Hut 8 (NASDAQ:HUT) Director Rick Rickertsen Sells 17,491 Shares

Hut 8 Corp. (NASDAQ:HUT) Director Rick Rickertsen sold 17,491 shares of Hut 8 stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $110.00, for a total value of $1,924,010.00. Following the sale, the director directly owned 17,491 shares of the company’s stock, valued at $1,924,010. This trade represents a 50.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Rick Rickertsen also recently made the following trade(s):

• On Monday, May 11th, Rick Rickertsen sold 16,496 shares of Hut 8 stock. The stock was sold at an average price of $105.00, for a total value of $1,732,080.00.

Hut 8 Trading Up 0.9%

Hut 8 stock opened at $108.32 on Thursday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.12. Hut 8 Corp. has a 52 week low of $14.74 and a 52 week high of $112.26. The company has a market capitalization of $12.20 billion, a price-to-earnings ratio of -36.11 and a beta of 4.48. The stock has a 50-day moving average price of $64.68 and a 200 day moving average price of $54.96.

Hut 8 (NASDAQ:HUT) last released its earnings results on Wednesday, May 6th. The company reported ($1.98) EPS for the quarter, missing analysts’ consensus estimates of ($0.33) by ($1.65). Hut 8 had a negative return on equity of 0.35% and a negative net margin of 109.77%.The firm had revenue of $139.31 million for the quarter, compared to analyst estimates of $78.53 million. Sell-side analysts anticipate that Hut 8 Corp. will post -1.5 EPS for the current year.

Institutional Trading of Hut 8

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Sei Investments Co. increased its position in shares of Hut 8 by 73.7% in the first quarter. Sei Investments Co. now owns 137,624 shares of the company’s stock valued at $6,456,000 after buying an additional 58,405 shares in the last quarter. State of Wyoming purchased a new stake in shares of Hut 8 in the first quarter valued at approximately $384,000. Cetera Investment Advisers increased its position in shares of Hut 8 by 22.1% during the first quarter. Cetera Investment Advisers now owns 29,832 shares of the company’s stock worth $1,399,000 after purchasing an additional 5,402 shares in the last quarter. Aureus Asset Management LLC purchased a new stake in shares of Hut 8 during the first quarter worth approximately $479,000. Finally, PNC Financial Services Group Inc. increased its position in shares of Hut 8 by 27.6% during the first quarter. PNC Financial Services Group Inc. now owns 2,194 shares of the company’s stock worth $103,000 after purchasing an additional 474 shares in the last quarter. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Keefe, Bruyette & Woods lifted their target price on Hut 8 from $55.00 to $75.00 and gave the stock a “moderate buy” rating in a report on Tuesday, January 27th. Roth Mkm reaffirmed a “buy” rating and set a $80.00 target price on shares of Hut 8 in a report on Tuesday, January 27th. Northland Securities set a $120.00 price target on Hut 8 in a report on Thursday, May 7th. Compass Point set a $130.00 price target on Hut 8 in a report on Wednesday. Finally, Jefferies Financial Group started coverage on Hut 8 in a report on Thursday. They issued a “buy” rating for the company. Seventeen investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, Hut 8 has a consensus rating of “Moderate Buy” and a consensus price target of $104.88.

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.