AM Investment Strategies LLC Buys 1,521 Shares of Hut 8 Corp. (NASDAQ:HUT)

AM Investment Strategies LLC grew its stake in shares of Hut 8 Corp. (NASDAQ:HUT) by 3.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 44,000 shares of the company’s stock after purchasing an additional 1,521 shares during the period. AM Investment Strategies LLC’s holdings in Hut 8 were worth $539,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. grew its position in shares of Hut 8 by 8,329.2% in the 1st quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock worth $30,770,000 after buying an additional 2,754,037 shares during the period. Tidal Investments LLC purchased a new position in shares of Hut 8 during the first quarter valued at approximately $18,191,000. D1 Capital Partners L.P. bought a new stake in shares of Hut 8 in the 2nd quarter worth approximately $17,388,000. Bank of New York Mellon Corp purchased a new stake in shares of Hut 8 in the 2nd quarter worth approximately $4,390,000. Finally, Vident Advisory LLC increased its position in Hut 8 by 78.3% during the 1st quarter. Vident Advisory LLC now owns 581,481 shares of the company’s stock valued at $6,422,000 after buying an additional 255,307 shares in the last quarter. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Insider Buying and Selling

In related news, Director Joseph Flinn sold 7,618 shares of the 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 directly owns 11,861 shares of the company’s stock, valued at approximately $139,248.14. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 12.00% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have recently commented on HUT shares. Needham & Company LLC increased their target price on Hut 8 from $15.00 to $16.50 and gave the stock a “buy” rating in a research note on Tuesday, September 24th. Stifel Nicolaus raised their price objective on shares of Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a research note on Wednesday. Benchmark reiterated a “buy” rating and issued a $17.00 target price on shares of Hut 8 in a research note on Monday, October 7th. Canaccord Genuity Group reissued a “buy” rating and set a $22.00 price target on shares of Hut 8 in a research report on Wednesday, August 21st. Finally, HC Wainwright restated a “buy” rating and issued a $13.50 price objective on shares of Hut 8 in a report on Friday, September 20th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $17.00.

Hut 8 Stock Up 1.5 %

Hut 8 stock traded up $0.23 during midday trading on Friday, reaching $16.02. 6,521,859 shares of the company traded hands, compared to its average volume of 4,936,784. Hut 8 Corp. has a 12 month low of $6.18 and a 12 month high of $21.10. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 0.43. The business has a 50 day moving average of $12.27 and a two-hundred day moving average of $12.05.

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, topping the consensus estimate of ($0.09) by $0.11. The firm had revenue of $35.22 million during the quarter, compared to analysts’ expectations of $38.00 million. Analysts anticipate that Hut 8 Corp. will post -0.56 earnings per share for the current year.

About Hut 8

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.