Hut 8 (NASDAQ:HUT) Director Sells 16,496 Shares

Hut 8 Corp. (NASDAQ:HUT) Director Rick Rickertsen sold 16,496 shares of the company’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $105.00, for a total value of $1,732,080.00. Following the completion of the transaction, the director owned 17,491 shares of the company’s stock, valued at $1,836,555. The trade was a 48.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

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

• On Wednesday, May 13th, Rick Rickertsen sold 17,491 shares of Hut 8 stock. The shares were sold at an average price of $110.00, for a total value of $1,924,010.00.

Hut 8 Stock Performance

Shares of NASDAQ HUT traded up $1.01 during trading hours on Wednesday, reaching $108.32. The stock had a trading volume of 4,657,179 shares, compared to its average volume of 5,255,561. The business’s fifty day moving average is $64.68 and its two-hundred day moving average is $54.96. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.86 and a quick ratio of 0.86. The company has a market cap of $12.20 billion, a price-to-earnings ratio of -36.11 and a beta of 4.48. Hut 8 Corp. has a twelve month low of $14.74 and a twelve month high of $112.26.

Hut 8 (NASDAQ:HUT) last issued 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). The firm had revenue of $139.31 million during the quarter, compared to analyst estimates of $78.53 million. Hut 8 had a negative net margin of 109.77% and a negative return on equity of 0.35%. As a group, research analysts expect that Hut 8 Corp. will post -1.5 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on HUT. Northland Securities set a $120.00 price target on Hut 8 in a research note on Thursday, May 7th. Needham & Company LLC increased their target price on Hut 8 from $88.00 to $128.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Roth Mkm reaffirmed a “buy” rating and issued a $80.00 price target on shares of Hut 8 in a research note on Tuesday, January 27th. Compass Point set a $130.00 target price on Hut 8 in a research report on Wednesday. Finally, Citigroup reissued an “outperform” rating on shares of Hut 8 in a research report on Tuesday, April 28th. Sixteen analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $104.88.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of HUT. Northwestern Mutual Wealth Management Co. grew 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 purchasing an additional 4,062,367 shares in the last quarter. SRS Investment Management LLC bought a new position in Hut 8 in the fourth quarter valued at approximately $131,838,000. Sachem Head Capital Management LP bought a new position in Hut 8 in the fourth quarter valued at approximately $129,780,000. Ameriprise Financial Inc. grew its stake in Hut 8 by 1,043.0% in the second quarter. Ameriprise Financial Inc. now owns 2,486,814 shares of the company’s stock valued at $46,255,000 after purchasing an additional 2,269,237 shares in the last quarter. Finally, Oasis Management Co Ltd. grew its stake in Hut 8 by 231.5% in the fourth quarter. Oasis Management Co Ltd. now owns 2,307,683 shares of the company’s stock valued at $106,015,000 after purchasing an additional 1,611,653 shares in the last quarter. 31.75% of the stock is currently owned by institutional investors.

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.