Hut 8 (NASDAQ:HUT) Cut to “Strong Sell” at Wall Street Zen

Wall Street Zen cut shares of Hut 8 (NASDAQ:HUT) from a sell rating to a strong sell rating in a report issued on Saturday.

Several other equities analysts have also issued reports on HUT. Canaccord Genuity Group lifted their target price on shares of Hut 8 from $70.00 to $130.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Cantor Fitzgerald upped their price target on Hut 8 from $68.00 to $80.00 and gave the stock an “overweight” rating in a research note on Thursday, April 9th. Rosenblatt Securities reaffirmed a “buy” rating and set a $124.00 price objective on shares of Hut 8 in a research report on Tuesday, July 21st. Citigroup reiterated an “outperform” rating on shares of Hut 8 in a research note on Tuesday, April 28th. Finally, Keefe, Bruyette & Woods boosted their target price on Hut 8 from $138.00 to $157.00 and gave the stock an “outperform” rating in a report on Tuesday, July 28th. Eighteen research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Hut 8 currently has an average rating of “Moderate Buy” and a consensus target price of $138.85.

Hut 8 Trading Up 4.1%

Shares of NASDAQ HUT opened at $112.08 on Friday. Hut 8 has a 1 year low of $18.68 and a 1 year high of $140.80. The stock has a market cap of $12.62 billion, a P/E ratio of -37.36 and a beta of 4.64. The firm has a 50-day moving average of $111.97 and a 200 day moving average of $81.33. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.86 and a quick ratio of 0.86.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($1.98) EPS for the quarter, missing the consensus estimate of ($0.33) by ($1.65). The business had revenue of $139.31 million for the quarter, compared to the consensus estimate 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, sell-side analysts expect that Hut 8 will post -2.52 EPS for the current fiscal year.

Insiders Place Their Bets

In other Hut 8 news, Director Joseph Flinn sold 30,500 shares of the business’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $116.21, for a total value of $3,544,405.00. Following the completion of the transaction, the director owned 18,238 shares of the company’s stock, valued at approximately $2,119,437.98. The trade was a 62.58% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 business’s stock in a transaction dated 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 directly owned 262,136 shares of the company’s stock, valued at approximately $26,418,066.08. This trade represents a 7.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 102,206 shares of company stock valued at $11,376,242. Company insiders own 10.40% of the company’s stock.

Institutional Trading of Hut 8

A number of institutional investors have recently made changes to their positions in the stock. Northwestern Mutual Wealth Management Co. raised its stake in 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 valued at $186,629,000 after buying an additional 4,062,367 shares during 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 shares of Hut 8 in the 4th quarter worth $129,780,000. Ameriprise Financial Inc. boosted its stake in shares of 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 buying an additional 2,269,237 shares during the last quarter. Finally, Oasis Management Co Ltd. grew its holdings in shares of 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 acquiring an additional 1,611,653 shares during the period. Hedge funds and other 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.