Central Asset Investments & Management Holdings HK Ltd Purchases Shares of 40,532 Hut 8 Corp. (NASDAQ:HUT)

Central Asset Investments & Management Holdings HK Ltd acquired a new position in Hut 8 Corp. (NASDAQ:HUT) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 40,532 shares of the company’s stock, valued at approximately $608,000. Hut 8 comprises approximately 0.2% of Central Asset Investments & Management Holdings HK Ltd’s portfolio, making the stock its 29th largest position.

Several other hedge funds and other institutional investors have also recently bought and sold shares of HUT. Nomura Holdings Inc. acquired a new position in Hut 8 during the 4th quarter worth about $1,774,000. Westend Capital Management LLC acquired a new position in Hut 8 during the 1st quarter worth about $5,190,000. Triton Wealth Management PLLC raised its holdings in Hut 8 by 24.9% during the 1st quarter. Triton Wealth Management PLLC now owns 12,490 shares of the company’s stock worth $138,000 after purchasing an additional 2,490 shares during the last quarter. Van ECK Associates Corp raised its holdings in Hut 8 by 79.6% during the 1st quarter. Van ECK Associates Corp now owns 1,260,926 shares of the company’s stock worth $13,920,000 after purchasing an additional 558,824 shares during the last quarter. Finally, Swiss National Bank raised its holdings in Hut 8 by 61.6% during the 1st quarter. Swiss National Bank now owns 141,940 shares of the company’s stock worth $1,567,000 after purchasing an additional 54,100 shares during the last quarter. 31.75% of the stock is owned by institutional investors.

Hut 8 Stock Performance

NASDAQ HUT opened at $11.42 on Wednesday. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.68 and a quick ratio of 1.68. Hut 8 Corp. has a 12 month low of $6.18 and a 12 month high of $21.10. The stock has a 50 day moving average of $13.12 and a 200-day moving average of $11.03.

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

Insiders Place Their Bets

In other Hut 8 news, Director Joseph Flinn sold 7,618 shares of the stock in a transaction 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 transaction, the director now owns 11,861 shares in the company, valued at approximately $139,248.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Hut 8 news, Director Joseph Flinn sold 7,618 shares of the stock in a transaction 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 transaction, the director now owns 11,861 shares in the company, valued at approximately $139,248.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Shenif Visram sold 20,239 shares of the stock in a transaction 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 transaction, the chief financial officer now owns 43,959 shares in the company, valued at approximately $588,171.42. The disclosure for this sale can be found here. Company insiders own 12.00% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.