Joseph Flinn Sells 30,500 Shares of Hut 8 (NASDAQ:HUT) Stock

Hut 8 Corp. (NASDAQ:HUT) Director Joseph Flinn sold 30,500 shares of the business’s stock in a transaction that occurred on 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 transaction, the director owned 18,238 shares in the company, valued at $2,119,437.98. The trade was a 62.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 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 Friday, June 12th, Joseph Flinn sold 7,719 shares of Hut 8 stock. The stock was sold at an average price of $117.91, for a total value of $910,147.29.

Hut 8 Price Performance

Shares of NASDAQ:HUT opened at $121.48 on Wednesday. The business’s 50 day simple moving average is $95.81 and its 200-day simple moving average is $66.92. The firm has a market capitalization of $13.68 billion, a price-to-earnings ratio of -40.49 and a beta of 4.61. 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 Corp. has a 12 month low of $15.26 and a 12 month high of $140.80.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($1.98) EPS 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 analysts’ expectations 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 forecast that Hut 8 Corp. will post -1.29 earnings per share for the current fiscal year.

Institutional Trading of Hut 8

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Nisa Investment Advisors LLC increased its holdings in shares of Hut 8 by 1.6% during the 4th quarter. Nisa Investment Advisors LLC now owns 15,969 shares of the company’s stock worth $734,000 after buying an additional 254 shares during the last quarter. CWM LLC boosted its position in Hut 8 by 37.4% in the 4th quarter. CWM LLC now owns 1,106 shares of the company’s stock valued at $51,000 after buying an additional 301 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Hut 8 by 3.5% in the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 9,500 shares of the company’s stock valued at $331,000 after buying an additional 321 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Hut 8 by 1.7% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,685 shares of the company’s stock valued at $996,000 after buying an additional 362 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC lifted its position in shares of Hut 8 by 4.5% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 8,992 shares of the company’s stock worth $413,000 after purchasing an additional 388 shares during the last quarter. 31.75% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Jefferies Financial Group assumed coverage on Hut 8 in a research note on Thursday, May 14th. They issued a “buy” rating and a $156.00 target price on the stock. Needham & Company LLC upped their target price on Hut 8 from $88.00 to $128.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Compass Point set a $130.00 target price on Hut 8 in a research note on Wednesday, May 13th. BTIG Research upped their target price on Hut 8 from $90.00 to $115.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Finally, Weiss Ratings lowered Hut 8 from a “sell (d+)” rating to a “sell (d-)” rating in a research note on Thursday, May 7th. Seventeen investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $107.72.

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.