Hut 8 (NASDAQ:HUT) Stock Price Down 8.8% – Here’s Why

Hut 8 Corp. (NASDAQ:HUT) fell 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 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 Analyst Weigh In

Several equities research analysts have weighed in on the stock. Freedom Capital raised shares of Hut 8 to a “strong-buy” rating in a research note on Tuesday, August 18th. Wall Street Zen cut shares of Hut 8 from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 1st. Benchmark raised their target price on Hut 8 from $165.00 to $195.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. Loop Capital set a $226.00 target price on Hut 8 in a research report on Monday, June 22nd. Finally, Canaccord Genuity Group upped their price target on Hut 8 from $70.00 to $130.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $144.89.

Hut 8 Price Performance

The stock has a market capitalization of $9.79 billion, a P/E ratio of -14.57 and a beta of 4.64. The business has a fifty day simple moving average of $99.78 and a 200 day simple moving average of $85.07. The company has a current ratio of 19.35, a quick ratio of 19.35 and a debt-to-equity ratio of 4.22.

Hut 8 (NASDAQ:HUT) last posted its earnings results on Wednesday, August 5th. The company reported ($1.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.72). The company had revenue of $74.93 million during the quarter, compared to the consensus estimate of $79.37 million. Hut 8 had a negative net margin of 188.59% and a negative return on equity of 0.97%. During the same quarter in the prior year, the business earned $1.18 EPS. On average, analysts expect that Hut 8 Corp. will post -2.85 earnings per share for the current year.

Insider Buying and Selling at Hut 8

In related news, CFO Sean Joseph Glennan sold 6,445 shares of the business’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $78.76, for a total transaction of $507,608.20. Following the transaction, the chief financial officer directly owned 17,978 shares in the company, valued at approximately $1,415,947.28. The trade was a 26.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 stock in a transaction dated 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 sale, the insider owned 31,378 shares of the company’s stock, valued at approximately $3,922,250. This trade represents a 24.17% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 54,664 shares of company stock worth $6,212,160. Corporate insiders own 10.40% of the company’s stock.

Hedge Funds Weigh In On Hut 8

A number of hedge funds and other institutional investors have recently modified their holdings of HUT. Amundi grew its holdings in shares of Hut 8 by 383.1% in the second quarter. Amundi now owns 39,551 shares of the company’s stock valued at $4,566,000 after acquiring an additional 31,364 shares in the last quarter. HighTower Advisors LLC grew its stake in Hut 8 by 183.6% in the 2nd quarter. HighTower Advisors LLC now owns 13,793 shares of the company’s stock valued at $1,592,000 after purchasing an additional 8,930 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Hut 8 during the 2nd quarter valued at $2,124,000. California State Teachers Retirement System increased its position in shares of Hut 8 by 11,436.2% during the 2nd quarter. California State Teachers Retirement System now owns 13,256,088 shares of the company’s stock valued at $1,530,349,000 after purchasing an additional 13,141,179 shares during the last quarter. Finally, AlphaGrep UK Ltd bought a new stake in shares of Hut 8 during the 2nd quarter worth $248,000. 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.