Hut 8 (NASDAQ:HUT) Shares Down 5.5% – Time to Sell?

Hut 8 Corp. (NASDAQ:HUT)’s stock price fell 5.5% on Thursday . The company traded as low as $88.50 and last traded at $90.60. 3,464,027 shares were traded during trading, a decline of 28% from the average daily volume of 4,812,691 shares. The stock had previously closed at $95.92.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Maxim Group raised shares of Hut 8 to a “strong-buy” rating in a report on Wednesday, August 5th. Needham & Company LLC cut their target price on shares of Hut 8 from $145.00 to $138.00 and set a “buy” rating for the company in a research report on Wednesday, August 5th. B. Riley Financial upped their price target on shares of Hut 8 from $130.00 to $163.00 and gave the company a “buy” rating in a report on Monday, August 3rd. Piper Sandler lifted their target price on shares of Hut 8 from $127.00 to $143.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. Finally, Wall Street Zen cut Hut 8 from a “sell” rating to a “strong sell” rating in a report on Saturday, August 1st. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Hut 8 currently has an average rating of “Buy” and a consensus price target of $144.89.

Hut 8 Trading Down 5.5%

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 company has a market cap of $11.17 billion, a price-to-earnings ratio of -16.62 and a beta of 4.51. The firm has a fifty day moving average price of $94.28 and a 200 day moving average price of $87.19.

Hut 8 (NASDAQ:HUT) last posted its earnings results on Wednesday, August 5th. The company reported ($1.27) earnings per share (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 for the quarter, compared to analyst estimates of $79.37 million. During the same quarter in the prior year, the business posted $1.18 EPS. As a group, equities analysts predict that Hut 8 Corp. will post -2.85 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Victor Semah sold 10,000 shares of Hut 8 stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $125.00, for a total value of $1,250,000.00. Following the transaction, the insider directly owned 31,378 shares of the company’s stock, valued at $3,922,250. This trade represents a 24.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Sean Glennan sold 6,445 shares of the firm’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $78.76, for a total transaction of $507,608.20. Following the completion of the sale, the chief financial officer 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. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 24,164 shares of company stock worth $2,667,755 in the last 90 days. Company insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of HUT. Arlington Trust Co LLC boosted its position in Hut 8 by 175.0% during the second quarter. Arlington Trust Co LLC now owns 275 shares of the company’s stock valued at $32,000 after acquiring an additional 175 shares during the last quarter. Imprint Wealth LLC purchased a new stake in shares of Hut 8 in the fourth quarter valued at about $38,000. Parkside Financial Bank & Trust grew its holdings in shares of Hut 8 by 258.5% in the second quarter. Parkside Financial Bank & Trust now owns 380 shares of the company’s stock valued at $44,000 after acquiring an additional 274 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in Hut 8 by 235.8% during the second quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock worth $46,000 after buying an additional 1,719 shares during the last quarter. Finally, Harbor Investment Advisory LLC purchased a new position in Hut 8 in the first quarter valued at approximately $47,000. Institutional investors and hedge funds own 31.75% of the company’s stock.

Hut 8 Company Profile

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.