Insider Selling: Hut 8 (NASDAQ:HUT) Director Sells 7,719 Shares of Stock

Hut 8 Corp. (NASDAQ:HUT) Director Joseph Flinn sold 7,719 shares of Hut 8 stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $117.91, for a total value of $910,147.29. Following the sale, the director directly owned 10,519 shares of the company’s stock, valued at approximately $1,240,295.29. The trade was a 42.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Joseph Flinn also recently made the following trade(s):

• On Thursday, June 11th, Joseph Flinn sold 30,500 shares of Hut 8 stock. The stock was sold at an average price of $116.21, for a total value of $3,544,405.00.

Hut 8 Stock Performance

NASDAQ:HUT traded up $1.32 during mid-day trading on Monday, hitting $120.18. 3,638,549 shares of the stock were exchanged, compared to its average volume of 3,978,575. The stock has a market capitalization of $13.53 billion, a price-to-earnings ratio of -40.06 and a beta of 4.61. The firm’s 50-day simple moving average is $94.34 and its 200 day simple moving average is $66.37. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.86 and a current ratio of 0.86. Hut 8 Corp. has a fifty-two week low of $15.26 and a fifty-two week high of $140.80.

Hut 8 (NASDAQ:HUT) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($1.98) earnings per share for the quarter, missing the consensus estimate of ($0.33) by ($1.65). The firm had revenue of $139.31 million for the quarter, compared to analyst estimates of $78.53 million. Hut 8 had a negative return on equity of 0.35% and a negative net margin of 109.77%. As a group, equities analysts anticipate that Hut 8 Corp. will post -1.29 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on HUT shares. Northland Securities set a $120.00 price target on Hut 8 in a report on Thursday, May 7th. Citizens Jmp lifted their price objective on Hut 8 from $100.00 to $140.00 and gave the company a “market outperform” rating in a report on Thursday, May 7th. Wall Street Zen cut Hut 8 from a “hold” rating to a “sell” rating in a report on Saturday, February 28th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $124.00 price objective on shares of Hut 8 in a report on Thursday. Finally, Citigroup reaffirmed an “outperform” rating on shares of Hut 8 in a report on Tuesday, April 28th. Seventeen investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $107.72.

Hedge Funds Weigh In On Hut 8

A number of institutional investors have recently modified their holdings of HUT. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Hut 8 by 4,669,387.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 4,062,454 shares of the company’s stock worth $186,629,000 after buying an additional 4,062,367 shares in the last quarter. SRS Investment Management LLC bought a new stake in Hut 8 during the 4th quarter worth $131,838,000. Sachem Head Capital Management LP bought a new stake in Hut 8 during the 4th quarter worth $129,780,000. Ameriprise Financial Inc. grew its position in Hut 8 by 1,043.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 2,486,814 shares of the company’s stock worth $46,255,000 after acquiring an additional 2,269,237 shares during the last quarter. Finally, Oasis Management Co Ltd. grew its position in Hut 8 by 231.5% during the 4th quarter. Oasis Management Co Ltd. now owns 2,307,683 shares of the company’s stock worth $106,015,000 after acquiring an additional 1,611,653 shares during the last quarter. Institutional investors and hedge funds own 31.75% of the company’s stock.

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.