Hut 8 (NASDAQ:HUT) Announces Earnings Results, Misses Estimates By $0.72 EPS

Hut 8 (NASDAQ:HUT) released its quarterly earnings results on Tuesday. The company reported ($1.27) earnings per share for the quarter, missing the consensus estimate of ($0.55) by ($0.72), FiscalAI reports. The company had revenue of $72.66 million during the quarter, compared to the consensus estimate of $79.37 million. Hut 8 had a negative net margin of 109.77% and a negative return on equity of 0.35%. During the same period in the prior year, the company earned $1.18 earnings per share.

Hut 8 Trading Down 6.0%

Shares of NASDAQ:HUT opened at $105.31 on Tuesday. The business’s 50 day simple moving average is $111.97 and its 200 day simple moving average is $81.33. Hut 8 has a 1 year low of $18.68 and a 1 year high of $140.80. 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 company has a market capitalization of $11.86 billion, a P/E ratio of -34.73 and a beta of 4.64.

Insider Buying and Selling

In related 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 value of $1,924,010.00. Following the transaction, the director owned 17,491 shares in the company, valued at approximately $1,924,010. This trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Amy Marie Wilkinson sold 20,000 shares of the firm’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $100.78, for a total value of $2,015,600.00. Following the completion of the transaction, the director owned 262,136 shares in the company, valued at $26,418,066.08. The trade was a 7.09% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 102,206 shares of company stock valued at $11,376,242 over the last 90 days. 10.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Hut 8

A number of large investors have recently bought and sold shares of the company. Millennium Management LLC raised its position in shares of Hut 8 by 11.9% in the 1st quarter. Millennium Management LLC now owns 330,416 shares of the company’s stock valued at $3,839,000 after buying an additional 35,120 shares in the last quarter. Prudential Financial Inc. bought a new position in Hut 8 in the second quarter valued at approximately $216,000. Russell Investments Group Ltd. increased its stake in Hut 8 by 235.8% in 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 during the last quarter. New York State Common Retirement Fund raised its position in Hut 8 by 19.9% during the second quarter. New York State Common Retirement Fund now owns 32,540 shares of the company’s stock valued at $605,000 after purchasing an additional 5,400 shares in the last quarter. Finally, Invesco Ltd. raised its position in Hut 8 by 13.2% during the second quarter. Invesco Ltd. now owns 1,067,985 shares of the company’s stock valued at $19,865,000 after purchasing an additional 124,439 shares in the last quarter. 31.75% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on HUT. Jefferies Financial Group began coverage on Hut 8 in a report on Thursday, May 14th. They set a “buy” rating and a $156.00 price objective for the company. Morgan Stanley began coverage on Hut 8 in a report on Thursday, July 23rd. They set an “overweight” rating and a $263.00 price target for the company. B. Riley Financial boosted their price target on Hut 8 from $130.00 to $163.00 and gave the company a “buy” rating in a research note on Monday. Needham & Company LLC upped their price objective on Hut 8 from $128.00 to $145.00 and gave the company a “buy” rating in a report on Monday, July 20th. Finally, Loop Capital set a $226.00 price objective on Hut 8 in a research report on Monday, June 22nd. Eighteen research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $138.85.

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.