Hut 8 (NASDAQ:HUT) Stock Price Down 9.4% – What’s Next?

Hut 8 Corp. (NASDAQ:HUT) shares traded 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 traded 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

A number of analysts have weighed in on HUT shares. Cantor Fitzgerald increased their target price on Hut 8 from $68.00 to $80.00 and gave the stock an “overweight” rating in a research note on Thursday, April 9th. Citizens Jmp raised their price target on shares of Hut 8 from $100.00 to $140.00 and gave the stock a “market outperform” rating in a research note on Thursday, May 7th. Northland Securities set a $120.00 price objective on shares of Hut 8 in a report on Thursday, May 7th. BTIG Research boosted their price objective on shares of Hut 8 from $115.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, June 24th. Finally, Canaccord Genuity Group upped their target price on shares of Hut 8 from $70.00 to $130.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Seventeen research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $115.79.

Hut 8 Stock Down 7.8%

The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.12. The business has a 50-day moving average price of $106.77 and a 200-day moving average price of $72.36. The firm has a market cap of $11.98 billion, a P/E ratio of -35.28 and a beta of 4.61.

Hut 8 (NASDAQ:HUT) last released 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). The firm had revenue of $139.31 million during the quarter, compared to the consensus estimate of $78.53 million. Hut 8 had a negative net margin of 109.77% and a negative return on equity of 0.35%. On average, equities analysts forecast that Hut 8 Corp. will post -1.29 EPS for the current fiscal year.

Insider Buying and Selling at Hut 8

In other news, insider Victor Semah sold 10,518 shares of the company’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $76.83, for a total value of $808,097.94. Following the completion of the sale, the insider owned 41,378 shares of the company’s stock, valued at approximately $3,179,071.74. This represents a 20.27% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 stock in a transaction that occurred 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 owned 262,136 shares in the company, valued at approximately $26,418,066.08. This represents a 7.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 112,724 shares of company stock worth $12,184,340. Company insiders own 10.40% of the company’s stock.

Institutional Trading of Hut 8

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Glenmede Trust Co. NA increased its holdings in shares of Hut 8 by 30.1% in the 1st quarter. Glenmede Trust Co. NA now owns 21,161 shares of the company’s stock valued at $993,000 after acquiring an additional 4,896 shares during the period. Dayah Capital LLC lifted its stake in shares of Hut 8 by 12.6% during the 1st quarter. Dayah Capital LLC now owns 217,920 shares of the company’s stock worth $10,223,000 after purchasing an additional 24,456 shares during the last quarter. Amundi boosted its position in Hut 8 by 26.4% during the first quarter. Amundi now owns 8,187 shares of the company’s stock valued at $384,000 after purchasing an additional 1,712 shares in the last quarter. California State Teachers Retirement System grew its stake in Hut 8 by 21.7% in the first quarter. California State Teachers Retirement System now owns 114,909 shares of the company’s stock valued at $5,390,000 after purchasing an additional 20,469 shares during the last quarter. Finally, Engle Capital Management L.P. purchased a new position in Hut 8 in the first quarter valued at about $7,027,000. 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.