Cibc World Market Inc. Increases Stake in Hut 8 Corp. $HUT

Cibc World Market Inc. boosted its stake in shares of Hut 8 Corp. (NASDAQ:HUT) by 372.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 35,410 shares of the company’s stock after acquiring an additional 27,917 shares during the quarter. Cibc World Market Inc.’s holdings in Hut 8 were worth $1,627,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of HUT. Millennium Management LLC raised its position in Hut 8 by 11.9% during the first quarter. Millennium Management LLC now owns 330,416 shares of the company’s stock valued at $3,839,000 after acquiring an additional 35,120 shares in the last quarter. Prudential Financial Inc. purchased a new stake in shares of Hut 8 in the second quarter valued at approximately $216,000. Russell Investments Group Ltd. increased its position in shares of Hut 8 by 235.8% in the second quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock valued at $46,000 after buying an additional 1,719 shares in the last quarter. New York State Common Retirement Fund increased its position in shares of Hut 8 by 19.9% in the second quarter. New York State Common Retirement Fund now owns 32,540 shares of the company’s stock valued at $605,000 after buying an additional 5,400 shares in the last quarter. Finally, Invesco Ltd. increased its position in shares of Hut 8 by 13.2% in the second quarter. Invesco Ltd. now owns 1,067,985 shares of the company’s stock valued at $19,865,000 after buying an additional 124,439 shares in the last quarter. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

Hut 8 Stock Down 5.8%

Hut 8 stock opened at $112.65 on Wednesday. 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 12 month low of $15.26 and a 12 month high of $140.80. The stock has a market capitalization of $12.68 billion, a PE ratio of -37.55 and a beta of 4.61. The business has a 50 day simple moving average of $88.82 and a 200-day simple moving average of $64.16.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($1.98) 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 firm had revenue of $139.31 million for the quarter, compared to analysts’ expectations of $78.53 million. On average, analysts anticipate that Hut 8 Corp. will post -1.29 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Amy Marie Wilkinson sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $100.78, for a total transaction of $2,015,600.00. Following the completion of the sale, the director directly owned 262,136 shares in the company, valued at approximately $26,418,066.08. The trade was a 7.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Rick Rickertsen sold 17,491 shares of the business’s stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $110.00, for a total value of $1,924,010.00. Following the sale, the director owned 17,491 shares of the company’s stock, valued at $1,924,010. The trade was a 50.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 64,505 shares of company stock worth $6,479,788. 10.40% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Canaccord Genuity Group boosted their price objective on Hut 8 from $70.00 to $130.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Citizens Jmp boosted their price objective on Hut 8 from $100.00 to $140.00 and gave the company a “market outperform” rating in a research report on Thursday, May 7th. Wall Street Zen cut Hut 8 from a “hold” rating to a “sell” rating in a research report on Saturday, February 28th. Weiss Ratings cut Hut 8 from a “sell (d+)” rating to a “sell (d-)” rating in a research report on Thursday, May 7th. Finally, Piper Sandler boosted their price objective on Hut 8 from $93.00 to $127.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Seventeen analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, Hut 8 has an average rating of “Moderate Buy” and a consensus price target of $107.72.

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.