Hut 8 (NASDAQ:HUT) Downgraded by Wall Street Zen to Strong Sell

Wall Street Zen cut shares of Hut 8 (NASDAQ:HUT) from a sell rating to a strong sell rating in a report published on Saturday morning.

Several other equities research analysts also recently issued reports on HUT. B. Riley Financial raised their target price on shares of Hut 8 from $76.00 to $130.00 and gave the company a “buy” rating in a research note on Wednesday, May 13th. Citigroup reissued an “outperform” rating on shares of Hut 8 in a research report on Tuesday, April 28th. Piper Sandler upped their price objective on Hut 8 from $93.00 to $127.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. BTIG Research raised their price objective on Hut 8 from $115.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, June 24th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $124.00 target price on shares of Hut 8 in a research note on Tuesday, July 21st. Eighteen equities research 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 currently has a consensus rating of “Moderate Buy” and a consensus price target of $137.20.

Hut 8 Price Performance

NASDAQ:HUT opened at $107.63 on Friday. The stock has a market capitalization of $12.12 billion, a PE ratio of -35.88 and a beta of 4.62. Hut 8 has a 1-year low of $18.68 and a 1-year high of $140.80. The firm has a fifty day simple moving average of $111.84 and a 200 day simple moving average of $80.83. 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 announced its quarterly earnings results on Wednesday, May 6th. The company reported ($1.98) EPS for the quarter, missing analysts’ consensus estimates of ($0.33) by ($1.65). The firm had revenue of $139.31 million during 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%. On average, research analysts expect that Hut 8 will post -2.52 EPS for the current fiscal year.

Insider Buying and Selling at Hut 8

In other Hut 8 news, insider Victor Semah sold 10,518 shares of the business’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $76.83, for a total value of $808,097.94. Following the completion of the sale, the insider owned 41,378 shares of the company’s stock, valued at $3,179,071.74. The trade was a 20.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 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 Amy Marie Wilkinson sold 20,000 shares of the stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $100.78, for a total transaction of $2,015,600.00. Following the transaction, the director owned 262,136 shares in the company, valued at approximately $26,418,066.08. The trade was a 7.09% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 112,724 shares of company stock valued at $12,184,340. 10.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Hut 8

Institutional investors have recently made changes to their positions in the stock. Arlington Trust Co LLC increased its stake in Hut 8 by 175.0% during the 2nd quarter. Arlington Trust Co LLC now owns 275 shares of the company’s stock worth $32,000 after acquiring an additional 175 shares during the period. CoreCap Advisors LLC lifted its position in shares of Hut 8 by 42.1% during the 2nd quarter. CoreCap Advisors LLC now owns 540 shares of the company’s stock valued at $62,000 after acquiring an additional 160 shares during the period. Imprint Wealth LLC acquired a new stake in shares of Hut 8 during the 4th quarter worth $38,000. Harbor Investment Advisory LLC bought a new position in shares of Hut 8 in the first quarter worth $47,000. Finally, GAMMA Investing LLC increased its position in shares of Hut 8 by 35.0% in the second quarter. GAMMA Investing LLC now owns 1,057 shares of the company’s stock worth $122,000 after purchasing an additional 274 shares during the period. 31.75% of the stock is currently owned by institutional investors.

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.