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

Shares of Hut 8 Corp. (NASDAQ:HUT) gapped down before the market opened on Thursday . The stock had previously closed at $103.03, but opened at $98.13. Hut 8 shares last traded at $97.3320, with a volume of 283,919 shares trading hands.

Wall Street Analyst Weigh In

HUT has been the subject of several analyst reports. Needham & Company LLC increased their target price on shares of Hut 8 from $88.00 to $128.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Piper Sandler lifted their price target on shares of Hut 8 from $93.00 to $127.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. BTIG Research lifted their price target on shares of Hut 8 from $115.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. Loop Capital set a $226.00 price target on shares of Hut 8 in a research report on Monday, June 22nd. Finally, Citizens Jmp increased their price objective on shares of Hut 8 from $100.00 to $140.00 and gave the stock a “market outperform” rating in a research note on Thursday, May 7th. Seventeen research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $120.37.

Hut 8 Trading Down 9.7%

The stock has a market cap of $10.48 billion, a PE ratio of -31.30 and a beta of 4.62. The stock has a 50-day moving average price of $111.56 and a two-hundred day moving average price of $76.75. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.86 and a quick ratio of 0.86.

Hut 8 (NASDAQ:HUT) last issued its earnings results on Wednesday, May 6th. The company reported ($1.98) earnings per share (EPS) for the quarter, missing the consensus estimate 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 during the quarter, compared to the consensus estimate of $78.53 million. Sell-side analysts forecast that Hut 8 Corp. will post -1.29 earnings per share for the current fiscal year.

Insider Transactions at Hut 8

In other news, Director Joseph Flinn sold 7,719 shares of the company’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $117.91, for a total transaction of $910,147.29. Following the sale, the director directly owned 10,519 shares of the company’s stock, valued at $1,240,295.29. This represents a 42.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $125.00, for a total value of $1,250,000.00. Following the transaction, the insider owned 31,378 shares of the company’s stock, valued at $3,922,250. This represents a 24.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 112,724 shares of company stock worth $12,184,340. 10.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Hut 8

Large investors have recently added to or reduced their stakes in the stock. Arlington Trust Co LLC lifted its stake in shares of Hut 8 by 175.0% in the 2nd quarter. Arlington Trust Co LLC now owns 275 shares of the company’s stock valued at $32,000 after purchasing an additional 175 shares during the last quarter. CoreCap Advisors LLC raised its holdings in Hut 8 by 42.1% during the 2nd quarter. CoreCap Advisors LLC now owns 540 shares of the company’s stock valued at $62,000 after buying an additional 160 shares during the period. GAMMA Investing LLC bought a new stake in Hut 8 in the fourth quarter worth $30,000. Imprint Wealth LLC bought a new stake in Hut 8 in the fourth quarter worth $38,000. Finally, Harbor Investment Advisory LLC purchased a new position in Hut 8 during the first quarter worth $47,000. 31.75% of the stock is 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.