Hut 8 Corp. $HUT Position Raised by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. boosted its stake in shares of Hut 8 Corp. (NASDAQ:HUT) by 310.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,347 shares of the company’s stock after purchasing an additional 9,337 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Hut 8 were worth $1,063,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of Hut 8 in the second quarter valued at about $1,093,294,000. Avala Global LP bought a new stake in Hut 8 in the second quarter worth about $144,602,000. Wellington Management Group LLP bought a new stake in Hut 8 in the 2nd quarter valued at about $97,949,000. Montanova Capital LLC bought a new position in shares of Hut 8 in the second quarter worth $77,348,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Hut 8 in the second quarter valued at approximately $56,364,000. Institutional investors and hedge funds own 31.75% of the company’s stock.

Insider Activity

In related news, Director Mayo Shattuck, III sold 20,000 shares of the business’s stock in a transaction on Thursday, September 24th. The shares were sold at an average price of $100.00, for a total value of $2,000,000.00. Following the completion of the sale, the director directly owned 89,408 shares of the company’s stock, valued at $8,940,800. The trade was a 18.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Sean Glennan sold 6,445 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at $1,415,947.28. The trade was a 26.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 10.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Freedom Broker raised Hut 8 to a “strong-buy” rating in a research note on Tuesday, August 18th. Morgan Stanley raised their price objective on shares of Hut 8 from $273.00 to $275.00 and gave the company an “overweight” rating in a research note on Friday, October 9th. Freedom Capital raised shares of Hut 8 to a “strong-buy” rating in a report on Tuesday, August 18th. Cantor Fitzgerald reduced their price objective on Hut 8 from $180.00 to $151.00 and set an “overweight” rating for the company in a research note on Friday, October 16th. Finally, Keefe, Bruyette & Woods dropped their target price on shares of Hut 8 from $157.00 to $154.00 and set an “outperform” rating for the company in a research report on Thursday, August 6th. Four analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $146.77.

Hut 8 Stock Performance

Shares of HUT stock opened at $55.01 on Tuesday. The company has a current ratio of 19.35, a quick ratio of 19.35 and a debt-to-equity ratio of 4.22. Hut 8 Corp. has a 12-month low of $31.67 and a 12-month high of $140.80. The company has a market capitalization of $6.78 billion, a P/E ratio of -10.09 and a beta of 4.62. The business’s 50 day moving average is $83.46 and its two-hundred day moving average is $82.30.

Hut 8 (NASDAQ:HUT) last released its quarterly earnings data 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 during the quarter, compared to analyst estimates of $79.37 million. Hut 8 had a negative net margin of 188.59% and a negative return on equity of 0.97%. During the same quarter in the previous year, the company posted $1.18 EPS. Analysts expect that Hut 8 Corp. will post -2.93 EPS for the current fiscal year.

About Hut 8

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.