Hut 8 Corp. (NASDAQ:HUT – Get Free Report)’s share price dropped 7.6% during mid-day trading on Monday . The stock traded as low as $88.50 and last traded at $91.13. 6,268,054 shares traded hands during trading, an increase of 30% from the average daily volume of 4,824,375 shares. The stock had previously closed at $98.60.
Analyst Ratings Changes
Several equities research analysts have commented on HUT shares. Weiss Ratings lowered shares of Hut 8 from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, August 19th. Rosenblatt Securities reiterated a “buy” rating and set a $124.00 price objective on shares of Hut 8 in a research note on Wednesday, August 5th. Freedom Capital raised Hut 8 to a “strong-buy” rating in a report on Tuesday, August 18th. Maxim Group upgraded Hut 8 to a “strong-buy” rating in a research note on Wednesday, August 5th. Finally, Loop Capital set a $226.00 target price on Hut 8 in a report on Monday, June 22nd. Three equities research 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’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $144.89.
Get Our Latest Analysis on HUT
Hut 8 Stock Performance
Hut 8 (NASDAQ:HUT – Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($1.27) EPS for the quarter, missing the consensus estimate of ($0.55) by ($0.72). The business had revenue of $74.93 million during the quarter, compared to analyst estimates of $79.37 million. Hut 8 had a negative net margin of 188.59% and a negative return on equity of 0.97%. During the same period in the previous year, the business posted $1.18 earnings per share. As a group, sell-side analysts expect that Hut 8 Corp. will post -2.85 earnings per share for the current fiscal year.
Insider Activity
In other Hut 8 news, CFO Sean Glennan sold 6,445 shares of the firm’s 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 transaction, the chief financial officer directly owned 17,978 shares of the company’s stock, valued at $1,415,947.28. This trade represents a 26.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Victor Semah sold 10,000 shares of the business’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $125.00, for a total value of $1,250,000.00. Following the transaction, the insider directly owned 31,378 shares in the company, valued at $3,922,250. This trade represents a 24.17% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 10.40% of the company’s stock.
Hedge Funds Weigh In On Hut 8
Several institutional investors and hedge funds have recently bought and sold shares of the company. California State Teachers Retirement System lifted its stake in shares of Hut 8 by 11,436.2% in the 2nd quarter. California State Teachers Retirement System now owns 13,256,088 shares of the company’s stock valued at $1,530,349,000 after purchasing an additional 13,141,179 shares during the last quarter. BlackRock Inc. acquired a new stake in shares of Hut 8 during the 2nd quarter worth about $1,093,294,000. Northwestern Mutual Wealth Management Co. increased its position in shares of Hut 8 by 4,669,387.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 4,062,454 shares of the company’s stock worth $186,629,000 after purchasing an additional 4,062,367 shares during the last quarter. Sachem Head Capital Management LP purchased a new stake in Hut 8 in the 4th quarter valued at about $129,780,000. Finally, Oasis Management Co Ltd. raised its holdings in Hut 8 by 231.5% in the 4th quarter. Oasis Management Co Ltd. now owns 2,307,683 shares of the company’s stock valued at $106,015,000 after buying an additional 1,611,653 shares during the period. 31.75% of the stock is currently owned by institutional investors and hedge funds.
Hut 8 Company Profile
Hut 8 Corp. (NASDAQ:HUT) is a North American energy infrastructure and digital asset mining company. The company develops and operates data centers, power-generation resources and other infrastructure that support energy-intensive computing applications, including Bitcoin mining.
Hut 8 also provides services related to digital asset mining and data center operations, while pursuing opportunities in high-performance computing and artificial intelligence infrastructure. Its business is supported by a portfolio of power and data center sites in the United States and Canada.
The company was formed through the combination of Canadian Bitcoin miner Hut 8 Mining Corp.
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