Hut 8 (NASDAQ:HUT) Shares Down 3.6% – Here’s Why

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

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Compass Point set a $195.00 price target on shares of Hut 8 in a research note on Wednesday, July 22nd. Keefe, Bruyette & Woods reduced their target price on shares of Hut 8 from $157.00 to $154.00 and set an “outperform” rating for the company in a research note on Thursday, August 6th. Needham & Company LLC dropped their price target on Hut 8 from $145.00 to $138.00 and set a “buy” rating on the stock in a research note on Wednesday, August 5th. B. Riley Financial upped their price objective on Hut 8 from $130.00 to $163.00 and gave the stock a “buy” rating in a research report on Monday, August 3rd. Finally, Weiss Ratings lowered Hut 8 from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, August 19th. Three equities research 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 company. According to data from MarketBeat.com, Hut 8 has a consensus rating of “Buy” and a consensus target price of $144.89.

Hut 8 Stock Performance

The company has a market capitalization of $11.82 billion, a price-to-earnings ratio of -17.60 and a beta of 4.51. The stock’s 50 day moving average price is $94.47 and its 200 day moving average price is $86.91. 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 earnings results on Wednesday, August 5th. The company reported ($1.27) earnings per share (EPS) for the quarter, missing the consensus estimate 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 in the previous year, the company posted $1.18 EPS. Analysts expect that Hut 8 Corp. will post -2.85 earnings per share for the current year.

Insider Transactions at Hut 8

In related news, insider Victor Semah sold 10,000 shares of the business’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $125.00, for a total transaction of $1,250,000.00. Following the transaction, the insider directly owned 31,378 shares in the company, valued at approximately $3,922,250. The trade was a 24.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Sean Glennan sold 6,445 shares of Hut 8 stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $78.76, for a total value of $507,608.20. Following the transaction, the chief financial officer owned 17,978 shares of the company’s stock, valued at $1,415,947.28. The trade was a 26.39% 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 a total of 54,664 shares of company stock worth $6,212,160 in the last 90 days. Corporate 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. California State Teachers Retirement System lifted its position in shares of Hut 8 by 11,436.2% in the second 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 during the last quarter. BlackRock Inc. acquired a new position in shares of Hut 8 during the 2nd quarter worth approximately $1,093,294,000. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Hut 8 by 4,669,387.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 4,062,454 shares of the company’s stock worth $186,629,000 after acquiring an additional 4,062,367 shares during the last quarter. Ameriprise Financial Inc. raised its stake in Hut 8 by 20.3% in the 3rd quarter. Ameriprise Financial Inc. now owns 2,991,466 shares of the company’s stock valued at $104,133,000 after acquiring an additional 504,652 shares during the period. Finally, SRS Investment Management LLC bought a new stake in Hut 8 in the 4th quarter valued at $131,838,000. Institutional investors own 31.75% of the company’s stock.

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.