Hut 8 (NASDAQ:HUT) Shares Down 8.2% – What’s Next?

Hut 8 Corp. (NASDAQ:HUT)’s stock price traded down 8.2% on Tuesday . The stock traded as low as $80.25 and last traded at $80.79. 6,023,221 shares traded hands during trading, an increase of 25% from the average session volume of 4,813,589 shares. The stock had previously closed at $88.04.

Analyst Upgrades and Downgrades

Several research analysts have commented on HUT shares. Benchmark lifted their price target on Hut 8 from $165.00 to $195.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. Weiss Ratings raised Hut 8 from a “sell (d-)” rating to a “hold (c-)” rating in a research report on Tuesday, August 4th. Jefferies Financial Group started coverage on shares of Hut 8 in a research note on Thursday, May 14th. They issued a “buy” rating and a $156.00 price objective on the stock. BTIG Research raised their price objective on shares of Hut 8 from $115.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. Finally, Northland Securities set a $120.00 target price on shares of Hut 8 in a research report on Thursday, May 7th. 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. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $144.89.

Hut 8 Trading Up 1.6%

The firm has a market capitalization of $10.12 billion, a price-to-earnings ratio of -15.06 and a beta of 4.64. The business has a 50-day moving average of $104.04 and a two-hundred day moving average of $83.77. The company has a quick ratio of 19.35, a current ratio of 19.35 and a debt-to-equity ratio of 4.22.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($1.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.55) by ($0.72). The firm had revenue of $72.66 million for 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 quarter in the prior year, the firm earned $1.18 earnings per share. Research analysts predict that Hut 8 Corp. will post -2.85 EPS for the current fiscal year.

Insider Activity at Hut 8

In related news, Director Joseph Flinn sold 7,719 shares of the firm’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $117.91, for a total value of $910,147.29. Following the completion of the transaction, the director directly owned 10,519 shares of the company’s stock, valued at $1,240,295.29. This trade represents a 42.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Victor Semah sold 10,000 shares of the firm’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $125.00, for a total value of $1,250,000.00. Following the completion of the transaction, the insider directly owned 31,378 shares of the company’s stock, valued at approximately $3,922,250. This trade represents a 24.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 48,219 shares of company stock worth $5,704,552 in the last three months. 10.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Hut 8

Hedge funds have recently made changes to their positions in the business. Arlington Trust Co LLC boosted its position in shares of Hut 8 by 175.0% during the 2nd quarter. Arlington Trust Co LLC now owns 275 shares of the company’s stock valued at $32,000 after acquiring an additional 175 shares in the last quarter. Imprint Wealth LLC acquired a new position in Hut 8 in the fourth quarter worth about $38,000. Russell Investments Group Ltd. raised its position in Hut 8 by 235.8% in the second quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock worth $46,000 after purchasing an additional 1,719 shares in the last quarter. Harbor Investment Advisory LLC bought a new position in Hut 8 during the first quarter worth about $47,000. Finally, Activest Wealth Management bought a new position in Hut 8 during the fourth quarter worth about $49,000. Institutional investors and hedge funds 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.