Hut 8 (NASDAQ:HUT) Trading Down 3.6% – What’s Next?

Hut 8 Corp. (NASDAQ:HUT)’s stock price fell 3.6% during mid-day trading on Wednesday . The stock traded as low as $94.15 and last traded at $95.92. Approximately 2,827,728 shares were traded during mid-day trading, a decline of 41% from the average session volume of 4,820,862 shares. The stock had previously closed at $99.49.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Freedom Capital upgraded Hut 8 to a “strong-buy” rating in a research note on Tuesday, August 18th. BTIG Research upped their price target on Hut 8 from $115.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. Maxim Group upgraded shares of Hut 8 to a “strong-buy” rating in a research note on Wednesday, August 5th. Weiss Ratings cut shares of Hut 8 from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, August 19th. Finally, Freedom Broker raised shares of Hut 8 to a “strong-buy” rating in a report on Tuesday, August 18th. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Hut 8 has an average rating of “Buy” and a consensus price target of $144.89.

Hut 8 Price Performance

The stock has a 50-day simple moving average of $94.15 and a 200 day simple moving average of $87.45. The company has a debt-to-equity ratio of 4.22, a quick ratio of 19.35 and a current ratio of 19.35. The company has a market cap of $12.23 billion, a P/E ratio of -18.21 and a beta of 4.51.

Hut 8 (NASDAQ:HUT) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($1.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.72). The firm had revenue of $74.93 million for the quarter, compared to the consensus estimate of $79.37 million. Hut 8 had a negative net margin of 188.59% and a negative return on equity of 0.97%. During the same quarter in the prior year, the firm posted $1.18 earnings per share. On average, equities analysts expect that Hut 8 Corp. will post -2.85 EPS for the current year.

Insider Buying and Selling at Hut 8

In other news, insider Victor Semah sold 10,000 shares of the stock in a transaction on Wednesday, June 17th. The shares were 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 owned 31,378 shares in the company, valued at approximately $3,922,250. This represents a 24.17% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Sean Glennan sold 6,445 shares of the firm’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $78.76, for a total transaction of $507,608.20. Following the transaction, the chief financial officer directly owned 17,978 shares of the company’s stock, valued at $1,415,947.28. The trade was a 26.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. California State Teachers Retirement System boosted its stake in Hut 8 by 11,436.2% in the 2nd quarter. California State Teachers Retirement System now owns 13,256,088 shares of the company’s stock valued at $1,530,349,000 after buying an additional 13,141,179 shares in the last quarter. BlackRock Inc. bought a new position in shares of Hut 8 during the second quarter valued at $1,093,294,000. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Hut 8 by 4,669,387.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 4,062,454 shares of the company’s stock valued at $186,629,000 after acquiring an additional 4,062,367 shares during the period. SRS Investment Management LLC acquired a new stake in shares of Hut 8 in the 4th quarter valued at $131,838,000. Finally, Sachem Head Capital Management LP acquired a new stake in shares of Hut 8 in the 4th quarter valued at $129,780,000. Institutional investors own 31.75% of the company’s stock.

Hut 8 Company Profile

Hut 8 Corp. (NASDAQ:HUT) is a North American energy infrastructure and digital asset mining company. The company develops and operates data centers, power-generation resources and other infrastructure that support energy-intensive computing applications, including Bitcoin mining.

Hut 8 also provides services related to digital asset mining and data center operations, while pursuing opportunities in high-performance computing and artificial intelligence infrastructure. Its business is supported by a portfolio of power and data center sites in the United States and Canada.

The company was formed through the combination of Canadian Bitcoin miner Hut 8 Mining Corp.