Hut 8 (NASDAQ:HUT) Stock Price Down 8.6% – What’s Next?

Hut 8 Corp. (NASDAQ:HUT)’s stock price fell 8.6% during trading on Thursday . The stock traded as low as $82.91 and last traded at $82.95. Approximately 5,962,562 shares changed hands during trading, an increase of 24% from the average session volume of 4,810,281 shares. The stock had previously closed at $90.77.

Analysts Set New Price Targets

A number of brokerages have issued reports on HUT. Rosenblatt Securities reaffirmed a “buy” rating and set a $124.00 price target on shares of Hut 8 in a research note on Wednesday, August 5th. Citigroup reissued an “outperform” rating on shares of Hut 8 in a research note on Tuesday, April 28th. Benchmark upped their price objective on Hut 8 from $165.00 to $195.00 and gave the company a “buy” rating in a report on Wednesday, July 22nd. Piper Sandler raised their target price on Hut 8 from $127.00 to $143.00 and gave the company an “overweight” rating in a research note on Thursday, August 6th. Finally, Citizens Jmp raised their target price on Hut 8 from $100.00 to $140.00 and gave the company a “market outperform” rating in a research note on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $144.89.

Hut 8 Stock Down 8.6%

The stock has a market capitalization of $10.22 billion, a P/E ratio of -15.22 and a beta of 4.64. The company has a debt-to-equity ratio of 4.22, a current ratio of 19.35 and a quick ratio of 19.35. The stock’s fifty day moving average is $107.22 and its two-hundred day moving average is $82.95.

Hut 8 (NASDAQ:HUT) last posted its quarterly 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). 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 188.59% and a negative return on equity of 0.97%. During the same period in the prior year, the company posted $1.18 EPS. As a group, research analysts predict that Hut 8 Corp. will post -2.85 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Victor Semah sold 10,000 shares of the company’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $125.00, for a total transaction of $1,250,000.00. Following the completion of the sale, the insider directly owned 31,378 shares of the company’s stock, valued at $3,922,250. This represents a 24.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Amy Marie Wilkinson sold 20,000 shares of the stock in a transaction on Thursday, May 21st. The shares were 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 of the company’s stock, valued at $26,418,066.08. This trade represents a 7.09% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 68,219 shares of company stock worth $7,720,152 in the last three months. 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. Millennium Management LLC increased its position in shares of Hut 8 by 11.9% in the first quarter. Millennium Management LLC now owns 330,416 shares of the company’s stock worth $3,839,000 after acquiring an additional 35,120 shares in the last quarter. Prudential Financial Inc. purchased a new stake in shares of Hut 8 in the 2nd quarter valued at approximately $216,000. Russell Investments Group Ltd. boosted its stake in Hut 8 by 235.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock worth $46,000 after purchasing an additional 1,719 shares during the period. New York State Common Retirement Fund boosted its stake in Hut 8 by 19.9% in the 2nd quarter. New York State Common Retirement Fund now owns 32,540 shares of the company’s stock worth $605,000 after purchasing an additional 5,400 shares during the period. Finally, Invesco Ltd. grew its position in Hut 8 by 13.2% during the 2nd quarter. Invesco Ltd. now owns 1,067,985 shares of the company’s stock worth $19,865,000 after purchasing an additional 124,439 shares in the last quarter. 31.75% of the stock is owned by hedge funds and other institutional investors.

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.