performance

Shares of HUT stock opened at $59.40 on Friday. The stock has a market capitalization of $7.32 billion, a price-to-earnings ratio of -10.90 and a beta of 4.62. Hut 8 Corp. has a one year low of $31.67 and a one year high of $140.80. The company’s 50-day simple moving average is $83.97 and its 200-day simple moving average is $82.33. The company has a debt-to-equity ratio of 4.22, a quick ratio of 19.35 and a current ratio of 19.35.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($1.27) earnings per share for the quarter, missing the consensus estimate of ($0.55) by ($0.72). Hut 8 had a negative net margin of 188.59% and a negative return on equity of 0.97%. The firm had revenue of $74.93 million during the quarter, compared to the consensus estimate of $79.37 million. During the same period in the prior year, the firm earned $1.18 earnings per share. Equities analysts anticipate that Hut 8 Corp. will post -2.93 earnings per share for the current fiscal year.

Insider Activity at Hut 8

In other news, CFO Sean Glennan sold 6,445 shares of Hut 8 stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $78.76, for a total value of $507,608.20. Following the completion of the transaction, the chief financial officer owned 17,978 shares in the company, valued at approximately $1,415,947.28. This trade represents a 26.39% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Mayo Shattuck, III sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, September 24th. The shares were sold at an average price of $100.00, for a total value of $2,000,000.00. Following the completion of the sale, the director owned 89,408 shares of the company’s stock, valued at $8,940,800. This trade represents a 18.28% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 10.40% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Wall Street Zen downgraded Hut 8 from a “sell” rating to a “strong sell” rating in a report on Saturday, August 1st. Rothschild & Co Redburn initiated coverage on Hut 8 in a research note on Monday, September 21st. They set a “neutral” rating and a $96.00 price objective for the company. Benchmark lifted their price objective on Hut 8 from $165.00 to $195.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. Weiss Ratings lowered Hut 8 from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, August 19th. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $130.00 target price on shares of Hut 8 in a research note on Wednesday, October 7th. Four analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Hut 8 currently has a consensus rating of “Buy” and a consensus target price of $146.77.

Hut 8 Company Profile

Hut 8 Corp. is a North American energy infrastructure and computing company whose business includes digital asset mining, high-performance computing and data center operations. The company develops and manages power and infrastructure assets intended to support energy-intensive computing applications.

Hut 8’s activities have historically centered on Bitcoin mining, supported by company-operated data centers and specialized mining equipment. It also provides infrastructure for emerging computing applications, including artificial intelligence and other high-performance computing workloads, as it seeks to expand beyond cryptocurrency mining.

The company was established in Canada and expanded its operations in the United States through its combination with U.S.