Ninepoint Partners LP Invests $720,000 in Hut 8 Corp. (NASDAQ:HUT)

Ninepoint Partners LP bought a new position in Hut 8 Corp. (NASDAQ:HUT) during the 2nd quarter, Holdings Channel reports. The fund bought 48,000 shares of the company’s stock, valued at approximately $720,000.

Several other large investors have also recently made changes to their positions in HUT. The Manufacturers Life Insurance Company bought a new stake in Hut 8 during the second quarter worth approximately $460,000. Millennium Management LLC increased its stake in Hut 8 by 46.4% during the second quarter. Millennium Management LLC now owns 649,518 shares of the company’s stock worth $9,733,000 after acquiring an additional 205,836 shares during the last quarter. D1 Capital Partners L.P. bought a new stake in Hut 8 during the second quarter worth approximately $17,388,000. Amalgamated Bank bought a new stake in Hut 8 during the second quarter worth approximately $42,000. Finally, Central Asset Investments & Management Holdings HK Ltd bought a new stake in Hut 8 during the second quarter worth approximately $608,000. 31.75% of the stock is owned by institutional investors.

Analysts Set New Price Targets

HUT has been the subject of several recent analyst reports. Canaccord Genuity Group restated a “buy” rating and set a $22.00 target price on shares of Hut 8 in a research report on Wednesday, August 21st. Needham & Company LLC boosted their target price on Hut 8 from $15.00 to $16.50 and gave the company a “buy” rating in a research report on Tuesday. Benchmark restated a “buy” rating and set a $17.00 target price on shares of Hut 8 in a research report on Wednesday, August 14th. Craig Hallum boosted their price target on Hut 8 from $12.00 to $14.00 and gave the company a “buy” rating in a report on Friday, June 14th. Finally, HC Wainwright reiterated a “buy” rating and issued a $13.50 price target on shares of Hut 8 in a report on Friday, September 20th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, Hut 8 presently has an average rating of “Buy” and a consensus target price of $16.33.

Insider Buying and Selling at Hut 8

In other Hut 8 news, CFO Shenif Visram sold 20,239 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $13.38, for a total transaction of $270,797.82. Following the sale, the chief financial officer now owns 43,959 shares of the company’s stock, valued at approximately $588,171.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CFO Shenif Visram sold 20,239 shares of the firm’s stock in a transaction 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 owns 43,959 shares of the company’s stock, valued at approximately $588,171.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 value of $89,435.32. Following the transaction, the director now directly owns 11,861 shares in the company, valued at $139,248.14. The disclosure for this sale can be found here. Insiders own 12.00% of the company’s stock.

Hut 8 Trading Up 3.6 %

Shares of NASDAQ HUT opened at $13.08 on Friday. The stock has a 50 day moving average price of $12.26 and a 200 day moving average price of $11.18. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 0.43. Hut 8 Corp. has a 52-week low of $6.18 and a 52-week high of $21.10.

Hut 8 (NASDAQ:HUT) last announced its earnings results on Tuesday, August 13th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.11. The company had revenue of $35.22 million for the quarter, compared to the consensus estimate of $38.00 million. As a group, equities analysts forecast that Hut 8 Corp. will post -0.56 EPS for the current fiscal year.

Hut 8 Company 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.