Shares of Hut 8 Corp. (NASDAQ:HUT – Get Free Report) traded up 2.2% during trading on Wednesday . The stock traded as high as $96.75 and last traded at $90.77. Approximately 4,510,443 shares changed hands during trading, a decline of 6% from the average daily volume of 4,799,723 shares. The stock had previously closed at $88.78.
Analyst Upgrades and Downgrades
Several research analysts have recently weighed in on the stock. B. Riley Financial upped their price target on shares of Hut 8 from $130.00 to $163.00 and gave the company a “buy” rating in a report on Monday, August 3rd. Keefe, Bruyette & Woods cut their price objective on shares of Hut 8 from $157.00 to $154.00 and set an “outperform” rating on the stock in a research report on Thursday, August 6th. Weiss Ratings raised shares of Hut 8 from a “sell (d-)” rating to a “hold (c-)” rating in a research note on Tuesday, August 4th. Loop Capital set a $226.00 target price on Hut 8 in a report on Monday, June 22nd. Finally, Wall Street Zen downgraded Hut 8 from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 1st. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $144.89.
Read Our Latest Stock Report on HUT
Hut 8 Stock Performance
Hut 8 (NASDAQ:HUT – Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported ($1.27) earnings per share for the quarter, missing analysts’ consensus estimates 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 $72.66 million during the quarter, compared to the consensus estimate of $79.37 million. During the same period last year, the business posted $1.18 EPS. As a group, equities analysts predict that Hut 8 Corp. will post -2.85 EPS for the current year.
Insider Activity at Hut 8
In related news, Director Joseph Flinn sold 7,719 shares of the company’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $117.91, for a total transaction of $910,147.29. Following the sale, the director owned 10,519 shares in the company, valued at approximately $1,240,295.29. This represents a 42.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Amy Marie Wilkinson sold 20,000 shares of the stock in a transaction that occurred 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 transaction, the director directly owned 262,136 shares of the company’s stock, valued at $26,418,066.08. This trade represents a 7.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 68,219 shares of company stock valued at $7,720,152. 10.40% of the stock is owned by insiders.
Institutional Investors Weigh In On Hut 8
Several large investors have recently made changes to their positions in HUT. Arlington Trust Co LLC raised its position in Hut 8 by 175.0% during the second quarter. Arlington Trust Co LLC now owns 275 shares of the company’s stock worth $32,000 after acquiring an additional 175 shares in the last quarter. CoreCap Advisors LLC grew its position in shares of Hut 8 by 42.1% in the 2nd quarter. CoreCap Advisors LLC now owns 540 shares of the company’s stock valued at $62,000 after acquiring an additional 160 shares during the period. Imprint Wealth LLC acquired a new position in shares of Hut 8 during the 4th quarter worth about $38,000. Harbor Investment Advisory LLC acquired a new position in shares of Hut 8 during the 1st quarter worth about $47,000. Finally, Meeder Asset Management Inc. bought a new stake in shares of Hut 8 in the 2nd quarter valued at about $119,000. Institutional investors and hedge funds 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.
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