Zweig DiMenna Associates LLC Invests $3.69 Million in Hut 8 Corp. $HUT

by · The Cerbat Gem

Zweig DiMenna Associates LLC acquired a new position in shares of Hut 8 Corp. (NASDAQ:HUT – Free Report) during the 2nd quarter, HoldingsChannel.com reports. The fund acquired 198,300 shares of the company’s stock, valued at approximately $3,688,000.

Other large investors have also modified their holdings of the company. Nisa Investment Advisors LLC lifted its holdings in shares of Hut 8 by 116.4% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,515 shares of the company’s stock worth $28,000 after acquiring an additional 815 shares during the period. State of Wyoming acquired a new stake in Hut 8 during the 1st quarter worth approximately $32,000. US Bancorp DE increased its position in Hut 8 by 3,961.7% during the 1st quarter. US Bancorp DE now owns 3,290 shares of the company’s stock worth $38,000 after purchasing an additional 3,209 shares in the last quarter. Quantbot Technologies LP acquired a new stake in Hut 8 during the 1st quarter worth approximately $95,000. Finally, FNY Investment Advisers LLC acquired a new stake in Hut 8 during the 2nd quarter worth approximately $99,000. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Hut 8

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

Hut 8 Stock Up 4.3%

Shares of NASDAQ:HUT opened at $50.66 on Friday. The company has a quick ratio of 1.81, a current ratio of 1.81 and a debt-to-equity ratio of 0.19. Hut 8 Corp. has a 52-week low of $10.04 and a 52-week high of $57.29. The company has a 50 day moving average of $38.00 and a two-hundred day moving average of $24.97. The company has a market capitalization of $5.35 billion, a price-to-earnings ratio of -92.11 and a beta of 4.36.

Hut 8 (NASDAQ:HUT – Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.01. Hut 8 had a net margin of 112.81% and a return on equity of 8.73%. The company had revenue of $41.72 million during the quarter, compared to the consensus estimate of $49.10 million. As a group, analysts forecast that Hut 8 Corp. will post -0.53 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. BTIG Research increased their target price on shares of Hut 8 from $33.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday, October 14th. JMP Securities increased their target price on shares of Hut 8 from $25.00 to $65.00 and gave the stock a “market outperform” rating in a research report on Tuesday, October 21st. Citigroup reissued an “outperform” rating on shares of Hut 8 in a research report on Tuesday, October 21st. Roth Capital reissued a “buy” rating and set a $60.00 target price (up previously from $31.00) on shares of Hut 8 in a research report on Monday, September 15th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Hut 8 in a research report on Friday. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $42.50.

Read Our Latest Analysis on Hut 8

About Hut 8

(Free Report)

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.

See Also

Want to see what other hedge funds are holding HUT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Hut 8 Corp. (NASDAQ:HUT – Free Report).