Police & Firemen s Retirement System of New Jersey Grows Position in Hut 8 Corp. $HUT

Police & Firemen s Retirement System of New Jersey lifted its position in Hut 8 Corp. (NASDAQ:HUT) by 19.7% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 21,335 shares of the company’s stock after purchasing an additional 3,505 shares during the period. Police & Firemen s Retirement System of New Jersey’s holdings in Hut 8 were worth $397,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Victory Capital Management Inc. boosted its position in Hut 8 by 7.9% during the 1st quarter. Victory Capital Management Inc. now owns 11,127 shares of the company’s stock valued at $129,000 after buying an additional 819 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Hut 8 during the first quarter valued at about $1,104,000. US Bancorp DE boosted its holdings in shares of Hut 8 by 3,961.7% during the first quarter. US Bancorp DE now owns 3,290 shares of the company’s stock worth $38,000 after purchasing an additional 3,209 shares during the period. Vanguard Group Inc. grew its stake in shares of Hut 8 by 1.4% in the first quarter. Vanguard Group Inc. now owns 6,546,935 shares of the company’s stock worth $76,075,000 after purchasing an additional 87,550 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Hut 8 by 2.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,039,169 shares of the company’s stock worth $12,075,000 after purchasing an additional 27,477 shares during the last quarter. 31.75% of the stock is currently owned by institutional investors.

Hut 8 Stock Up 1.8%

NASDAQ:HUT opened at $39.96 on Wednesday. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.72 and a quick ratio of 0.72. The firm’s 50-day moving average price is $42.48 and its 200-day moving average price is $28.52. The company has a market capitalization of $4.32 billion, a PE ratio of -102.46 and a beta of 4.40. Hut 8 Corp. has a 1-year low of $10.04 and a 1-year high of $57.29.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings results on Tuesday, November 4th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.09. The company had revenue of $80.72 million during the quarter, compared to analysts’ expectations of $64.70 million. Hut 8 had a net margin of 115.39% and a return on equity of 8.06%. On average, equities analysts predict that Hut 8 Corp. will post -0.53 EPS for the current fiscal year.

Insider Activity at Hut 8

In related news, Director Joseph Flinn sold 8,500 shares of the company’s stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $26.55, for a total value of $225,675.00. Following the sale, the director owned 9,791 shares in the company, valued at $259,951.05. This represents a 46.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 11.20% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have commented on the company. Northland Securities set a $58.00 price target on Hut 8 in a research report on Wednesday, November 5th. Piper Sandler set a $74.00 target price on Hut 8 and gave the company an “overweight” rating in a report on Monday, October 20th. Citigroup reiterated an “outperform” rating on shares of Hut 8 in a report on Tuesday, October 21st. Roth Capital reissued a “buy” rating and set a $60.00 price objective (up from $31.00) on shares of Hut 8 in a research report on Monday, September 15th. Finally, Benchmark raised their target price on shares of Hut 8 from $36.00 to $78.00 and gave the stock a “buy” rating in a research report on Tuesday, October 28th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Hut 8 presently has an average rating of “Buy” and a consensus price target of $48.80.

Hut 8 Company 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.