Hut 8 (NASDAQ:HUT) Director Sells $3,544,405.00 in Stock

Hut 8 Corp. (NASDAQ:HUT) Director Joseph Flinn sold 30,500 shares of the business’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $116.21, for a total transaction of $3,544,405.00. Following the completion of the transaction, the director directly owned 18,238 shares of the company’s stock, valued at approximately $2,119,437.98. This represents a 62.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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 transaction of $910,147.29.

Hut 8 Trading Down 2.1%

Shares of NASDAQ HUT opened at $118.88 on Thursday. Hut 8 Corp. has a 1-year low of $15.26 and a 1-year high of $140.80. The company has a market cap of $13.38 billion, a PE ratio of -39.63 and a beta of 4.61. 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 has a 50-day moving average of $97.20 and a two-hundred day moving average of $67.46.

Hut 8 (NASDAQ:HUT) last announced its earnings results on Wednesday, May 6th. The company reported ($1.98) earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of $139.31 million during the quarter, compared to the consensus estimate of $78.53 million. As a group, equities analysts expect that Hut 8 Corp. will post -1.29 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC acquired a new position in Hut 8 during the fourth quarter worth $30,000. Imprint Wealth LLC acquired a new position in Hut 8 during the fourth quarter worth $38,000. Harbor Investment Advisory LLC acquired a new position in Hut 8 during the first quarter worth $47,000. Activest Wealth Management acquired a new position in Hut 8 during the fourth quarter worth $49,000. Finally, Danske Bank A S acquired a new position in Hut 8 during the fourth quarter worth $51,000. Institutional investors and hedge funds own 31.75% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on HUT shares. B. Riley Financial upped 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. Weiss Ratings cut shares of Hut 8 from a “sell (d+)” rating to a “sell (d-)” rating in a report on Thursday, May 7th. BTIG Research upped their price target on shares of Hut 8 from $90.00 to $115.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Arete Research began coverage on shares of Hut 8 in a report on Monday, March 23rd. They issued a “buy” rating and a $136.00 price target for the company. Finally, Citigroup reiterated an “outperform” rating on shares of Hut 8 in a report on Tuesday, April 28th. Seventeen equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average 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.