Hut 8 (NASDAQ:HUT) Director Amy Marie Wilkinson Sells 20,000 Shares

Hut 8 Corp. (NASDAQ:HUT) Director Amy Marie Wilkinson sold 20,000 shares of the stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $100.78, for a total value of $2,015,600.00. Following the completion of the sale, the director directly owned 262,136 shares of the company’s stock, valued at approximately $26,418,066.08. This trade represents a 7.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Hut 8 Stock Up 6.3%

Shares of Hut 8 stock traded up $6.64 on Tuesday, hitting $112.54. The company had a trading volume of 5,044,795 shares, compared to its average volume of 5,075,989. The stock has a market capitalization of $12.67 billion, a price-to-earnings ratio of -37.51 and a beta of 4.48. Hut 8 Corp. has a 1 year low of $14.74 and a 1 year high of $116.45. The stock has a 50 day moving average of $74.31 and a 200-day moving average of $58.33. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.86 and a current ratio of 0.86.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($1.98) EPS for the quarter, missing the consensus estimate of ($0.33) by ($1.65). The company had revenue of $139.31 million during the quarter, compared to analysts’ expectations of $78.53 million. Hut 8 had a negative return on equity of 0.35% and a negative net margin of 109.77%. As a group, sell-side analysts forecast that Hut 8 Corp. will post -1.29 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on HUT shares. Canaccord Genuity Group upped their price objective on shares of Hut 8 from $70.00 to $130.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Piper Sandler upped their price objective on shares of Hut 8 from $93.00 to $127.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Northland Securities set a $120.00 price objective on shares of Hut 8 in a research report on Thursday, May 7th. Keefe, Bruyette & Woods upped their price objective on shares of Hut 8 from $55.00 to $75.00 and gave the stock a “moderate buy” rating in a research report on Tuesday, January 27th. Finally, Citigroup reaffirmed an “outperform” rating on shares of Hut 8 in a research report on Tuesday, April 28th. Seventeen equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $107.72.

Institutional Investors Weigh In On Hut 8

Institutional investors have recently added to or reduced their stakes in the company. Harvest Portfolios Group Inc. boosted its stake in Hut 8 by 75.3% in the third quarter. Harvest Portfolios Group Inc. now owns 85,093 shares of the company’s stock valued at $2,962,000 after acquiring an additional 36,543 shares during the last quarter. Y Intercept Hong Kong Ltd boosted its stake in Hut 8 by 26.6% in the third quarter. Y Intercept Hong Kong Ltd now owns 131,110 shares of the company’s stock valued at $4,564,000 after acquiring an additional 27,568 shares during the last quarter. Zweig DiMenna Associates LLC boosted its stake in Hut 8 by 256.5% in the third quarter. Zweig DiMenna Associates LLC now owns 707,000 shares of the company’s stock valued at $24,611,000 after acquiring an additional 508,700 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake 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 valued at $186,629,000 after acquiring an additional 4,062,367 shares during the last quarter. Finally, WINTON GROUP Ltd purchased a new position in Hut 8 in the third quarter valued at about $1,385,000. 31.75% of the stock is owned by institutional investors.

About Hut 8

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.