Hut 8 (NASDAQ:HUT) Stock Price Down 3.3% – Here’s What Happened

Shares of Hut 8 Corp. (NASDAQ:HUT) dropped 3.3% during trading on Monday . The company traded as low as $85.55 and last traded at $85.66. 3,166,049 shares changed hands during mid-day trading, a decline of 34% from the average session volume of 4,813,132 shares. The stock had previously closed at $88.59.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on HUT shares. Weiss Ratings raised shares of Hut 8 from a “sell (d-)” rating to a “hold (c-)” rating in a research note on Tuesday, August 4th. Wall Street Zen lowered Hut 8 from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 1st. Needham & Company LLC cut their price target on Hut 8 from $145.00 to $138.00 and set a “buy” rating for the company in a report on Wednesday, August 5th. Citizens Jmp lifted their price objective on Hut 8 from $100.00 to $140.00 and gave the stock a “market outperform” rating in a research report on Thursday, May 7th. Finally, Keefe, Bruyette & Woods lowered their price objective on Hut 8 from $157.00 to $154.00 and set an “outperform” rating on the stock in a research note on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $139.15.

Hut 8 Price Performance

The stock’s fifty day moving average price is $109.85 and its 200-day moving average price is $82.30. The firm has a market cap of $10.56 billion, a price-to-earnings ratio of -15.72 and a beta of 4.64. The company has a current ratio of 19.35, a quick ratio of 19.35 and a debt-to-equity ratio of 4.22.

Hut 8 (NASDAQ:HUT) last released its quarterly earnings data on Tuesday, August 4th. The company reported ($1.27) EPS for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.72). Hut 8 had a negative net margin of 188.59% and a negative return on equity of 0.97%. The business had revenue of $72.66 million during the quarter, compared to analyst estimates of $79.37 million. During the same quarter in the prior year, the company posted $1.18 earnings per share. As a group, equities research analysts forecast that Hut 8 Corp. will post -2.8 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Hut 8 news, insider Victor Semah sold 10,000 shares of Hut 8 stock in a transaction on 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 sale, the insider owned 31,378 shares in the company, valued at $3,922,250. The trade was a 24.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Joseph Flinn sold 7,719 shares of the company’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $117.91, for a total value of $910,147.29. Following the completion of the transaction, the director directly owned 10,519 shares in the company, valued at approximately $1,240,295.29. This trade represents a 42.32% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 85,710 shares of company stock worth $9,644,162 over the last ninety days. Company insiders own 10.40% of the company’s stock.

Institutional Trading of Hut 8

Several institutional investors and hedge funds have recently bought and sold shares of HUT. CoreCap Advisors LLC increased its position in shares of Hut 8 by 42.1% in the 2nd quarter. CoreCap Advisors LLC now owns 540 shares of the company’s stock valued at $62,000 after purchasing an additional 160 shares during the last quarter. Arlington Trust Co LLC lifted its position in shares of 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 purchasing an additional 175 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Hut 8 by 35.0% during the 2nd 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 last quarter. CWM LLC grew its stake in shares of Hut 8 by 37.4% during the fourth quarter. CWM LLC now owns 1,106 shares of the company’s stock worth $51,000 after purchasing an additional 301 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Hut 8 by 1.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,685 shares of the company’s stock worth $996,000 after purchasing an additional 362 shares in the last quarter. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

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.