Hut 8 Corp. (NASDAQ:HUT – Get Free Report)’s share price was up 4% during mid-day trading on Wednesday . The stock traded as high as $81.50 and last traded at $80.68. Approximately 3,695,064 shares changed hands during trading, a decline of 23% from the average session volume of 4,818,344 shares. The stock had previously closed at $77.57.
Analyst Ratings Changes
HUT has been the topic of a number of analyst reports. BTIG Research increased their price objective on Hut 8 from $115.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. Weiss Ratings cut Hut 8 from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, August 19th. Citizens Jmp boosted their price objective on Hut 8 from $100.00 to $140.00 and gave the stock a “market outperform” rating in a research report on Thursday, May 7th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $124.00 target price on shares of Hut 8 in a report on Wednesday, August 5th. Finally, Maxim Group raised Hut 8 to a “strong-buy” rating in a research report on Wednesday, August 5th. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $144.89.
Read Our Latest Stock Report on Hut 8
Hut 8 Trading Up 9.2%
Hut 8 (NASDAQ:HUT – Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($1.27) earnings per share (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 $74.93 million for the quarter, compared to the consensus estimate of $79.37 million. During the same period in the prior year, the business earned $1.18 earnings per share. As a group, research analysts anticipate that Hut 8 Corp. will post -2.85 EPS for the current year.
Insiders Place Their Bets
In other Hut 8 news, CFO Sean Glennan sold 6,445 shares of the firm’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $78.76, for a total value of $507,608.20. Following the completion of the sale, the chief financial officer owned 17,978 shares in the company, valued at approximately $1,415,947.28. This trade represents a 26.39% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Joseph Flinn sold 7,719 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $117.91, for a total transaction of $910,147.29. Following the completion of the sale, the director directly owned 10,519 shares of the company’s stock, valued at approximately $1,240,295.29. This represents a 42.32% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 54,664 shares of company stock valued at $6,212,160 in the last 90 days. 10.40% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
Large investors have recently made changes to their positions in the stock. Arlington Trust Co LLC lifted its stake in Hut 8 by 175.0% in the second quarter. Arlington Trust Co LLC now owns 275 shares of the company’s stock valued at $32,000 after buying an additional 175 shares during the period. Imprint Wealth LLC acquired a new position in shares of Hut 8 in the 4th quarter valued at approximately $38,000. Russell Investments Group Ltd. raised its holdings 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 buying an additional 1,719 shares during the period. Harbor Investment Advisory LLC bought a new position in Hut 8 in the first quarter valued at approximately $47,000. Finally, CWM LLC boosted its holdings in shares of Hut 8 by 37.4% in the fourth quarter. CWM LLC now owns 1,106 shares of the company’s stock valued at $51,000 after buying an additional 301 shares during the period. 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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