Hut 8 (NASDAQ:HUT) Trading Down 9.4% – What’s Next?

Hut 8 Corp. (NASDAQ:HUT) dropped 9.4% during trading on Wednesday . The company traded as low as $102.60 and last traded at $104.5760. Approximately 923,504 shares traded hands during mid-day trading, a decline of 81% from the average session volume of 4,845,592 shares. The stock had previously closed at $115.44.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on HUT shares. Northland Securities set a $120.00 price objective on shares of Hut 8 in a report on Thursday, May 7th. Rosenblatt Securities restated a “buy” rating and set a $124.00 target price on shares of Hut 8 in a research report on Thursday, June 11th. B. Riley Financial raised their target price on shares of Hut 8 from $76.00 to $130.00 and gave the company a “buy” rating in a research note on Wednesday, May 13th. Citizens Jmp lifted their price target on shares of Hut 8 from $100.00 to $140.00 and gave the company a “market outperform” rating in a report on Thursday, May 7th. Finally, Piper Sandler increased their price objective on shares of Hut 8 from $93.00 to $127.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Seventeen analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $115.79.

Hut 8 Price Performance

The company has a market cap of $11.98 billion, a P/E ratio of -35.28 and a beta of 4.61. The firm’s 50-day moving average is $106.77 and its two-hundred day moving average is $72.36. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.86 and a quick ratio of 0.86.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($1.98) EPS for the quarter, missing analysts’ consensus estimates of ($0.33) by ($1.65). The business had revenue of $139.31 million during the quarter, compared to analysts’ expectations of $78.53 million. Hut 8 had a negative return on equity of 0.35% and a negative net margin of 109.77%. Analysts anticipate that Hut 8 Corp. will post -1.29 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Rick Rickertsen sold 17,491 shares of Hut 8 stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $110.00, for a total value of $1,924,010.00. Following the completion of the transaction, the director owned 17,491 shares in the company, valued at approximately $1,924,010. The trade was a 50.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Amy Marie Wilkinson sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $100.78, for a total value of $2,015,600.00. Following the transaction, the director directly owned 262,136 shares in the company, valued at approximately $26,418,066.08. This represents a 7.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 112,724 shares of company stock valued at $12,184,340. Insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Hut 8 by 3.2% during the 4th quarter. Vanguard Group Inc. now owns 7,978,357 shares of the company’s stock worth $366,526,000 after purchasing an additional 250,320 shares during the period. Northwestern Mutual Wealth Management Co. lifted its stake in Hut 8 by 4,669,387.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 4,062,454 shares of the company’s stock worth $186,629,000 after purchasing an additional 4,062,367 shares during the last quarter. Ameriprise Financial Inc. boosted its position in shares of Hut 8 by 20.3% during the third quarter. Ameriprise Financial Inc. now owns 2,991,466 shares of the company’s stock valued at $104,133,000 after buying an additional 504,652 shares during the period. SRS Investment Management LLC bought a new position in shares of Hut 8 during the fourth quarter valued at approximately $131,838,000. Finally, Sachem Head Capital Management LP bought a new position in shares of Hut 8 during the fourth quarter valued at approximately $129,780,000. Institutional investors own 31.75% of the company’s stock.

About Hut 8

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.