SteelPeak Wealth LLC Purchases 8,384 Shares of Hut 8 Corp. $HUT

SteelPeak Wealth LLC purchased a new position in Hut 8 Corp. (NASDAQ:HUT) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 8,384 shares of the company’s stock, valued at approximately $722,000.

A number of other large investors have also made changes to their positions in HUT. IFP Advisors Inc grew its stake in Hut 8 by 14.0% during the 3rd quarter. IFP Advisors Inc now owns 6,387 shares of the company’s stock worth $550,000 after buying an additional 786 shares during the last quarter. TD Waterhouse Canada Inc. raised its stake in Hut 8 by 368.9% in the third quarter. TD Waterhouse Canada Inc. now owns 5,974 shares of the company’s stock valued at $515,000 after buying an additional 4,700 shares during the last quarter. Walser Wealth Management Company A Ltd Liability Co purchased a new stake in Hut 8 in the third quarter valued at about $452,000. Signal Advisors Wealth LLC purchased a new stake in Hut 8 in the third quarter valued at about $2,378,000. Finally, GK Wealth Management LLC acquired a new stake in Hut 8 in the third quarter worth about $25,000. 31.75% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Rothschild & Co Redburn initiated coverage on shares of Hut 8 in a report on Monday, September 21st. They set a “neutral” rating and a $96.00 price objective on the stock. Maxim Group upgraded shares of Hut 8 to a “strong-buy” rating in a research note on Wednesday, August 5th. Benchmark boosted their target price on shares of Hut 8 from $165.00 to $195.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. Cantor Fitzgerald dropped their target price on shares of Hut 8 from $180.00 to $151.00 and set an “overweight” rating on the stock in a research report on Friday. Finally, Wells Fargo & Company initiated coverage on shares of Hut 8 in a research note on Thursday, September 17th. They set an “overweight” rating and a $175.00 price target on the stock. Four equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $149.00.

Insider Buying and Selling

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

Hut 8 Price Performance

Shares of HUT stock opened at $68.17 on Tuesday. Hut 8 Corp. has a fifty-two week low of $31.67 and a fifty-two week high of $140.80. The company has a debt-to-equity ratio of 4.22, a current ratio of 19.35 and a quick ratio of 19.35. The stock’s 50-day simple moving average is $87.77 and its 200-day simple moving average is $94.71.

Hut 8 (NASDAQ:HUT) last released its 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). Hut 8 had a negative return on equity of 0.97% and a negative net margin of 188.59%. The firm had revenue of $74.93 million for the quarter, compared to analyst estimates of $79.37 million. During the same period last year, the firm earned $1.18 EPS. On average, analysts forecast that Hut 8 Corp. will post -2.93 EPS for the current year.

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.