Hut 8 (NASDAQ:HUT) Stock Price Down 8.7% – Should You Sell?

Hut 8 Corp. (NASDAQ:HUT) traded down 8.7% during trading on Tuesday . The company traded as low as $45.03 and last traded at $50.1950. 6,906,574 shares were traded during trading, an increase of 15% from the average session volume of 6,024,948 shares. The stock had previously closed at $55.00.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on HUT shares. JMP Securities raised their price objective on Hut 8 from $25.00 to $65.00 and gave the company a “market outperform” rating in a research report on Tuesday, October 21st. Roth Capital restated a “buy” rating and issued a $60.00 target price (up previously from $31.00) on shares of Hut 8 in a research note on Monday, September 15th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Hut 8 in a report on Friday. BTIG Research boosted their price target on Hut 8 from $33.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, October 14th. Finally, Cantor Fitzgerald raised their target price on Hut 8 from $24.00 to $64.00 and gave the company an “overweight” rating in a research report on Tuesday. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $44.63.

Hut 8 Price Performance

The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.81 and a current ratio of 1.81. The stock has a market cap of $5.17 billion, a PE ratio of -88.89 and a beta of 4.40. The stock’s 50-day moving average is $38.63 and its two-hundred day moving average is $25.38.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings results on Tuesday, November 4th. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.16) by $0.09. Hut 8 had a net margin of 112.81% and a return on equity of 8.73%. On average, equities analysts predict that Hut 8 Corp. will post -0.53 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Sean Joseph Glennan sold 6,060 shares of Hut 8 stock in a transaction on Monday, August 25th. The shares were sold at an average price of $22.09, for a total value of $133,865.40. Following the transaction, the chief financial officer directly owned 6,295 shares of the company’s stock, valued at $139,056.55. The trade was a 49.05% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Joseph Flinn sold 8,500 shares of the company’s stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $26.55, for a total value of $225,675.00. Following the transaction, the director directly owned 9,791 shares in the company, valued at $259,951.05. This represents a 46.47% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 16,060 shares of company stock valued at $399,485. 11.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in HUT. Arizona State Retirement System lifted its holdings in shares of Hut 8 by 1.9% during the 3rd quarter. Arizona State Retirement System now owns 29,290 shares of the company’s stock valued at $1,020,000 after acquiring an additional 542 shares in the last quarter. Advisors Asset Management Inc. boosted its holdings in Hut 8 by 68.4% in the second quarter. Advisors Asset Management Inc. now owns 1,613 shares of the company’s stock worth $30,000 after purchasing an additional 655 shares during the period. Main Management ETF Advisors LLC grew its position in shares of Hut 8 by 1.7% during the 2nd quarter. Main Management ETF Advisors LLC now owns 44,713 shares of the company’s stock valued at $832,000 after buying an additional 732 shares during the last quarter. Intech Investment Management LLC raised its position in shares of Hut 8 by 1.1% during the 2nd quarter. Intech Investment Management LLC now owns 66,957 shares of the company’s stock worth $1,245,000 after purchasing an additional 734 shares during the period. Finally, Nisa Investment Advisors LLC increased its position in Hut 8 by 116.4% in the second quarter. Nisa Investment Advisors LLC now owns 1,515 shares of the company’s stock worth $28,000 after buying an additional 815 shares during the period. Institutional investors and hedge funds own 31.75% of the company’s stock.

About Hut 8

Hut 8 Corp., together with its subsidiaries, acquires, builds, manages, and operates data centers for digital assets mining, computing, and artificial intelligence in the United States. It operates in four segments: Digital Assets Mining, Managed Services, High Performance Computing Colocation and Cloud, and Other.