Hut 8 (NASDAQ:HUT) Shares Down 8.2% – Time to Sell?
by Kim Johansen · The Markets DailyShares of Hut 8 Corp. (NASDAQ:HUT – Get Free Report) were down 8.2% on Tuesday . The company traded as low as $80.25 and last traded at $80.79. Approximately 6,023,221 shares changed hands during mid-day trading, an increase of 25% from the average daily volume of 4,813,589 shares. The stock had previously closed at $88.04.
Analysts Set New Price Targets
A number of equities research analysts have issued reports on HUT shares. Rosenblatt Securities reaffirmed a “buy” rating and set a $124.00 target price on shares of Hut 8 in a research report on Wednesday, August 5th. Loop Capital set a $226.00 price objective on shares of Hut 8 in a report on Monday, June 22nd. Maxim Group upgraded shares of Hut 8 to a “strong-buy” rating in a research note on Wednesday, August 5th. Northland Securities set a $120.00 target price on shares of Hut 8 in a research report on Thursday, May 7th. Finally, B. Riley Financial upped their price target on shares of Hut 8 from $130.00 to $163.00 and gave the company a “buy” rating in a report on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $144.89.
Hut 8 Stock Performance
The stock’s 50 day moving average is $105.15 and its two-hundred day moving average is $83.52. The firm has a market capitalization of $9.95 billion, a P/E ratio of -14.81 and a beta of 4.64. The company has a debt-to-equity ratio of 4.22, a current ratio of 19.35 and a quick ratio of 19.35.
Hut 8 (NASDAQ:HUT – Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($1.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.72). The business had revenue of $72.66 million during the quarter, compared to the consensus estimate of $79.37 million. Hut 8 had a negative net margin of 188.59% and a negative return on equity of 0.97%. During the same period in the previous year, the business posted $1.18 earnings per share. As a group, equities analysts anticipate that Hut 8 Corp. will post -2.85 earnings per share for the current fiscal year.
Insider Transactions at Hut 8
In other news, Director Amy Marie Wilkinson sold 20,000 shares of the business’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $100.78, for a total transaction of $2,015,600.00. Following the completion of the transaction, the director directly owned 262,136 shares in the company, valued at approximately $26,418,066.08. The trade was a 7.09% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Joseph Flinn sold 30,500 shares of the company’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $116.21, for a total value of $3,544,405.00. Following the completion of the sale, the director directly owned 18,238 shares of the company’s stock, valued at approximately $2,119,437.98. This trade represents a 62.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 68,219 shares of company stock worth $7,720,152 in the last three months. Insiders own 10.40% of the company’s stock.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently bought and sold shares of HUT. BlackRock Inc. acquired a new position in Hut 8 during the second quarter valued at approximately $1,093,294,000. Vanguard Group Inc. raised its holdings in Hut 8 by 3.2% in the fourth quarter. Vanguard Group Inc. now owns 7,978,357 shares of the company’s stock worth $366,526,000 after purchasing an additional 250,320 shares during the period. Northwestern Mutual Wealth Management Co. raised its holdings in Hut 8 by 4,669,387.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 4,062,454 shares of the company’s stock worth $186,629,000 after purchasing an additional 4,062,367 shares during the period. Ameriprise Financial Inc. boosted its position in shares of Hut 8 by 20.3% during the third quarter. Ameriprise Financial Inc. now owns 2,991,466 shares of the company’s stock worth $104,133,000 after purchasing an additional 504,652 shares in the last quarter. Finally, SRS Investment Management LLC bought a new position in shares of Hut 8 during the fourth quarter worth $131,838,000. 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.