Dimensional Fund Advisors LP Buys New Shares in Hut 8 Corp. (NASDAQ:HUT)

Dimensional Fund Advisors LP acquired a new stake in shares of Hut 8 Corp. (NASDAQ:HUT) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 13,373 shares of the company’s stock, valued at approximately $200,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Hut 8 by 8,329.2% during the first 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 during the period. Tidal Investments LLC purchased a new stake in shares of Hut 8 during the first quarter worth about $18,191,000. Van ECK Associates Corp lifted its holdings in Hut 8 by 79.6% in the first quarter. Van ECK Associates Corp now owns 1,260,926 shares of the company’s stock worth $13,920,000 after buying an additional 558,824 shares during the period. Vident Advisory LLC lifted its holdings in Hut 8 by 78.3% in the first quarter. Vident Advisory LLC now owns 581,481 shares of the company’s stock worth $6,422,000 after buying an additional 255,307 shares during the period. Finally, Westend Capital Management LLC lifted its holdings in Hut 8 by 1.7% in the second quarter. Westend Capital Management LLC now owns 477,961 shares of the company’s stock worth $7,289,000 after buying an additional 7,827 shares during the period. 31.75% of the stock is owned by institutional investors.

Hut 8 Stock Up 3.9 %

HUT stock opened at $12.18 on Tuesday. Hut 8 Corp. has a 12 month low of $6.18 and a 12 month high of $21.10. The company has a 50-day moving average price of $11.30 and a 200 day moving average price of $11.49. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 0.43.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings results on Tuesday, August 13th. The company reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.09) by $0.11. The business had revenue of $35.22 million during the quarter, compared to the consensus estimate of $38.00 million. On average, equities analysts expect that Hut 8 Corp. will post -0.56 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Joseph Flinn sold 7,618 shares of the company’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $11.74, for a total value of $89,435.32. Following the sale, the director now directly owns 11,861 shares of the company’s stock, valued at $139,248.14. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Shenif Visram sold 20,239 shares of the 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. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Joseph Flinn sold 7,618 shares of the 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 owns 11,861 shares of the company’s stock, valued at $139,248.14. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 12.00% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on HUT. Craig Hallum raised their price objective on shares of Hut 8 from $14.00 to $15.00 and gave the stock a “buy” rating in a report on Wednesday, October 2nd. Canaccord Genuity Group reaffirmed a “buy” rating and set a $22.00 target price on shares of Hut 8 in a research note on Wednesday, August 21st. HC Wainwright reaffirmed a “buy” rating and set a $13.50 target price on shares of Hut 8 in a research note on Friday, September 20th. Needham & Company LLC raised their target price on shares of Hut 8 from $15.00 to $16.50 and gave the company a “buy” rating in a research note on Tuesday, September 24th. Finally, Benchmark reaffirmed a “buy” rating and set a $17.00 target price on shares of Hut 8 in a research note on Monday, October 7th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Hut 8 currently has a consensus rating of “Buy” and a consensus price target of $16.50.

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.