Hut 8 (NASDAQ:HUT) CFO Sells $507,608.20 in Stock

Hut 8 Corp. (NASDAQ:HUT) CFO Sean Joseph Glennan sold 6,445 shares of the stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $78.76, for a total value of $507,608.20. Following the completion of the transaction, the chief financial officer directly owned 17,978 shares in the company, valued at approximately $1,415,947.28. This represents a 26.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Hut 8 Stock Performance

NASDAQ:HUT traded up $5.94 on Tuesday, hitting $85.50. The stock had a trading volume of 3,473,879 shares, compared to its average volume of 5,230,172. The business’s 50-day simple moving average is $101.20 and its two-hundred day simple moving average is $84.54. The stock has a market cap of $10.54 billion, a price-to-earnings ratio of -15.69 and a beta of 4.64. Hut 8 Corp. has a 52-week low of $23.03 and a 52-week high of $140.80. The company has a quick ratio of 19.35, a current ratio of 19.35 and a debt-to-equity ratio of 4.22.

Hut 8 (NASDAQ:HUT) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($1.27) EPS for the quarter, missing the consensus estimate of ($0.55) by ($0.72). Hut 8 had a negative net margin of 188.59% and a negative return on equity of 0.97%. The business had revenue of $72.66 million for the quarter, compared to analysts’ expectations of $79.37 million. During the same period in the previous year, the company earned $1.18 EPS. As a group, research analysts predict that Hut 8 Corp. will post -2.85 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have commented on HUT shares. Jefferies Financial Group started coverage on shares of Hut 8 in a report on Thursday, May 14th. They set a “buy” rating and a $156.00 target price for the company. Freedom Broker upgraded shares of Hut 8 to a “strong-buy” rating in a research note on Tuesday, August 18th. Needham & Company LLC cut their price objective 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. Rosenblatt Securities restated a “buy” rating and issued a $124.00 price objective on shares of Hut 8 in a research note on Wednesday, August 5th. Finally, BTIG Research raised their target price on Hut 8 from $115.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. Three analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Buy” and an average target price of $144.89.

Institutional Investors Weigh In On Hut 8

Institutional investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP boosted its stake in Hut 8 by 11.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 207,619 shares of the company’s stock worth $9,717,000 after purchasing an additional 20,813 shares during the period. Northwestern Mutual Wealth Management Co. raised its position 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 valued at $186,629,000 after buying an additional 4,062,367 shares during the last quarter. Handelsbanken Fonder AB bought a new stake in shares of Hut 8 during the fourth quarter valued at approximately $1,153,000. Dayah Capital LLC increased its holdings in Hut 8 by 12.6% in the 1st quarter. Dayah Capital LLC now owns 217,920 shares of the company’s stock valued at $10,223,000 after acquiring an additional 24,456 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Hut 8 in the 1st quarter valued at $4,358,000. 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.