Hut 8 (NASDAQ:HUT) Stock Price Down 8.7% – Here’s Why

Hut 8 Corp. (NASDAQ:HUT) traded down 8.7% during mid-day trading on Tuesday . The company traded as low as $45.03 and last traded at $50.1950. 6,906,574 shares changed hands during trading, an increase of 15% from the average session volume of 6,024,948 shares. The stock had previously closed at $55.00.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. B. Riley reissued a “buy” rating on shares of Hut 8 in a research note on Wednesday, October 22nd. BTIG Research reissued a “buy” rating and set a $55.00 target price on shares of Hut 8 in a research note on Thursday. Maxim Group increased their target price on Hut 8 from $23.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, August 11th. Canaccord Genuity Group increased their target price on Hut 8 from $36.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Northland Securities set a $58.00 price target on shares of Hut 8 in a research note on Wednesday. Two research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $47.75.

Hut 8 Stock Down 7.7%

The company has a market capitalization of $4.69 billion, a P/E ratio of -78.85 and a beta of 4.40. The firm’s 50 day moving average price is $39.83 and its two-hundred day moving average price is $25.91. The company has a current ratio of 0.72, a quick ratio of 1.81 and a debt-to-equity ratio of 0.14.

Hut 8 (NASDAQ:HUT) last released its quarterly earnings data on Tuesday, November 4th. The company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.16) by $0.09. The company had revenue of $84.36 million during the quarter, compared to the consensus estimate of $64.70 million. Hut 8 had a return on equity of 8.06% and a net margin of 115.39%. Equities research analysts forecast that Hut 8 Corp. will post -0.53 EPS for the current year.

Insider Activity at Hut 8

In other news, CFO Sean Joseph Glennan sold 6,060 shares of the stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $22.09, for a total value of $133,865.40. Following the completion of the sale, the chief financial officer owned 6,295 shares of the company’s stock, valued at approximately $139,056.55. This represents a 49.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Joseph Flinn sold 8,500 shares of the stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $26.55, for a total value of $225,675.00. Following the completion of the sale, the director directly owned 9,791 shares of the company’s stock, valued at approximately $259,951.05. The trade was a 46.47% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 16,060 shares of company stock valued at $399,485. 11.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Hut 8

Several hedge funds have recently added to or reduced their stakes in HUT. Teacher Retirement System of Texas acquired a new stake in Hut 8 during the 1st quarter valued at $143,000. Edgestream Partners L.P. acquired a new stake in Hut 8 during the 1st quarter valued at $3,042,000. SBI Securities Co. Ltd. lifted its holdings in Hut 8 by 51.7% during the 1st quarter. SBI Securities Co. Ltd. now owns 9,468 shares of the company’s stock valued at $110,000 after purchasing an additional 3,228 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in Hut 8 by 181.2% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,287,163 shares of the company’s stock valued at $14,957,000 after purchasing an additional 829,484 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in Hut 8 by 7.9% during the 1st quarter. Victory Capital Management Inc. now owns 11,127 shares of the company’s stock valued at $129,000 after purchasing an additional 819 shares during the last quarter. Institutional investors and hedge funds own 31.75% of the company’s stock.

Hut 8 Company Profile

Hut 8 Corp., together with its subsidiaries, acquires, builds, manages, and operates data centers for digital assets mining, computing, and artificial intelligence in the United States. It operates in four segments: Digital Assets Mining, Managed Services, High Performance Computing Colocation and Cloud, and Other.