Hut 8 (NASDAQ:HUT) Shares Down 3.6% – Here’s Why

Hut 8 Corp. (NASDAQ:HUT)’s stock price was down 3.6% on Wednesday . The company traded as low as $94.15 and last traded at $95.92. Approximately 2,827,728 shares were traded during mid-day trading, a decline of 41% from the average session volume of 4,820,862 shares. The stock had previously closed at $99.49.

Analysts Set New Price Targets

A number of analysts have recently commented on HUT shares. B. Riley Financial boosted their price objective on Hut 8 from $130.00 to $163.00 and gave the stock a “buy” rating in a research note on Monday, August 3rd. BTIG Research boosted their target price on shares of Hut 8 from $115.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. Wall Street Zen cut shares of Hut 8 from a “sell” rating to a “strong sell” rating in a report on Saturday, August 1st. Freedom Capital raised Hut 8 to a “strong-buy” rating in a report on Tuesday, August 18th. Finally, Loop Capital set a $226.00 price objective on Hut 8 in a research report on Monday, June 22nd. Three analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $144.89.

Hut 8 Stock Down 3.6%

The business’s 50 day simple moving average is $94.47 and its 200-day simple moving average is $86.91. The company has a debt-to-equity ratio of 4.22, a quick ratio of 19.35 and a current ratio of 19.35. The company has a market cap of $11.82 billion, a price-to-earnings ratio of -17.60 and a beta of 4.51.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($1.27) earnings per share 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 business had revenue of $74.93 million for the quarter, compared to the consensus estimate of $79.37 million. During the same period in the previous year, the business posted $1.18 EPS. Sell-side analysts expect that Hut 8 Corp. will post -2.85 earnings per share for the current year.

Insider Activity

In other news, insider Victor Semah sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $125.00, for a total transaction of $1,250,000.00. Following the completion of the transaction, the insider directly owned 31,378 shares of the company’s stock, valued at approximately $3,922,250. This trade represents a 24.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Sean Glennan sold 6,445 shares of Hut 8 stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $78.76, for a total value of $507,608.20. Following the sale, the chief financial officer directly owned 17,978 shares in the company, valued at $1,415,947.28. The trade was a 26.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 54,664 shares of company stock valued at $6,212,160. Insiders own 10.40% of the company’s stock.

Hedge Funds Weigh In On Hut 8

Several institutional investors have recently bought and sold shares of the business. California State Teachers Retirement System lifted its stake in shares of Hut 8 by 11,436.2% during the second quarter. California State Teachers Retirement System now owns 13,256,088 shares of the company’s stock valued at $1,530,349,000 after acquiring an additional 13,141,179 shares during the period. BlackRock Inc. acquired a new position in Hut 8 during the 2nd quarter valued at about $1,093,294,000. Northwestern Mutual Wealth Management Co. raised its stake in shares of Hut 8 by 4,669,387.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 4,062,454 shares of the company’s stock worth $186,629,000 after buying an additional 4,062,367 shares during the last quarter. Ameriprise Financial Inc. raised its stake in shares of Hut 8 by 20.3% during the third quarter. Ameriprise Financial Inc. now owns 2,991,466 shares of the company’s stock worth $104,133,000 after buying an additional 504,652 shares during the last quarter. Finally, SRS Investment Management LLC bought a new position in Hut 8 in the fourth quarter valued at approximately $131,838,000. 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.