Hut 8 (NASDAQ:HUT) Shares Down 4.4% – Here’s What Happened

Hut 8 Corp. (NASDAQ:HUT)’s stock price fell 4.4% during trading on Tuesday . The company traded as low as $85.71 and last traded at $87.09. Approximately 3,810,933 shares traded hands during mid-day trading, a decline of 21% from the average session volume of 4,820,905 shares. The stock had previously closed at $91.13.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on HUT shares. BTIG Research upped their price target on shares of Hut 8 from $115.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. Rosenblatt Securities restated a “buy” rating and issued a $124.00 price target on shares of Hut 8 in a research report on Wednesday, August 5th. B. Riley Financial lifted their target price on Hut 8 from $130.00 to $163.00 and gave the stock a “buy” rating in a report on Monday, August 3rd. Freedom Capital raised Hut 8 to a “strong-buy” rating in a research report on Tuesday, August 18th. Finally, Piper Sandler raised their price target on Hut 8 from $127.00 to $143.00 and gave the company an “overweight” rating in a research note on Thursday, August 6th. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $144.89.

Hut 8 Stock Down 4.4%

The stock has a market cap of $10.73 billion, a P/E ratio of -15.98 and a beta of 4.51. 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 stock’s fifty day simple moving average is $93.92 and its 200-day simple moving average is $87.99.

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

Insider Transactions at Hut 8

In other Hut 8 news, CFO Sean Glennan sold 6,445 shares of the firm’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $78.76, for a total value of $507,608.20. Following the sale, the chief financial officer owned 17,978 shares in the company, valued at $1,415,947.28. This trade represents a 26.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Victor Semah sold 10,000 shares of the company’s 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. The trade was a 24.17% decrease in their position. The disclosure for this sale is available in the SEC filing. 10.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Hut 8

A number of institutional investors have recently made changes to their positions in HUT. Canada Pension Plan Investment Board bought a new stake in Hut 8 in the second quarter valued at approximately $45,301,000. Dimensional Fund Advisors LP grew its holdings in Hut 8 by 11.1% in the first quarter. Dimensional Fund Advisors LP now owns 207,619 shares of the company’s stock worth $9,717,000 after purchasing an additional 20,813 shares during the period. Handelsbanken Fonder AB bought a new position in shares of Hut 8 during the 4th quarter worth about $1,153,000. Dayah Capital LLC boosted its position in shares of Hut 8 by 12.6% during the 1st quarter. Dayah Capital LLC now owns 217,920 shares of the company’s stock worth $10,223,000 after purchasing an additional 24,456 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Hut 8 in the 1st quarter valued at about $4,358,000. 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.