Ameriprise Financial Inc. Invests $3.07 Million in Hut 8 Corp. (NASDAQ:HUT)

Ameriprise Financial Inc. bought a new position in Hut 8 Corp. (NASDAQ:HUT) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund bought 151,747 shares of the company’s stock, valued at approximately $3,065,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of HUT. Jericho Capital Asset Management L.P. purchased a new position in Hut 8 during the 4th quarter valued at $37,400,000. Arrowstreet Capital Limited Partnership purchased a new position in Hut 8 during the 4th quarter valued at $23,009,000. Invesco Ltd. boosted its holdings in Hut 8 by 1,408.8% during the 4th quarter. Invesco Ltd. now owns 936,650 shares of the company’s stock valued at $19,192,000 after acquiring an additional 874,572 shares during the period. Massachusetts Financial Services Co. MA purchased a new position in Hut 8 during the 4th quarter valued at $9,378,000. Finally, Trexquant Investment LP purchased a new position in Hut 8 during the 4th quarter valued at $6,788,000. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Insider Transactions at Hut 8

In related news, insider Victor Semah sold 11,363 shares of the company’s stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $12.95, for a total transaction of $147,150.85. Following the transaction, the insider now directly owns 15,738 shares of the company’s stock, valued at $203,807.10. This represents a 41.93% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 11.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on HUT shares. BTIG Research started coverage on Hut 8 in a report on Monday, April 14th. They set a “buy” rating and a $18.00 price objective for the company. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price objective on shares of Hut 8 in a report on Friday, March 7th. UBS Group set a $33.00 price objective on Hut 8 in a report on Wednesday, April 2nd. HC Wainwright restated a “buy” rating and set a $25.00 price objective on shares of Hut 8 in a report on Friday, May 9th. Finally, Citigroup began coverage on Hut 8 in a research report on Thursday, May 22nd. They set an “outperform” rating for the company. Fifteen investment analysts have rated the stock with a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $25.81.

Hut 8 Price Performance

HUT opened at $16.90 on Wednesday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00. Hut 8 Corp. has a 12 month low of $8.53 and a 12 month high of $31.95. The stock has a fifty day moving average price of $13.41 and a 200-day moving average price of $18.90.

Hut 8 (NASDAQ:HUT) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.18) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.06). The firm had revenue of $20.88 million during the quarter, compared to analysts’ expectations of $33.68 million. As a group, equities research analysts expect that Hut 8 Corp. will post -0.53 earnings per share for the current year.

About Hut 8

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.