Hut 8 (NASDAQ:HUT) Director Sells $2,000,000.00 in Stock

Hut 8 Corp. (NASDAQ:HUT) Director Mayo Shattuck III sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, September 24th. The shares were sold at an average price of $100.00, for a total transaction of $2,000,000.00. Following the completion of the transaction, the director directly owned 89,408 shares of the company’s stock, valued at approximately $8,940,800. This represents a 18.28% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Hut 8 Stock Performance

Shares of HUT opened at $86.10 on Thursday. Hut 8 Corp. has a 1 year low of $31.67 and a 1 year high of $140.80. The company’s 50 day simple moving average is $92.61 and its 200 day simple moving average is $91.76. The company has a market capitalization of $10.61 billion, a price-to-earnings ratio of -15.80 and a beta of 4.51. The company has a debt-to-equity ratio of 4.22, a quick ratio of 19.35 and a current ratio of 19.35.

Hut 8 (NASDAQ:HUT) last released its 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 return on equity of 0.97% and a negative net margin of 188.59%.The firm had revenue of $74.93 million during the quarter, compared to analysts’ expectations of $79.37 million. During the same period in the previous year, the firm posted $1.18 earnings per share. On average, sell-side analysts predict that Hut 8 Corp. will post -2.85 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts recently weighed in on HUT shares. UBS Group began coverage on Hut 8 in a research report on Wednesday, September 23rd. They set a “buy” rating and a $143.00 target price on the stock. B. Riley Financial upped their price objective on shares of Hut 8 from $130.00 to $163.00 and gave the company a “buy” rating in a research note on Monday, August 3rd. Morgan Stanley began coverage on shares of Hut 8 in a report on Thursday, July 23rd. They set an “overweight” rating and a $263.00 price objective on the stock. Piper Sandler raised their target price on shares of Hut 8 from $127.00 to $143.00 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. Finally, Maxim Group upgraded shares of Hut 8 to a “strong-buy” rating in a report on Wednesday, August 5th. Three investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $143.95.

Institutional Investors Weigh In On Hut 8

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in shares of Hut 8 in the 2nd quarter valued at about $1,093,294,000. Avala Global LP acquired a new stake in Hut 8 during the 2nd quarter worth approximately $144,602,000. Sachem Head Capital Management LP purchased a new position in Hut 8 in the fourth quarter valued at approximately $129,780,000. Geode Capital Management LLC raised its holdings in Hut 8 by 3.2% in the fourth quarter. Geode Capital Management LLC now owns 2,593,916 shares of the company’s stock valued at $119,181,000 after buying an additional 79,591 shares during the period. Finally, Oasis Management Co Ltd. lifted its position in Hut 8 by 231.5% during the fourth quarter. Oasis Management Co Ltd. now owns 2,307,683 shares of the company’s stock valued at $106,015,000 after buying an additional 1,611,653 shares in the last quarter. 31.75% of the stock is currently owned by institutional investors and hedge funds.

About Hut 8

Hut 8 Corp. (NASDAQ: HUT) is a North American energy infrastructure and digital asset mining company. Its operations include cryptocurrency mining, with a primary focus on Bitcoin, as well as the development and management of data center infrastructure supported by its energy resources.

The company owns and operates mining and data center facilities in the United States and Canada. In addition to self-mining digital assets, Hut 8 has pursued opportunities in high-performance computing and artificial intelligence infrastructure, using its power capacity, data center sites and related development capabilities to support evolving computing demand.

Hut 8 was originally established as Hut 8 Mining Corp., a Canadian cryptocurrency mining company.