SSgA Funds Management, Inc. recently announced the acquisition of new stake in Hut 8 Corp (NASDAQ:HUT). The institutional investor has increased its shareholding in the Financial company by 1.72% to 1.39 million shares with purchase of 23587.0 shares. This fresh investment now brings its stake to 1.57% valued currently at $18.61 million. In addition, Citadel Securities LLC raised its holdings by 0.48 million to 0.49 million shares. And Van Eck Associates Corp. has lifted its position by 15.65% or 59510.0 shares – to 0.44 million shares.
Currently, there are 88.96M common shares owned by the public and among those 88.65M shares have been available to trade.
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The top 3 mutual fund holders in Hut 8 Corp are Amplify Transformational Data Sha, SPDR S&P Kensho New Economies Com, and Bitwise Crypto Industry Innovator. Amplify Transformational Data Sha owns 2.02 million shares of the company’s stock, all valued at over $26.93 million. SPDR S&P Kensho New Economies Com sold 808.0 shares to see its total holdings shrink to 0.82 million shares valued at over $10.94 million and representing 0.92% of the shares outstanding. Bitwise Crypto Industry Innovator now owns shares totaling to 0.48% of the shares outstanding.
However, the script later moved the day high at 6.76, down -5.80%. The company’s stock has a 5-day price change of -34.20% and -31.94% over the past three months. HUT shares are trading -52.55% year to date (YTD), with the 12-month market performance down to -34.06% lower. It has a 12-month low price of $6.05 and touched a high of $22.75 over the same period. HUT has an average intraday trading volume of 5.68 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -46.61%, -41.61%, and -45.68% respectively.
Institutional ownership of Hut 8 Corp (NASDAQ: HUT) shares accounts for 7.45% of the company’s 88.96M shares outstanding. Mutual fund holders own 4.40%, while other institutional holders and individual stakeholders account for 7.86% and 0.37% respectively.
It has a market capitalization of $563.12M and a beta (3y monthly) value of 3.00. The earnings-per-share (ttm) stands at -$2.75. Price movements for the stock have been influenced by the stock’s volatility, which stands at 16.08% over the week and 14.43% over the month.
Analysts forecast that Hut 8 Corp (HUT) will achieve an EPS of -$0.3 for the current quarter, -$0.35 for the next quarter and -$1.27 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.4 while analysts give the company a high EPS estimate of -$0.15. Comparatively, EPS for the current quarter was -$4.5 a year ago. Earnings per share for the fiscal year are expected to increase by 108.19%, and -246.61% over the next financial year.
Looking at the support for the HUT, a number of firms have released research notes about the stock. H.C. Wainwright stated their Neutral rating for the stock in a research note on December 09, 2022, with the firm’s price target at $1.50.
