Hut 8 Corp. (NASDAQ:HUT – Get Free Report) shares fell 7.5% during mid-day trading on Thursday. The stock traded as low as $82.64 and last traded at $82.6310. Approximately 1,489,687 shares traded hands during trading, a decline of 69% from the average daily volume of 4,798,184 shares. The stock had previously closed at $89.30.
Analyst Ratings Changes
A number of brokerages recently commented on HUT. Freedom Capital upgraded Hut 8 to a “strong-buy” rating in a research report on Tuesday, August 18th. Maxim Group raised shares of Hut 8 to a “strong-buy” rating in a research report on Wednesday, August 5th. BTIG Research increased their price objective on shares of Hut 8 from $115.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. Roth Capital reissued a “buy” rating and issued a $108.00 target price on shares of Hut 8 in a report on Wednesday. Finally, Weiss Ratings cut shares of Hut 8 from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, August 19th. Three equities research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $145.23.
View Our Latest Stock Analysis on HUT
Hut 8 Stock Performance
Hut 8 (NASDAQ:HUT – Get Free Report) last released its quarterly earnings results 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 return on equity of 0.97% and a negative net margin of 188.59%.The firm had revenue of $74.93 million for the quarter, compared to the consensus estimate of $79.37 million. During the same quarter last year, the firm posted $1.18 earnings per share. Equities research analysts anticipate that Hut 8 Corp. will post -2.98 EPS for the current year.
Insider Buying and Selling
In other Hut 8 news, Director Mayo Shattuck, III sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, September 24th. The shares were sold at an average price of $100.00, for a total transaction of $2,000,000.00. Following the sale, the director directly owned 89,408 shares of the company’s stock, valued at $8,940,800. The trade was a 18.28% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Sean Glennan sold 6,445 shares of the firm’s stock in a transaction on Monday, August 24th. The shares were sold at an average price of $78.76, for a total transaction 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. The trade was a 26.39% 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 own 10.40% of the company’s stock.
Institutional Inflows and Outflows
Several large investors have recently bought and sold shares of HUT. BlackRock Inc. acquired a new position in Hut 8 during the 2nd quarter worth about $1,093,294,000. Avala Global LP acquired a new stake in shares of Hut 8 in the second quarter valued at about $144,602,000. Sachem Head Capital Management LP bought a new position in shares of Hut 8 during the fourth quarter worth about $129,780,000. Oasis Management Co Ltd. increased its position in Hut 8 by 231.5% during the 4th quarter. Oasis Management Co Ltd. now owns 2,307,683 shares of the company’s stock valued at $106,015,000 after purchasing an additional 1,611,653 shares during the period. Finally, Wellington Management Group LLP bought a new position in Hut 8 during the 2nd quarter worth approximately $97,949,000. 31.75% of the stock is owned by institutional investors.
Hut 8 Company Profile
Hut 8 Corp. (NASDAQ: HUT) is a North American energy infrastructure and digital asset mining company. Its operations include cryptocurrency mining, with a primary focus on Bitcoin, as well as the development and management of data center infrastructure supported by its energy resources.
The company owns and operates mining and data center facilities in the United States and Canada. In addition to self-mining digital assets, Hut 8 has pursued opportunities in high-performance computing and artificial intelligence infrastructure, using its power capacity, data center sites and related development capabilities to support evolving computing demand.
Hut 8 was originally established as Hut 8 Mining Corp., a Canadian cryptocurrency mining company.
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