Hut 8 Corp. (NASDAQ:HUT) Shares Sold by Van ECK Associates Corp

Van ECK Associates Corp cut its stake in Hut 8 Corp. (NASDAQ:HUT) by 9.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,148,035 shares of the company’s stock after selling 112,891 shares during the quarter. Van ECK Associates Corp owned about 1.27% of Hut 8 worth $17,209,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings 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 valued at $30,770,000 after purchasing an additional 2,754,037 shares in the last quarter. Tidal Investments LLC acquired a new stake in shares of Hut 8 during the first quarter valued at about $18,191,000. Vident Advisory LLC increased its position in shares of Hut 8 by 78.3% during the first 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 last quarter. Westend Capital Management LLC lifted its stake in shares of 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 acquiring an additional 7,827 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in Hut 8 in the second quarter valued at about $4,390,000. Institutional investors and hedge funds own 31.75% of the company’s stock.

Insiders Place Their Bets

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

Wall Street Analysts Forecast Growth

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

Hut 8 Stock Down 2.6 %

Shares of NASDAQ:HUT traded down $0.27 on Friday, reaching $10.11. 3,440,203 shares of the company’s stock were exchanged, compared to its average volume of 4,374,558. The business’s 50-day moving average is $14.39 and its two-hundred day moving average is $10.93. 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 Corp. has a fifty-two week low of $6.18 and a fifty-two week high of $21.10.

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.