Hut 8 (NASDAQ:HUT) Stock Price Down 7.3% – Here’s What Happened

Hut 8 Corp. (NASDAQ:HUT) shares were down 7.3% on Monday . The company traded as low as $102.73 and last traded at $101.9450. 954,290 shares were traded during trading, a decline of 80% from the average session volume of 4,774,933 shares. The stock had previously closed at $109.99.

Analyst Ratings Changes

HUT has been the subject of a number of research reports. Rosenblatt Securities reissued a “buy” rating and issued a $124.00 price target on shares of Hut 8 in a research note on Tuesday, July 21st. Northland Securities set a $120.00 target price on Hut 8 in a report on Thursday, May 7th. BTIG Research increased their target price on Hut 8 from $115.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. Benchmark lifted their price target on Hut 8 from $165.00 to $195.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Finally, Weiss Ratings lowered Hut 8 from a “sell (d+)” rating to a “sell (d-)” rating in a research report on Thursday, May 7th. Eighteen investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $133.10.

Hut 8 Stock Down 7.6%

The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.12. The company’s fifty day moving average price is $111.59 and its 200-day moving average price is $79.46. The stock has a market capitalization of $11.45 billion, a PE ratio of -33.89 and a beta of 4.62.

Hut 8 (NASDAQ:HUT) last posted its quarterly 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 company had revenue of $139.31 million during the quarter, compared to analysts’ expectations of $78.53 million. Analysts forecast that Hut 8 Corp. will post -2.12 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Rick Rickertsen sold 17,491 shares of the firm’s stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $110.00, for a total transaction of $1,924,010.00. Following the completion of the transaction, the director directly owned 17,491 shares in the company, valued at $1,924,010. This trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Victor Semah sold 10,000 shares of Hut 8 stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $125.00, for a total value of $1,250,000.00. Following the completion of the transaction, the insider directly owned 31,378 shares of the company’s stock, valued at approximately $3,922,250. This represents a 24.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 112,724 shares of company stock valued at $12,184,340. Insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Arlington Trust Co LLC grew its holdings in shares of Hut 8 by 175.0% during the second quarter. Arlington Trust Co LLC now owns 275 shares of the company’s stock valued at $32,000 after buying an additional 175 shares during the last quarter. CoreCap Advisors LLC raised its holdings in Hut 8 by 42.1% in the 2nd quarter. CoreCap Advisors LLC now owns 540 shares of the company’s stock worth $62,000 after acquiring an additional 160 shares during the last quarter. GAMMA Investing LLC bought a new position in Hut 8 in the 4th quarter valued at approximately $30,000. Imprint Wealth LLC bought a new position in Hut 8 in the 4th quarter valued at approximately $38,000. Finally, Harbor Investment Advisory LLC purchased a new stake in Hut 8 during the 1st quarter valued at $47,000. Institutional investors 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.