Hut 8 (NASDAQ:HUT) Shares Down 8% – Time to Sell?

Hut 8 Corp. (NASDAQ:HUT)’s share price fell 8% during trading on Tuesday . The company traded as low as $86.82 and last traded at $88.4850. 2,373,279 shares traded hands during mid-day trading, a decline of 53% from the average session volume of 5,038,295 shares. The stock had previously closed at $96.20.

Analyst Ratings Changes

A number of brokerages have commented on HUT. Northland Securities set a $120.00 target price on shares of Hut 8 in a report on Thursday, May 7th. Citizens Jmp boosted their target price on shares of Hut 8 from $100.00 to $140.00 and gave the stock a “market outperform” rating in a report on Thursday, May 7th. BTIG Research boosted their target price on shares of Hut 8 from $90.00 to $115.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Weiss Ratings downgraded shares of Hut 8 from a “sell (d+)” rating to a “sell (d-)” rating in a report on Thursday, May 7th. Finally, Canaccord Genuity Group boosted their target price on shares of Hut 8 from $70.00 to $130.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Seventeen research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $107.72.

Hut 8 Stock Up 9.1%

The stock has a market capitalization of $11.85 billion, a PE ratio of -35.09 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. The company’s 50-day moving average is $69.66 and its 200 day moving average is $56.71.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($1.98) EPS for the quarter, missing the consensus estimate of ($0.33) by ($1.65). The company had revenue of $139.31 million during the quarter, compared to analysts’ expectations of $78.53 million. Hut 8 had a negative net margin of 109.77% and a negative return on equity of 0.35%. As a group, analysts anticipate that Hut 8 Corp. will post -2.34 EPS for the current year.

Insider Activity at Hut 8

In related news, insider Victor Semah sold 10,518 shares of the stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $76.83, for a total value of $808,097.94. Following the transaction, the insider owned 41,378 shares in the company, valued at approximately $3,179,071.74. This represents a 20.27% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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, CFO Sean Joseph Glennan sold 4,625 shares of the stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $49.05, for a total transaction of $226,856.25. Following the completion of the transaction, the chief financial officer owned 12,068 shares in the company, valued at approximately $591,935.40. This trade represents a 27.71% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 54,628 shares of company stock valued at $4,960,721 in the last three months. 10.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Hut 8

Hedge funds and other institutional investors have recently bought and sold shares of the business. GAMMA Investing LLC acquired a new position in Hut 8 in the 4th quarter worth approximately $30,000. Imprint Wealth LLC acquired a new position in Hut 8 in the 4th quarter worth approximately $38,000. Harbor Investment Advisory LLC acquired a new position in Hut 8 in the 1st quarter worth approximately $47,000. Activest Wealth Management acquired a new position in Hut 8 in the 4th quarter worth approximately $49,000. Finally, Danske Bank A S acquired a new position in Hut 8 in the 4th quarter worth approximately $51,000. Institutional investors and hedge funds own 31.75% of the company’s stock.

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.