Westend Capital Management LLC Has $6.09 Million Stock Position in Hut 8 Corp. (NASDAQ:HUT)

Westend Capital Management LLC boosted its stake in Hut 8 Corp. (NASDAQ:HUT) by 4.0% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 496,940 shares of the company’s stock after purchasing an additional 18,979 shares during the quarter. Hut 8 comprises 2.1% of Westend Capital Management LLC’s investment portfolio, making the stock its 22nd biggest position. Westend Capital Management LLC owned 0.55% of Hut 8 worth $6,092,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of HUT. Vanguard Group Inc. lifted its stake in Hut 8 by 8,329.2% during the first quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock worth $30,770,000 after purchasing an additional 2,754,037 shares during the last quarter. Tidal Investments LLC acquired a new position in shares of Hut 8 during the 1st quarter worth $18,191,000. Van ECK Associates Corp boosted its stake in Hut 8 by 79.6% in the first quarter. Van ECK Associates Corp now owns 1,260,926 shares of the company’s stock valued at $13,920,000 after buying an additional 558,824 shares in the last quarter. D1 Capital Partners L.P. acquired a new stake in Hut 8 in the second quarter valued at about $17,388,000. Finally, Millennium Management LLC grew its position in Hut 8 by 46.4% in the second quarter. Millennium Management LLC now owns 649,518 shares of the company’s stock valued at $9,733,000 after acquiring an additional 205,836 shares during the last quarter. Institutional investors own 31.75% of the company’s stock.

Insider Buying and Selling at Hut 8

In related news, Director Joseph Flinn sold 7,618 shares of Hut 8 stock in a transaction on Friday, August 16th. The shares were sold at an average price of $11.74, for a total transaction of $89,435.32. Following the completion of the transaction, the director now owns 11,861 shares of the company’s stock, valued at $139,248.14. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Shenif Visram sold 20,239 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $13.38, for a total transaction of $270,797.82. Following the completion of the sale, the chief financial officer now owns 43,959 shares of the company’s stock, valued at $588,171.42. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Joseph Flinn sold 7,618 shares of the business’s stock in a transaction on Friday, August 16th. The shares were 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 $139,248.14. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 12.00% of the company’s stock.

Hut 8 Price Performance

NASDAQ HUT opened at $11.72 on Friday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.68 and a current ratio of 1.68. Hut 8 Corp. has a twelve month low of $6.18 and a twelve month high of $21.10. The stock has a fifty day simple moving average of $11.30 and a 200 day simple moving average of $11.47.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Benchmark restated a “buy” rating and issued a $17.00 price target on shares of Hut 8 in a research note on Monday, October 7th. Craig Hallum boosted their target price on shares of Hut 8 from $14.00 to $15.00 and gave the stock a “buy” rating in a research note on Wednesday, October 2nd. Canaccord Genuity Group reiterated a “buy” rating and set a $22.00 price target on shares of Hut 8 in a report on Wednesday, August 21st. Needham & Company LLC boosted their price objective on Hut 8 from $15.00 to $16.50 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $13.50 target price on shares of Hut 8 in a report on Friday, September 20th. Six analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $16.50.

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.