Hut 8 (NASDAQ:HUT) Shares Down 8.8% – Here’s What Happened

Hut 8 Corp. (NASDAQ:HUT) shares traded down 8.8% during mid-day trading on Friday . The stock traded as low as $78.55 and last traded at $79.42. 4,428,746 shares changed hands during mid-day trading, a decline of 8% from the average daily volume of 4,835,735 shares. The stock had previously closed at $87.13.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on HUT shares. Northland Securities set a $120.00 price target on Hut 8 in a research note on Thursday, May 7th. Morgan Stanley initiated coverage on shares of Hut 8 in a research report on Thursday, July 23rd. They set an “overweight” rating and a $263.00 target price for the company. Compass Point set a $195.00 target price on shares of Hut 8 in a research note on Wednesday, July 22nd. Citizens Jmp boosted their price target on shares of Hut 8 from $100.00 to $140.00 and gave the company a “market outperform” rating in a research report on Thursday, May 7th. Finally, Jefferies Financial Group assumed coverage on shares of Hut 8 in a research note on Thursday, May 14th. They set a “buy” rating and a $156.00 price target on the stock. Three analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Hut 8 presently has an average rating of “Buy” and a consensus price target of $144.89.

Hut 8 Trading Down 8.8%

The company has a debt-to-equity ratio of 4.22, a quick ratio of 19.35 and a current ratio of 19.35. The firm has a market cap of $9.79 billion, a P/E ratio of -14.57 and a beta of 4.64. The firm has a 50 day simple moving average of $98.87 and a 200 day simple moving average of $85.03.

Hut 8 (NASDAQ:HUT) last announced 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 net margin of 188.59% and a negative return on equity of 0.97%. The company had revenue of $74.93 million for the quarter, compared to the consensus estimate of $79.37 million. During the same quarter in the prior year, the company earned $1.18 earnings per share. On average, equities research analysts predict that Hut 8 Corp. will post -2.85 EPS for the current fiscal year.

Insider Buying and Selling

In other Hut 8 news, Director Joseph Flinn sold 7,719 shares of the stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $117.91, for a total value of $910,147.29. Following the sale, the director directly owned 10,519 shares in the company, valued at $1,240,295.29. This represents a 42.32% 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 firm’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $125.00, for a total transaction of $1,250,000.00. Following the completion of the transaction, the insider directly owned 31,378 shares of the company’s stock, valued at approximately $3,922,250. The trade was a 24.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 54,664 shares of company stock valued at $6,212,160. Company insiders own 10.40% of the company’s stock.

Institutional Trading of Hut 8

Several institutional investors and hedge funds have recently made changes to their positions in HUT. Millennium Management LLC lifted its stake in Hut 8 by 11.9% during the first quarter. Millennium Management LLC now owns 330,416 shares of the company’s stock worth $3,839,000 after purchasing an additional 35,120 shares during the last quarter. Prudential Financial Inc. purchased a new position in Hut 8 in the 2nd quarter worth $216,000. Russell Investments Group Ltd. lifted its stake in Hut 8 by 235.8% in the second quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock worth $46,000 after purchasing an additional 1,719 shares during the last quarter. New York State Common Retirement Fund boosted its position in Hut 8 by 19.9% during the second quarter. New York State Common Retirement Fund now owns 32,540 shares of the company’s stock valued at $605,000 after buying an additional 5,400 shares during the period. Finally, Invesco Ltd. boosted its position in Hut 8 by 13.2% during the second quarter. Invesco Ltd. now owns 1,067,985 shares of the company’s stock valued at $19,865,000 after buying an additional 124,439 shares during the period. Hedge funds and other institutional investors 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.