Hut 8 (NASDAQ:HUT) Stock Price Down 12.8% – Here’s Why

Hut 8 Corp. (NASDAQ:HUT) was down 12.8% during mid-day trading on Wednesday . The stock traded as low as $86.89 and last traded at $88.18. Approximately 7,168,025 shares changed hands during mid-day trading, an increase of 49% from the average daily volume of 4,814,011 shares. The stock had previously closed at $101.14.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Loop Capital set a $226.00 price target on Hut 8 in a report on Monday, June 22nd. B. Riley Financial upped their price objective on Hut 8 from $76.00 to $130.00 and gave the company a “buy” rating in a research report on Wednesday, May 13th. Benchmark increased their price objective on shares of Hut 8 from $165.00 to $195.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd. Piper Sandler boosted their price objective on shares of Hut 8 from $93.00 to $127.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Finally, Northland Securities set a $120.00 price objective on Hut 8 in a research note on Thursday, May 7th. Eighteen investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $137.20.

Hut 8 Stock Performance

The firm has a market cap of $12.44 billion, a PE ratio of -36.70 and a beta of 4.62. The firm’s 50 day simple moving average is $111.81 and its 200 day simple moving average is $80.64. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.12.

Hut 8 (NASDAQ:HUT) last posted its earnings results on Wednesday, May 6th. The company reported ($1.98) EPS for the quarter, missing analysts’ consensus estimates of ($0.33) by ($1.65). Hut 8 had a negative return on equity of 0.35% and a negative net margin of 109.77%.The firm had revenue of $139.31 million during the quarter, compared to analysts’ expectations of $78.53 million. On average, research analysts forecast that Hut 8 Corp. will post -2.52 EPS for the current fiscal year.

Insider Buying and Selling at Hut 8

In other news, Director Rick Rickertsen sold 17,491 shares of Hut 8 stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $110.00, for a total value of $1,924,010.00. Following the completion of the transaction, the director owned 17,491 shares in the company, valued at approximately $1,924,010. The trade was a 50.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Amy Marie Wilkinson sold 20,000 shares of the firm’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $100.78, for a total value of $2,015,600.00. Following the completion of the sale, the director owned 262,136 shares of the company’s stock, valued at approximately $26,418,066.08. This represents a 7.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 112,724 shares of company stock valued at $12,184,340. Corporate insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On Hut 8

Several hedge funds and other institutional investors have recently made changes to their positions in the company. CoreCap Advisors LLC increased its holdings in Hut 8 by 42.1% during the second quarter. CoreCap Advisors LLC now owns 540 shares of the company’s stock valued at $62,000 after buying an additional 160 shares during the period. Arlington Trust Co LLC lifted its holdings 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 buying an additional 175 shares during the period. Nisa Investment Advisors LLC lifted its holdings in Hut 8 by 1.6% during the fourth quarter. Nisa Investment Advisors LLC now owns 15,969 shares of the company’s stock worth $734,000 after buying an additional 254 shares during the period. GAMMA Investing LLC boosted its position in Hut 8 by 35.0% during the 2nd quarter. GAMMA Investing LLC now owns 1,057 shares of the company’s stock valued at $122,000 after acquiring an additional 274 shares in the last quarter. Finally, CWM LLC increased its holdings in shares of Hut 8 by 37.4% in the 4th quarter. CWM LLC now owns 1,106 shares of the company’s stock valued at $51,000 after acquiring an additional 301 shares during the period. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Hut 8 Company Profile

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.