Hut 8 (NASDAQ:HUT) Shares Down 11.8% – Here’s Why

Hut 8 Corp. (NASDAQ:HUT) shares dropped 11.8% during mid-day trading on Thursday . The stock traded as low as $93.80 and last traded at $96.1210. Approximately 4,898,057 shares changed hands during mid-day trading, a decline of 2% from the average daily volume of 5,022,929 shares. The stock had previously closed at $108.94.

Trending Headlines about Hut 8

Here are the key news stories impacting Hut 8 this week:

• Positive Sentiment: Signed a 15‑year, 352 MW, triple‑net lease for Beacon Point in Texas with a base‑term contract value of $9.8B (expands Hut 8’s contracted AI capacity and validates its pivot to hyperscale AI infrastructure). PR Newswire: Beacon Point Lease
• Positive Sentiment: Multiple brokerages raised price targets and ratings this week (Canaccord to $130, Citizens Jmp to $140, Needham to $128, Piper Sandler to $127, BTIG to $115), signaling strong sell‑side conviction that Hut 8’s AI/data‑center pivot materially increases long‑term value. Canaccord PT Raise
• Positive Sentiment: Closed a $3.25B offering of fully amortizing, investment‑grade senior secured notes to fund River Bend — non‑dilutive, high loan‑to‑cost project financing that supports aggressive buildout without equity issuance. PR Newswire: Q1 Results / Financing
• Neutral Sentiment: CEO Asher Genoot appeared on TV outlining strong demand, available power capacity and the thesis that investor skepticism about the crypto→AI story is ending — supportive for sentiment but not new contract evidence. CEO Interview
• Neutral Sentiment: Q1 showed revenues more than triple year‑over‑year (revenue beat) but the company reported a large EPS loss, leaving fundamentals mixed as investors weigh growth vs. near‑term profitability. Q1 Press Release / Slide Deck
• Negative Sentiment: After Wednesday’s ~30–35% rally on the lease and upgrades, today’s decline appears driven by profit‑taking and position‑sizing (heavy volume) as traders lock gains and re‑price risk amid the company’s still‑negative EPS. Benzinga: Stock Pullback

Analyst Upgrades and Downgrades

HUT has been the topic of several analyst reports. Canaccord Genuity Group lifted their target price on Hut 8 from $62.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, February 27th. Rosenblatt Securities reiterated a “buy” rating and issued a $65.00 target price on shares of Hut 8 in a research note on Thursday, February 26th. BTIG Research raised their price target on Hut 8 from $90.00 to $115.00 and gave the stock a “buy” rating in a report on Wednesday. HC Wainwright reissued a “buy” rating and issued a $80.00 price target on shares of Hut 8 in a report on Thursday, February 26th. Finally, Keefe, Bruyette & Woods raised their price target on Hut 8 from $55.00 to $75.00 and gave the stock a “moderate buy” rating in a report on Tuesday, January 27th. Sixteen analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $92.50.

Hut 8 Stock Performance

The company has a debt-to-equity ratio of 0.12, a current ratio of 1.09 and a quick ratio of 1.09. The firm has a market cap of $11.39 billion, a price-to-earnings ratio of -43.61 and a beta of 4.48. The firm has a fifty day simple moving average of $59.84 and a two-hundred day simple moving average of $52.89.

Insider Activity

In other Hut 8 news, CFO Sean Joseph Glennan sold 4,625 shares of the firm’s stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $49.05, for a total value of $226,856.25. Following the completion of the sale, the chief financial officer owned 12,068 shares of the company’s stock, valued at approximately $591,935.40. This trade represents a 27.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Victor Semah sold 10,518 shares of the firm’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $76.83, for a total value of $808,097.94. Following the completion of the sale, the insider directly owned 41,378 shares of the company’s stock, valued at approximately $3,179,071.74. This represents a 20.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 20,641 shares of company stock valued at $1,304,631. Corporate insiders own 11.20% of the company’s stock.

Institutional Investors Weigh In On Hut 8

A number of institutional investors and hedge funds have recently modified their holdings of HUT. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Hut 8 by 4,669,387.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 4,062,454 shares of the company’s stock worth $186,629,000 after purchasing an additional 4,062,367 shares during the period. SRS Investment Management LLC acquired a new stake in shares of Hut 8 during the fourth quarter worth about $131,838,000. Sachem Head Capital Management LP acquired a new stake in shares of Hut 8 during the fourth quarter worth about $129,780,000. Ameriprise Financial Inc. lifted its holdings in shares of Hut 8 by 1,043.0% during the second quarter. Ameriprise Financial Inc. now owns 2,486,814 shares of the company’s stock worth $46,255,000 after purchasing an additional 2,269,237 shares during the period. Finally, Oasis Management Co Ltd. lifted its holdings in shares of Hut 8 by 231.5% during the fourth quarter. Oasis Management Co Ltd. now owns 2,307,683 shares of the company’s stock worth $106,015,000 after purchasing an additional 1,611,653 shares during the period. Institutional investors and hedge funds 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.