Hut 8 (NASDAQ:HUT) Stock Price Down 7.8% – Here’s What Happened

Hut 8 Corp. (NASDAQ:HUT)’s stock price dropped 7.8% during trading on Thursday . The company traded as low as $121.44 and last traded at $121.0810. Approximately 1,013,991 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 4,941,530 shares. The stock had previously closed at $131.29.

Analyst Ratings Changes

HUT has been the topic of a number of research analyst reports. Canaccord Genuity Group increased their price target on shares of Hut 8 from $70.00 to $130.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. HC Wainwright reissued a “buy” rating and issued a $80.00 price target on shares of Hut 8 in a report on Thursday, February 26th. Needham & Company LLC increased their price target on shares of Hut 8 from $88.00 to $128.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. B. Riley Financial upped their price objective 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. Finally, Citizens Jmp lifted their target price on shares of Hut 8 from $100.00 to $140.00 and gave the stock a “market outperform” rating in a research report on Thursday, May 7th. Seventeen equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $107.72.

Hut 8 Trading Down 2.2%

The firm’s 50 day moving average price is $83.52 and its 200-day moving average price is $61.89. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.86 and a quick ratio of 0.86. The stock has a market cap of $14.46 billion, a P/E ratio of -42.90 and a beta of 4.61.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($1.98) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.33) by ($1.65). The firm had revenue of $139.31 million during the quarter, compared to analysts’ expectations of $78.53 million. Hut 8 had a negative return on equity of 0.35% and a negative net margin of 109.77%. As a group, equities research analysts forecast that Hut 8 Corp. will post -1.29 earnings per share for the current year.

Insider Activity at Hut 8

In related news, insider Victor Semah sold 10,518 shares of the firm’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $76.83, for a total transaction of $808,097.94. Following the completion of the transaction, the insider directly owned 41,378 shares of the company’s stock, valued at approximately $3,179,071.74. This trade represents a 20.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Amy Marie Wilkinson sold 20,000 shares of the firm’s stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $100.78, for a total transaction of $2,015,600.00. Following the transaction, the director directly owned 262,136 shares of the company’s stock, valued at $26,418,066.08. The trade was a 7.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 74,628 shares of company stock valued at $6,976,321. Insiders own 10.40% of the company’s stock.

Hedge Funds Weigh In On Hut 8

Several institutional investors have recently bought and sold shares of HUT. GAMMA Investing LLC purchased a new position in Hut 8 during the fourth quarter valued at $30,000. Imprint Wealth LLC purchased a new position in Hut 8 during the fourth quarter valued at $38,000. Russell Investments Group Ltd. grew its stake in Hut 8 by 235.8% during the second quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock valued at $46,000 after acquiring an additional 1,719 shares in the last quarter. Harbor Investment Advisory LLC purchased a new position in Hut 8 during the first quarter valued at $47,000. Finally, Activest Wealth Management purchased a new position in shares of Hut 8 in the 4th quarter worth $49,000. 31.75% of the stock is owned by hedge funds and other institutional investors.

Hut 8 Company Profile

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.