Zweig DiMenna Associates LLC Acquires Shares of 198,300 Hut 8 Corp. $HUT

Zweig DiMenna Associates LLC acquired a new stake in Hut 8 Corp. (NASDAQ:HUT) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 198,300 shares of the company’s stock, valued at approximately $3,688,000. Zweig DiMenna Associates LLC owned 0.19% of Hut 8 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Teacher Retirement System of Texas acquired a new position in Hut 8 in the 1st quarter valued at $143,000. Baird Financial Group Inc. acquired a new position in Hut 8 in the 1st quarter valued at $360,000. Nuveen LLC acquired a new position in Hut 8 in the 1st quarter valued at $2,508,000. Banco Bilbao Vizcaya Argentaria S.A. increased its stake in Hut 8 by 256.6% in the 1st quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 51,621 shares of the company’s stock valued at $601,000 after buying an additional 37,147 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its stake in shares of Hut 8 by 181.2% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,287,163 shares of the company’s stock worth $14,957,000 after purchasing an additional 829,484 shares during the period. 31.75% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. BTIG Research upped their price target on shares of Hut 8 from $33.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday, October 14th. Roth Capital reaffirmed a “buy” rating and set a $60.00 price target (up from $31.00) on shares of Hut 8 in a research note on Monday, September 15th. Maxim Group upped their price target on shares of Hut 8 from $23.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, August 11th. JMP Securities upped their price target on shares of Hut 8 from $25.00 to $65.00 and gave the stock a “market outperform” rating in a research note on Tuesday, October 21st. Finally, Benchmark upped their price target on shares of Hut 8 from $36.00 to $78.00 and gave the stock a “buy” rating in a research note on Tuesday, October 28th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $42.50.

Insider Transactions at Hut 8

In other Hut 8 news, Director Joseph Flinn sold 8,500 shares of the company’s stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $26.55, for a total value of $225,675.00. Following the transaction, the director directly owned 9,791 shares in the company, valued at approximately $259,951.05. This represents a 46.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Sean Joseph Glennan sold 6,060 shares of the stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $22.09, for a total transaction of $133,865.40. Following the transaction, the chief financial officer owned 6,295 shares in the company, valued at approximately $139,056.55. The trade was a 49.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 16,060 shares of company stock worth $399,485. 11.20% of the stock is owned by insiders.

Hut 8 Price Performance

NASDAQ:HUT opened at $50.66 on Friday. The firm has a market cap of $5.35 billion, a price-to-earnings ratio of -92.11 and a beta of 4.36. The company has a current ratio of 1.81, a quick ratio of 1.81 and a debt-to-equity ratio of 0.19. The company’s 50-day moving average is $38.00 and its two-hundred day moving average is $24.97. Hut 8 Corp. has a 12-month low of $10.04 and a 12-month high of $57.29.

Hut 8 (NASDAQ:HUT) last released its earnings results on Thursday, August 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.01. The company had revenue of $41.72 million for the quarter, compared to analyst estimates of $49.10 million. Hut 8 had a net margin of 112.81% and a return on equity of 8.73%. Research analysts expect that Hut 8 Corp. will post -0.53 EPS for the current year.

Hut 8 Profile

Hut 8 Corp., together with its subsidiaries, acquires, builds, manages, and operates data centers for digital assets mining, computing, and artificial intelligence in the United States. It operates in four segments: Digital Assets Mining, Managed Services, High Performance Computing Colocation and Cloud, and Other.