Wellington Management Group LLP Buys New Shares in Hut 8 Corp. $HUT

Wellington Management Group LLP bought a new position in Hut 8 Corp. (NASDAQ:HUT) in the 2nd quarter, Holdings Channel.com reports. The fund bought 848,448 shares of the company’s stock, valued at approximately $97,949,000.

A number of other institutional investors have also bought and sold shares of HUT. BlackRock Inc. bought a new stake in Hut 8 during the second quarter valued at about $1,093,294,000. Vanguard Group Inc. lifted its position in shares of Hut 8 by 3.2% in the fourth quarter. Vanguard Group Inc. now owns 7,978,357 shares of the company’s stock valued at $366,526,000 after acquiring an additional 250,320 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Hut 8 by 4,669,387.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 4,062,454 shares of the company’s stock worth $186,629,000 after acquiring an additional 4,062,367 shares during the period. Ameriprise Financial Inc. boosted its stake in shares of Hut 8 by 20.3% in the third quarter. Ameriprise Financial Inc. now owns 2,991,466 shares of the company’s stock worth $104,133,000 after acquiring an additional 504,652 shares during the period. Finally, SRS Investment Management LLC purchased a new stake in shares of Hut 8 during the fourth quarter worth about $131,838,000. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Hut 8 Price Performance

Shares of Hut 8 stock opened at $77.57 on Wednesday. The stock has a 50 day moving average of $97.17 and a 200 day moving average of $85.57. Hut 8 Corp. has a 12 month low of $24.20 and a 12 month high of $140.80. The firm has a market cap of $9.56 billion, a PE ratio of -14.23 and a beta of 4.51. 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 released its quarterly earnings data on Wednesday, August 5th. The company reported ($1.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.72). The firm had revenue of $74.93 million during the quarter, compared to the consensus estimate 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 period in the previous year, the firm earned $1.18 EPS. On average, research analysts expect that Hut 8 Corp. will post -2.85 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently issued reports on HUT. Wall Street Zen downgraded Hut 8 from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 1st. Piper Sandler increased their price objective on shares of Hut 8 from $127.00 to $143.00 and gave the company an “overweight” rating in a report on Thursday, August 6th. Morgan Stanley began coverage on shares of Hut 8 in a research report on Thursday, July 23rd. They set an “overweight” rating and a $263.00 price objective on the stock. Keefe, Bruyette & Woods lowered their target price on shares of Hut 8 from $157.00 to $154.00 and set an “outperform” rating on the stock in a report on Thursday, August 6th. Finally, Needham & Company LLC dropped their target price on shares of Hut 8 from $145.00 to $138.00 and set a “buy” rating for the company in a research report on Wednesday, August 5th. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $144.89.

Insider Activity at Hut 8

In related news, CFO Sean Joseph Glennan sold 6,445 shares of the firm’s stock in a transaction on Monday, August 24th. The shares were sold at an average price of $78.76, for a total value of $507,608.20. Following the completion of the transaction, the chief financial officer directly owned 17,978 shares of the company’s stock, valued at approximately $1,415,947.28. This trade represents a 26.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Joseph Flinn sold 30,500 shares of the business’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $116.21, for a total transaction of $3,544,405.00. Following the completion of the sale, the director owned 18,238 shares in the company, valued at $2,119,437.98. This represents a 62.58% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 54,664 shares of company stock valued at $6,212,160. 10.40% of the stock is owned by corporate insiders.

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.