Hut 8 (NASDAQ:HUT) Stock Price Down 3.3% – Here’s Why

Hut 8 Corp. (NASDAQ:HUT)’s share price was down 3.3% during trading on Tuesday . The company traded as low as $91.60 and last traded at $101.14. Approximately 4,647,207 shares traded hands during mid-day trading, a decline of 3% from the average session volume of 4,794,404 shares. The stock had previously closed at $104.59.

Wall Street Analysts Forecast Growth

Several analysts recently commented on HUT shares. Weiss Ratings cut Hut 8 from a “sell (d+)” rating to a “sell (d-)” rating in a report on Thursday, May 7th. Needham & Company LLC boosted their price target on shares of Hut 8 from $128.00 to $145.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. Compass Point set a $195.00 price objective on shares of Hut 8 in a research note on Wednesday, July 22nd. Morgan Stanley initiated coverage on shares of Hut 8 in a research note on Thursday, July 23rd. They set an “overweight” rating and a $263.00 target price for the company. Finally, Benchmark boosted their target price on shares of Hut 8 from $165.00 to $195.00 and gave the company a “buy” rating in a report on Wednesday, July 22nd. Eighteen analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $137.20.

Hut 8 Trading Up 22.8%

The company has a market cap of $12.19 billion, a price-to-earnings ratio of -36.09 and a beta of 4.62. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.12. The firm’s 50-day moving average price is $111.75 and its 200 day moving average price is $80.30.

Hut 8 (NASDAQ:HUT) last released its earnings results on Wednesday, May 6th. The company reported ($1.98) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.33) by ($1.65). The company had revenue of $139.31 million for 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, equities analysts expect that Hut 8 Corp. will post -2.52 EPS for the current year.

Insider Activity at Hut 8

In other news, insider Victor Semah sold 10,518 shares of the company’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $76.83, for a total transaction of $808,097.94. Following the transaction, the insider owned 41,378 shares in the company, valued at approximately $3,179,071.74. This represents a 20.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Rick Rickertsen sold 17,491 shares of the stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $110.00, for a total transaction of $1,924,010.00. Following the transaction, the director directly owned 17,491 shares in the company, valued at $1,924,010. This trade represents a 50.00% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 112,724 shares of company stock worth $12,184,340 over the last three months. 10.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Hut 8

Several hedge funds and other institutional investors have recently modified their holdings of HUT. Millennium Management LLC raised its position in shares of Hut 8 by 11.9% during the first quarter. Millennium Management LLC now owns 330,416 shares of the company’s stock worth $3,839,000 after purchasing an additional 35,120 shares during the period. Prudential Financial Inc. acquired a new stake in Hut 8 in the 2nd quarter valued at $216,000. Russell Investments Group Ltd. grew its position in Hut 8 by 235.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock valued at $46,000 after purchasing an additional 1,719 shares during the period. New York State Common Retirement Fund increased its stake in Hut 8 by 19.9% during the 2nd quarter. New York State Common Retirement Fund now owns 32,540 shares of the company’s stock valued at $605,000 after purchasing an additional 5,400 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in Hut 8 by 13.2% during the second quarter. Invesco Ltd. now owns 1,067,985 shares of the company’s stock worth $19,865,000 after buying an additional 124,439 shares during the last quarter. Institutional investors own 31.75% of the company’s stock.

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.