Hut 8 (NASDAQ:HUT) Shares Down 9.4% – Here’s What Happened

Shares of Hut 8 Corp. (NASDAQ:HUT) were down 9.4% during mid-day trading on Wednesday . The company traded as low as $102.60 and last traded at $104.5760. Approximately 923,504 shares changed hands during trading, a decline of 81% from the average daily volume of 4,845,592 shares. The stock had previously closed at $115.44.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Canaccord Genuity Group lifted their price target on Hut 8 from $70.00 to $130.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Cantor Fitzgerald lifted their target price on Hut 8 from $68.00 to $80.00 and gave the company an “overweight” rating in a report on Thursday, April 9th. Compass Point set a $130.00 price target on Hut 8 in a research report on Wednesday, May 13th. Arete Research began coverage on shares of Hut 8 in a research report on Monday, March 23rd. They issued a “buy” rating and a $136.00 price objective for the company. Finally, Weiss Ratings lowered shares of Hut 8 from a “sell (d+)” rating to a “sell (d-)” rating in a report on Thursday, May 7th. Seventeen analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $115.79.

Hut 8 Price Performance

The business has a 50 day simple moving average of $107.71 and a two-hundred day simple moving average of $73.16. The firm has a market capitalization of $10.94 billion, a P/E ratio of -32.38 and a beta of 4.62. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.86 and a current ratio of 0.86.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($1.98) earnings per share for the quarter, missing the consensus estimate of ($0.33) by ($1.65). Hut 8 had a negative return on equity of 0.35% and a negative net margin of 109.77%.The company had revenue of $139.31 million during the quarter, compared to the consensus estimate of $78.53 million. On average, sell-side analysts expect that Hut 8 Corp. will post -1.29 EPS for the current fiscal year.

Insider Activity at Hut 8

In related news, insider Victor Semah sold 10,000 shares of the company’s 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 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Joseph Flinn sold 7,719 shares of the firm’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $117.91, for a total value of $910,147.29. Following the sale, the director owned 10,519 shares in the company, valued at $1,240,295.29. The trade was a 42.32% decrease in their position. 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. Over the last quarter, insiders sold 112,724 shares of company stock valued at $12,184,340. 10.40% of the stock is currently owned by insiders.

Institutional Trading of Hut 8

Hedge funds have recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Hut 8 by 4,669,387.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 4,062,454 shares of the company’s stock valued at $186,629,000 after purchasing an additional 4,062,367 shares in the last quarter. SRS Investment Management LLC bought a new position in shares of Hut 8 during the 4th quarter valued at $131,838,000. Sachem Head Capital Management LP purchased a new position in Hut 8 in the 4th quarter worth $129,780,000. Ameriprise Financial Inc. raised its position in Hut 8 by 1,043.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 2,486,814 shares of the company’s stock worth $46,255,000 after purchasing an additional 2,269,237 shares during the period. Finally, Oasis Management Co Ltd. lifted its stake in Hut 8 by 231.5% in the fourth quarter. Oasis Management Co Ltd. now owns 2,307,683 shares of the company’s stock worth $106,015,000 after purchasing an additional 1,611,653 shares during the last quarter. Institutional investors own 31.75% of the company’s stock.

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.