44,793 Shares in Hut 8 Corp. $HUT Purchased by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company acquired a new position in Hut 8 Corp. (NASDAQ:HUT) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 44,793 shares of the company’s stock, valued at approximately $5,171,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Arlington Trust Co LLC lifted its holdings in shares of Hut 8 by 175.0% during the second quarter. Arlington Trust Co LLC now owns 275 shares of the company’s stock valued at $32,000 after purchasing an additional 175 shares during the last quarter. CoreCap Advisors LLC grew its stake in shares of Hut 8 by 42.1% in the 2nd quarter. CoreCap Advisors LLC now owns 540 shares of the company’s stock worth $62,000 after buying an additional 160 shares during the last quarter. Imprint Wealth LLC bought a new position in Hut 8 during the 4th quarter valued at approximately $38,000. Harbor Investment Advisory LLC bought a new position in Hut 8 during the 1st quarter valued at approximately $47,000. Finally, Meeder Asset Management Inc. purchased a new position in Hut 8 during the second quarter valued at $119,000. Institutional investors own 31.75% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on HUT shares. Piper Sandler boosted their target price on Hut 8 from $127.00 to $143.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. Keefe, Bruyette & Woods lowered their price target on Hut 8 from $157.00 to $154.00 and set an “outperform” rating for the company in a research report on Thursday, August 6th. Jefferies Financial Group assumed coverage on shares of Hut 8 in a research note on Thursday, May 14th. They issued a “buy” rating and a $156.00 price target on the stock. Freedom Broker raised shares of Hut 8 to a “strong-buy” rating in a research report on Tuesday, August 18th. Finally, Loop Capital set a $226.00 price objective on shares of Hut 8 in a research note on Monday, June 22nd. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $144.89.

Insider Buying and Selling

In other news, Director Joseph Flinn sold 7,719 shares of the firm’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $117.91, for a total transaction of $910,147.29. Following the sale, the director owned 10,519 shares of the company’s stock, valued at $1,240,295.29. This trade represents a 42.32% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Sean Joseph Glennan sold 6,445 shares of Hut 8 stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $78.76, for a total transaction of $507,608.20. Following the completion of the sale, the chief financial officer owned 17,978 shares of the company’s stock, valued at $1,415,947.28. This represents a 26.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 54,664 shares of company stock worth $6,212,160. 10.40% of the stock is owned by corporate insiders.

Hut 8 Stock Performance

Shares of HUT opened at $78.64 on Tuesday. The company has a market cap of $9.69 billion, a price-to-earnings ratio of -14.43 and a beta of 4.64. The business’s fifty day simple moving average is $98.03 and its two-hundred day simple moving average is $85.40. Hut 8 Corp. has a 12 month low of $24.20 and a 12 month high of $140.80. The company has a current ratio of 19.35, a quick ratio of 19.35 and a debt-to-equity ratio of 4.22.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($1.27) earnings per share for the quarter, missing the consensus estimate of ($0.55) by ($0.72). The business had revenue of $74.93 million during the quarter, compared to analysts’ expectations of $79.37 million. Hut 8 had a negative return on equity of 0.97% and a negative net margin of 188.59%.During the same quarter in the prior year, the firm earned $1.18 EPS. Research analysts anticipate that Hut 8 Corp. will post -2.85 earnings per share for the current fiscal year.

Hut 8 Profile

Hut 8 Corp., trading on the Nasdaq under the symbol HUT, is a North American digital infrastructure company specializing in cryptocurrency mining and high‐performance computing. Founded in 2017 and headquartered in Toronto, Canada, Hut 8 operates purpose‐built data centers that house fleets of specialized ASIC and GPU servers. Through its flagship mining facilities in Alberta and Ontario, the company leverages low‐cost, low‐carbon power sources—such as hydroelectric and natural gas—to support sustainable bitcoin production.