Hut 8 (NASDAQ:HUT) Director Mayo Shattuck III Sells 20,000 Shares of Stock

Hut 8 Corp. (NASDAQ:HUT) Director Mayo Shattuck III sold 20,000 shares of the business’s stock in a transaction dated Thursday, September 24th. The stock was sold at an average price of $100.00, for a total value of $2,000,000.00. Following the completion of the transaction, the director directly owned 89,408 shares of the company’s stock, valued at approximately $8,940,800. This trade represents a 18.28% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Hut 8 Stock Performance

HUT traded down $4.11 during midday trading on Monday, hitting $92.71. 2,140,531 shares of the company traded hands, compared to its average volume of 4,794,020. The company’s 50-day moving average is $93.57 and its 200 day moving average is $90.90. The company has a quick ratio of 19.35, a current ratio of 19.35 and a debt-to-equity ratio of 4.22. The firm has a market capitalization of $11.43 billion, a PE ratio of -17.01 and a beta of 4.51. Hut 8 Corp. has a 52 week low of $31.67 and a 52 week high of $140.80.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($1.27) EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $74.93 million during the quarter, compared to the consensus estimate of $79.37 million. During the same quarter in the prior year, the firm earned $1.18 earnings per share. On average, research analysts expect that Hut 8 Corp. will post -2.85 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of HUT. Canada Pension Plan Investment Board bought a new position in Hut 8 in the 2nd quarter worth $45,301,000. Dimensional Fund Advisors LP grew its holdings in Hut 8 by 11.1% during the first quarter. Dimensional Fund Advisors LP now owns 207,619 shares of the company’s stock valued at $9,717,000 after purchasing an additional 20,813 shares during the period. Dayah Capital LLC grew its holdings in Hut 8 by 12.6% during the first quarter. Dayah Capital LLC now owns 217,920 shares of the company’s stock valued at $10,223,000 after purchasing an additional 24,456 shares during the period. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Hut 8 in the first quarter worth about $4,358,000. Finally, Jupiter Topco LLC purchased a new stake in Hut 8 in the second quarter worth about $8,516,000. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on HUT. UBS Group began coverage on shares of Hut 8 in a research note on Wednesday, September 23rd. They set a “buy” rating and a $143.00 target price for the company. Compass Point set a $195.00 price target on Hut 8 in a research note on Wednesday, July 22nd. Morgan Stanley initiated coverage on Hut 8 in a report on Thursday, July 23rd. They issued an “overweight” rating and a $263.00 price objective for the company. Benchmark upped their price objective on Hut 8 from $165.00 to $195.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Finally, B. Riley Financial increased their target price on Hut 8 from $130.00 to $163.00 and gave the company a “buy” rating in a report on Monday, August 3rd. Three equities research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Hut 8 presently has an average rating of “Buy” and a consensus target price of $143.95.

About Hut 8

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.