Hut 8 Corp. (NASDAQ:HUT – Get Free Report)’s share price gapped down prior to trading on Tuesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $112.08, but opened at $103.51. Hut 8 shares last traded at $103.0050, with a volume of 1,316,089 shares changing hands.
The company reported ($1.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.72). Hut 8 had a negative net margin of 109.77% and a negative return on equity of 0.35%. The company had revenue of $72.66 million during the quarter, compared to analysts’ expectations of $79.37 million. During the same period last year, the firm posted $1.18 earnings per share.
Wall Street Analysts Forecast Growth
HUT has been the topic of a number of research analyst reports. Cantor Fitzgerald boosted their target price on Hut 8 from $68.00 to $80.00 and gave the company an “overweight” rating in a research report on Thursday, April 9th. Morgan Stanley assumed coverage on Hut 8 in a research report on Thursday, July 23rd. They set an “overweight” rating and a $263.00 price target for the company. Benchmark boosted 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. BTIG Research increased their target price on Hut 8 from $115.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. Finally, Wall Street Zen downgraded Hut 8 from a “sell” rating to a “strong sell” rating in a research report on Saturday. Eighteen research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Hut 8 currently has a consensus rating of “Moderate Buy” and a consensus price target of $138.85.
Insider Buying and Selling at Hut 8
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 sale, the insider owned 31,378 shares of the company’s stock, valued at approximately $3,922,250. This represents a 24.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through 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 sale, the director owned 262,136 shares in the company, valued at approximately $26,418,066.08. The trade was a 7.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 102,206 shares of company stock worth $11,376,242. 10.40% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Hut 8
Several large investors have recently bought and sold shares of the stock. Arlington Trust Co LLC raised its position in Hut 8 by 175.0% in the 2nd quarter. Arlington Trust Co LLC now owns 275 shares of the company’s stock valued at $32,000 after purchasing an additional 175 shares in the last quarter. Imprint Wealth LLC purchased a new position in shares of Hut 8 in the 4th quarter valued at about $38,000. Russell Investments Group Ltd. grew its position 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 buying an additional 1,719 shares in the last quarter. Harbor Investment Advisory LLC acquired a new position in shares of Hut 8 during the first quarter worth about $47,000. Finally, Activest Wealth Management purchased a new stake in shares of Hut 8 during the fourth quarter worth approximately $49,000. Hedge funds and other institutional investors own 31.75% of the company’s stock.
Hut 8 Trading Down 8.5%
The company’s fifty day moving average is $111.97 and its two-hundred day moving average is $81.33. The stock has a market cap of $11.54 billion, a price-to-earnings ratio of -34.16 and a beta of 4.64. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.12.
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.
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