Hut 8 (NASDAQ:HUT) Trading Down 8% – Time to Sell?
by Renee Jackson · The Cerbat GemHut 8 Corp. (NASDAQ:HUT – Get Free Report)’s share price dropped 8% during trading on Tuesday . The stock traded as low as $86.82 and last traded at $88.4850. Approximately 2,373,279 shares changed hands during trading, a decline of 53% from the average daily volume of 5,038,295 shares. The stock had previously closed at $96.20.
Analysts Set New Price Targets
HUT has been the topic of several recent analyst reports. Roth Mkm reissued a “buy” rating and issued a $80.00 price target on shares of Hut 8 in a research note on Tuesday, January 27th. Citizens Jmp lifted their price objective on shares of Hut 8 from $100.00 to $140.00 and gave the company a “market outperform” rating in a research note on Thursday, May 7th. Jefferies Financial Group initiated coverage on shares of Hut 8 in a research note on Thursday, May 14th. They set a “buy” rating and a $156.00 target price on the stock. Piper Sandler lifted their price target on shares of Hut 8 from $93.00 to $127.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Finally, Cantor Fitzgerald upped their price objective on shares of Hut 8 from $68.00 to $80.00 and gave the company an “overweight” rating in a report on Thursday, April 9th. Seventeen research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $107.72.
Check Out Our Latest Stock Report on HUT
Hut 8 Price Performance
The business has a 50-day moving average price of $67.78 and a two-hundred day moving average price of $56.08. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.12. The company has a market capitalization of $10.63 billion, a price-to-earnings ratio of -31.51 and a beta of 4.48.
Hut 8 (NASDAQ:HUT – Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($1.98) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.33) by ($1.65). Hut 8 had a negative net margin of 109.77% and a negative return on equity of 0.35%. The business had revenue of $139.31 million during the quarter, compared to analyst estimates of $78.53 million. As a group, research analysts anticipate that Hut 8 Corp. will post -2.34 EPS for the current year.
Insider Activity
In other news, CFO Sean Joseph Glennan sold 4,625 shares of the business’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $49.05, for a total transaction of $226,856.25. Following the completion of the sale, the chief financial officer directly owned 12,068 shares of the company’s stock, valued at $591,935.40. The trade was a 27.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Rick Rickertsen sold 17,491 shares of the company’s stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $110.00, for a total transaction of $1,924,010.00. Following the completion of the sale, the director owned 17,491 shares in the company, valued at $1,924,010. This represents a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 54,628 shares of company stock worth $4,960,721 over the last three months. 10.40% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
A number of large investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in Hut 8 by 3.2% during the fourth quarter. Vanguard Group Inc. now owns 7,978,357 shares of the company’s stock worth $366,526,000 after buying an additional 250,320 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in Hut 8 by 4,669,387.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 4,062,454 shares of the company’s stock valued at $186,629,000 after acquiring an additional 4,062,367 shares in the last quarter. Ameriprise Financial Inc. boosted its holdings in Hut 8 by 20.3% during the 3rd quarter. Ameriprise Financial Inc. now owns 2,991,466 shares of the company’s stock worth $104,133,000 after acquiring an additional 504,652 shares during the last quarter. SRS Investment Management LLC bought a new stake in shares of Hut 8 in the 4th quarter worth $131,838,000. Finally, Sachem Head Capital Management LP bought a new stake in shares of Hut 8 in the 4th quarter worth $129,780,000. Institutional investors own 31.75% of the company’s stock.
Hut 8 Company Profile
Hut 8 Corp., trading on the Nasdaq under the symbol HUT, is a North American digital infrastructure company specializing in cryptocurrency mining and high‐performance computing. Founded in 2017 and headquartered in Toronto, Canada, Hut 8 operates purpose‐built data centers that house fleets of specialized ASIC and GPU servers. Through its flagship mining facilities in Alberta and Ontario, the company leverages low‐cost, low‐carbon power sources—such as hydroelectric and natural gas—to support sustainable bitcoin production.