Sean Joseph Glennan Sells 4,625 Shares of Hut 8 (NASDAQ:HUT) Stock

Hut 8 Corp. (NASDAQ:HUT) CFO Sean Joseph Glennan sold 4,625 shares of Hut 8 stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $49.05, for a total value of $226,856.25. Following the completion of the sale, the chief financial officer owned 12,068 shares of the company’s stock, valued at $591,935.40. The trade was a 27.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Hut 8 Stock Up 3.9%

Shares of Hut 8 stock opened at $51.12 on Thursday. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.09 and a quick ratio of 1.09. Hut 8 Corp. has a 1 year low of $10.04 and a 1 year high of $66.07. The firm’s 50-day moving average is $55.25 and its two-hundred day moving average is $45.60. The stock has a market cap of $5.67 billion, a price-to-earnings ratio of -22.03 and a beta of 4.42.

Hedge Funds Weigh In On Hut 8

Several hedge funds have recently modified their holdings of HUT. Corient Private Wealth LLC acquired a new stake in Hut 8 in the 4th quarter worth approximately $246,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of Hut 8 in the fourth quarter worth $1,037,000. Mcguire Capital Advisors Inc. purchased a new position in shares of Hut 8 in the fourth quarter worth $193,000. T. Rowe Price Investment Management Inc. lifted its stake in shares of Hut 8 by 32.1% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,836,051 shares of the company’s stock worth $84,349,000 after buying an additional 445,868 shares during the period. Finally, Invesco Ltd. grew its holdings in shares of Hut 8 by 6.8% during the fourth quarter. Invesco Ltd. now owns 1,007,988 shares of the company’s stock valued at $46,307,000 after buying an additional 64,053 shares during the last quarter. Institutional investors and hedge funds own 31.75% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on HUT shares. HC Wainwright restated a “buy” rating and set a $80.00 target price on shares of Hut 8 in a report on Thursday, February 26th. Weiss Ratings lowered Hut 8 from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, March 2nd. Canaccord Genuity Group upped their price objective on Hut 8 from $62.00 to $70.00 and gave the stock a “buy” rating in a research note on Friday, February 27th. Roth Mkm reiterated a “buy” rating and issued a $80.00 target price on shares of Hut 8 in a research note on Tuesday, January 27th. Finally, Craig Hallum reissued a “buy” rating and set a $80.00 price target on shares of Hut 8 in a research report on Thursday, December 18th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $65.56.

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.