Hut 8 (NASDAQ:HUT) Director Rick Rickertsen Sells 16,496 Shares

Hut 8 Corp. (NASDAQ:HUT) Director Rick Rickertsen sold 16,496 shares of the stock in a transaction on Monday, May 11th. The shares were sold at an average price of $105.00, for a total value of $1,732,080.00. Following the sale, the director directly owned 17,491 shares in the company, valued at approximately $1,836,555. The trade was a 48.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Rick Rickertsen also recently made the following trade(s):

• On Wednesday, May 13th, Rick Rickertsen sold 17,491 shares of Hut 8 stock. The stock was sold at an average price of $110.00, for a total value of $1,924,010.00.

Hut 8 Stock Performance

NASDAQ HUT opened at $108.32 on Thursday. The business’s 50-day moving average price is $64.68 and its 200 day moving average price is $54.96. Hut 8 Corp. has a twelve month low of $14.74 and a twelve month high of $112.26. The company has a market capitalization of $12.20 billion, a PE ratio of -36.11 and a beta of 4.48. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.12.

Hut 8 (NASDAQ:HUT) last released its 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). Hut 8 had a negative return on equity of 0.35% and a negative net margin of 109.77%.The business had revenue of $139.31 million for the quarter, compared to analysts’ expectations of $78.53 million. On average, research analysts predict that Hut 8 Corp. will post -1.5 earnings per share for the current year.

Institutional Investors Weigh In On Hut 8

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

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Cantor Fitzgerald increased their target price on Hut 8 from $68.00 to $80.00 and gave the stock an “overweight” rating in a research report on Thursday, April 9th. HC Wainwright reiterated a “buy” rating and set a $80.00 target price on shares of Hut 8 in a research report on Thursday, February 26th. Compass Point set a $130.00 target price on Hut 8 in a research report on Wednesday. Roth Mkm reiterated a “buy” rating and set a $80.00 target price on shares of Hut 8 in a research report on Tuesday, January 27th. Finally, Northland Securities set a $120.00 target price on Hut 8 in a research report on Thursday, May 7th. Seventeen equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $104.88.

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.