Hut 8 (NASDAQ:HUT) CFO Sells $507,608.20 in Stock

Hut 8 Corp. (NASDAQ:HUT) CFO Sean Joseph Glennan sold 6,445 shares of the company’s stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $78.76, for a total transaction of $507,608.20. Following the sale, the chief financial officer directly owned 17,978 shares of the company’s stock, valued at approximately $1,415,947.28. This trade represents a 26.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Hut 8 Stock Performance

NASDAQ HUT opened at $87.13 on Friday. The firm’s 50 day simple moving average is $99.78 and its 200 day simple moving average is $85.07. The firm has a market capitalization of $10.74 billion, a price-to-earnings ratio of -15.99 and a beta of 4.64. 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 Corp. has a 1 year low of $24.20 and a 1 year high of $140.80.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($1.27) EPS for the quarter, missing the consensus estimate of ($0.55) by ($0.72). Hut 8 had a negative net margin of 188.59% and a negative return on equity of 0.97%. The firm had revenue of $72.66 million for the quarter, compared to analyst estimates of $79.37 million. During the same quarter in the prior year, the firm earned $1.18 earnings per share. As a group, research analysts expect that Hut 8 Corp. will post -2.85 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Hut 8

Several hedge funds have recently modified their holdings of the company. Arlington Trust Co LLC increased its holdings in Hut 8 by 175.0% in the 2nd quarter. Arlington Trust Co LLC now owns 275 shares of the company’s stock worth $32,000 after purchasing an additional 175 shares in the last quarter. Imprint Wealth LLC acquired a new stake in shares of Hut 8 during the fourth quarter valued at about $38,000. Russell Investments Group Ltd. grew its holdings in shares of Hut 8 by 235.8% during the second 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 last quarter. Harbor Investment Advisory LLC bought a new stake in shares of Hut 8 during the first quarter worth about $47,000. Finally, Activest Wealth Management acquired a new position in shares of Hut 8 in the fourth quarter valued at approximately $49,000. Institutional investors and hedge funds own 31.75% of the company’s stock.

Analyst Ratings Changes

HUT has been the subject of several recent analyst reports. Piper Sandler upped their price objective on Hut 8 from $127.00 to $143.00 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. Benchmark lifted their target price on Hut 8 from $165.00 to $195.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Weiss Ratings downgraded Hut 8 from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, August 19th. Northland Securities set a $120.00 target price on shares of Hut 8 in a report on Thursday, May 7th. Finally, Canaccord Genuity Group raised their price target on shares of Hut 8 from $70.00 to $130.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Hut 8 currently has a consensus rating of “Buy” and an average price target of $144.89.

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.