VIRGINIA RETIREMENT SYSTEMS ET Al Buys Shares of 18,400 Hut 8 Corp. $HUT

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Hut 8 Corp. (NASDAQ:HUT) during the 2nd quarter, HoldingsChannel reports. The firm purchased 18,400 shares of the company’s stock, valued at approximately $2,124,000.

A number of other large investors also recently modified their holdings of HUT. California State Teachers Retirement System boosted its position in shares of Hut 8 by 11,436.2% in the second quarter. California State Teachers Retirement System now owns 13,256,088 shares of the company’s stock valued at $1,530,349,000 after acquiring an additional 13,141,179 shares during the period. AlphaGrep UK Ltd acquired a new position in Hut 8 during the 2nd quarter valued at $248,000. TD Waterhouse Canada Inc. raised its stake in Hut 8 by 41.6% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 1,274 shares of the company’s stock valued at $135,000 after purchasing an additional 374 shares during the last quarter. Concurrent Investment Advisors LLC bought a new stake in Hut 8 in the 2nd quarter valued at $253,000. Finally, AXQ Capital LP bought a new stake in Hut 8 in the 2nd quarter valued at $581,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.

Hut 8 Price Performance

Shares of Hut 8 stock opened at $90.60 on Friday. The firm has a market cap of $11.17 billion, a P/E ratio of -16.62 and a beta of 4.51. The firm’s 50-day simple moving average is $94.15 and its 200-day simple moving average is $87.45. Hut 8 Corp. has a twelve month low of $30.66 and a twelve month high of $140.80. 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 results on Wednesday, August 5th. The company reported ($1.27) EPS for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.72). The business had revenue of $74.93 million for the quarter, compared to the consensus estimate of $79.37 million. Hut 8 had a negative return on equity of 0.97% and a negative net margin of 188.59%.During the same quarter in the prior year, the business earned $1.18 EPS. As a group, research analysts expect that Hut 8 Corp. will post -2.85 EPS for the current fiscal year.

Insider Buying and Selling

In other Hut 8 news, CFO Sean Glennan sold 6,445 shares of the company’s stock in a transaction 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 sale, the chief financial officer directly owned 17,978 shares in the company, valued at $1,415,947.28. This represents a 26.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Victor Semah sold 10,000 shares of the company’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $125.00, for a total value of $1,250,000.00. Following the completion of the sale, the insider owned 31,378 shares in the company, valued at $3,922,250. This trade represents a 24.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 10.40% of the company’s stock.

Analyst Ratings Changes

HUT has been the topic of several research reports. Wall Street Zen downgraded shares of Hut 8 from a “sell” rating to a “strong sell” rating in a report on Saturday, August 1st. Compass Point set a $195.00 target price on shares of Hut 8 in a research note on Wednesday, July 22nd. Freedom Broker upgraded Hut 8 to a “strong-buy” rating in a research note on Tuesday, August 18th. Morgan Stanley initiated coverage on Hut 8 in a report on Thursday, July 23rd. They issued an “overweight” rating and a $263.00 price target for the company. Finally, Weiss Ratings cut Hut 8 from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, August 19th. Three research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $144.89.

Hut 8 Company Profile

Hut 8 Corp. (NASDAQ:HUT) is a North American energy infrastructure and digital asset mining company. The company develops and operates data centers, power-generation resources and other infrastructure that support energy-intensive computing applications, including Bitcoin mining.

Hut 8 also provides services related to digital asset mining and data center operations, while pursuing opportunities in high-performance computing and artificial intelligence infrastructure. Its business is supported by a portfolio of power and data center sites in the United States and Canada.

The company was formed through the combination of Canadian Bitcoin miner Hut 8 Mining Corp.