Hut 8 (NASDAQ:HUT) Director Sells $3,544,405.00 in Stock

Hut 8 Corp. (NASDAQ:HUT) Director Joseph Flinn sold 30,500 shares of the firm’s stock in a transaction on Thursday, June 11th. The shares were 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. This represents a 62.58% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Joseph Flinn also recently made the following trade(s):

• On Friday, June 12th, Joseph Flinn sold 7,719 shares of Hut 8 stock. The shares were sold at an average price of $117.91, for a total transaction of $910,147.29.

Hut 8 Price Performance

Shares of NASDAQ HUT traded up $1.32 on Monday, hitting $120.18. The company’s stock had a trading volume of 3,638,549 shares, compared to its average volume of 3,978,575. Hut 8 Corp. has a 12-month low of $15.26 and a 12-month high of $140.80. The company has a market capitalization of $13.53 billion, a price-to-earnings ratio of -40.06 and a beta of 4.61. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.86 and a quick ratio of 0.86. The stock has a 50 day moving average of $94.34 and a 200-day moving average of $66.37.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($1.98) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.33) by ($1.65). Hut 8 had a negative net margin of 109.77% and a negative return on equity of 0.35%. The business had revenue of $139.31 million during the quarter, compared to analysts’ expectations of $78.53 million. As a group, research analysts predict that Hut 8 Corp. will post -1.29 EPS for the current year.

Analysts Set New Price Targets

Several research analysts recently weighed in on HUT shares. Canaccord Genuity Group boosted their target price 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. Arete Research started coverage on shares of Hut 8 in a research note on Monday, March 23rd. They issued a “buy” rating and a $136.00 target price for the company. Citigroup reissued an “outperform” rating on shares of Hut 8 in a research note on Tuesday, April 28th. Needham & Company LLC boosted their target price on shares of Hut 8 from $88.00 to $128.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $124.00 target price on shares of Hut 8 in a research note on Thursday. Seventeen analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $107.72.

Institutional Trading of Hut 8

A number of institutional investors and hedge funds have recently bought and sold shares of HUT. Millennium Management LLC increased its position in Hut 8 by 11.9% during the 1st quarter. Millennium Management LLC now owns 330,416 shares of the company’s stock worth $3,839,000 after purchasing an additional 35,120 shares in the last quarter. Prudential Financial Inc. acquired a new stake in Hut 8 during the 2nd quarter worth approximately $216,000. Russell Investments Group Ltd. increased its position in Hut 8 by 235.8% during 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 in the last quarter. New York State Common Retirement Fund increased its position in Hut 8 by 19.9% during 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 in the last quarter. Finally, Invesco Ltd. increased 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. Institutional investors and hedge funds 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.