Bank of New York Mellon Corp Invests $4.39 Million in Hut 8 Corp. (NASDAQ:HUT)

Bank of New York Mellon Corp bought a new stake in shares of Hut 8 Corp. (NASDAQ:HUT) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 292,849 shares of the company’s stock, valued at approximately $4,390,000. Bank of New York Mellon Corp owned about 0.32% of Hut 8 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. grew its position in Hut 8 by 8,329.2% during the 1st quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock worth $30,770,000 after purchasing an additional 2,754,037 shares in the last quarter. Tidal Investments LLC purchased a new position in shares of Hut 8 during the first quarter valued at $18,191,000. Van ECK Associates Corp raised its position in Hut 8 by 79.6% during the first quarter. Van ECK Associates Corp now owns 1,260,926 shares of the company’s stock valued at $13,920,000 after buying an additional 558,824 shares during the period. Westend Capital Management LLC purchased a new stake in Hut 8 in the 1st quarter worth about $5,190,000. Finally, Vident Advisory LLC boosted its position in Hut 8 by 78.3% during the 1st quarter. Vident Advisory LLC now owns 581,481 shares of the company’s stock worth $6,422,000 after acquiring an additional 255,307 shares during the period. 31.75% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO Shenif Visram sold 20,239 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $13.38, for a total value of $270,797.82. Following the completion of the sale, the chief financial officer now directly owns 43,959 shares in the company, valued at approximately $588,171.42. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Hut 8 news, Director Joseph Flinn sold 7,618 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $11.74, for a total transaction of $89,435.32. Following the completion of the sale, the director now directly owns 11,861 shares in the company, valued at $139,248.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Shenif Visram sold 20,239 shares of the firm’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $13.38, for a total value of $270,797.82. Following the completion of the sale, the chief financial officer now directly owns 43,959 shares in the company, valued at $588,171.42. The disclosure for this sale can be found here. 12.00% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on HUT. Craig Hallum upped their target price on Hut 8 from $12.00 to $14.00 and gave the company a “buy” rating in a report on Friday, June 14th. Benchmark reiterated a “buy” rating and issued a $17.00 price objective on shares of Hut 8 in a research note on Wednesday, August 14th. HC Wainwright raised shares of Hut 8 from a “sell” rating to a “buy” rating and lifted their target price for the company from $7.50 to $13.50 in a research note on Wednesday, August 14th. Canaccord Genuity Group restated a “buy” rating and set a $22.00 price target on shares of Hut 8 in a report on Wednesday, August 21st. Finally, Needham & Company LLC reiterated a “buy” rating and set a $15.00 price objective on shares of Hut 8 in a report on Friday, August 23rd. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $16.08.

Hut 8 Stock Up 3.2 %

HUT stock opened at $11.24 on Friday. The firm has a 50 day moving average of $13.34 and a two-hundred day moving average of $10.97. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.68 and a quick ratio of 1.68. Hut 8 Corp. has a 12 month low of $6.18 and a 12 month high of $21.10.

Hut 8 (NASDAQ:HUT) last posted its earnings results on Tuesday, August 13th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.09) by $0.11. The business had revenue of $35.22 million for the quarter, compared to analyst estimates of $38.00 million. On average, sell-side analysts predict that Hut 8 Corp. will post -0.56 earnings per share for the current year.

Hut 8 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.