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

Hut 8 Corp. (NASDAQ:HUT) shares were down 3.3% during trading on Monday . The stock traded as low as $85.55 and last traded at $85.66. Approximately 3,166,049 shares were traded during mid-day trading, a decline of 34% from the average session volume of 4,813,132 shares. The stock had previously closed at $88.59.

Analyst Ratings Changes

A number of research firms recently weighed in on HUT. Canaccord Genuity Group raised their price target on Hut 8 from $70.00 to $130.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Benchmark boosted their price objective on Hut 8 from $165.00 to $195.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd. Wall Street Zen cut Hut 8 from a “sell” rating to a “strong sell” rating in a report on Saturday, August 1st. Citigroup restated an “outperform” rating on shares of Hut 8 in a research note on Tuesday, April 28th. Finally, Keefe, Bruyette & Woods cut their price target on Hut 8 from $157.00 to $154.00 and set an “outperform” rating for the company in a report on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $144.89.

Hut 8 Trading Up 4.9%

The company has a quick ratio of 19.35, a current ratio of 19.35 and a debt-to-equity ratio of 4.22. The business’s fifty day moving average is $108.03 and its two-hundred day moving average is $82.70. The firm has a market cap of $11.48 billion, a price-to-earnings ratio of -17.09 and a beta of 4.64.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($1.27) EPS for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.72). The firm had revenue of $72.66 million during the quarter, compared to the consensus estimate of $79.37 million. Hut 8 had a negative net margin of 188.59% and a negative return on equity of 0.97%. During the same quarter in the previous year, the business posted $1.18 earnings per share. Equities analysts anticipate that Hut 8 Corp. will post -2.85 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Amy Marie Wilkinson sold 20,000 shares of the firm’s stock in a transaction dated 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 transaction, the director owned 262,136 shares in the company, valued at $26,418,066.08. This trade represents a 7.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Joseph Flinn sold 30,500 shares of Hut 8 stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $116.21, for a total value of $3,544,405.00. Following the completion of the sale, the director owned 18,238 shares of the company’s stock, valued at approximately $2,119,437.98. The trade was a 62.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 68,219 shares of company stock valued at $7,720,152 over the last 90 days. 10.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Hut 8

Several institutional investors have recently modified their holdings of the business. Arlington Trust Co LLC lifted its holdings in Hut 8 by 175.0% in the second quarter. Arlington Trust Co LLC now owns 275 shares of the company’s stock valued at $32,000 after buying an additional 175 shares during the period. Imprint Wealth LLC bought a new stake in shares of Hut 8 during the 4th quarter valued at $38,000. Russell Investments Group Ltd. raised its position in shares of Hut 8 by 235.8% during the 2nd quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock valued at $46,000 after acquiring an additional 1,719 shares during the last quarter. Harbor Investment Advisory LLC acquired a new position in shares of Hut 8 in the 1st quarter valued at $47,000. Finally, Activest Wealth Management acquired a new position in shares of Hut 8 in the 4th quarter valued at $49,000. Institutional investors and hedge funds 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.