Van ECK Associates Corp Cuts Stock Holdings in Hut 8 Corp. $HUT

Van ECK Associates Corp trimmed its position in shares of Hut 8 Corp. (NASDAQ:HUT) by 31.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 430,684 shares of the company’s stock after selling 195,868 shares during the quarter. Van ECK Associates Corp owned 0.35% of Hut 8 worth $49,718,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in HUT. Hsbc Holdings PLC purchased a new stake in shares of Hut 8 in the second quarter valued at about $351,000. Wellington Management Group LLP purchased a new position in Hut 8 during the second quarter worth about $97,949,000. Kingsview Wealth Management LLC purchased a new position in Hut 8 during the second quarter worth about $452,000. Capstone Investment Advisors LLC bought a new stake in Hut 8 in the 2nd quarter worth about $863,000. Finally, Corient Private Wealth LP bought a new stake in Hut 8 in the 2nd quarter worth about $752,000. Institutional investors own 31.75% of the company’s stock.

Analyst Upgrades and Downgrades

HUT has been the subject of several analyst reports. Piper Sandler increased their price objective on shares of Hut 8 from $127.00 to $143.00 and gave the company an “overweight” rating in a research note on Thursday, August 6th. Morgan Stanley began coverage on Hut 8 in a report on Thursday, July 23rd. They issued an “overweight” rating and a $263.00 target price for the company. Citizens Jmp increased their price target on Hut 8 from $100.00 to $140.00 and gave the company a “market outperform” rating in a research report on Thursday, May 7th. Jefferies Financial Group assumed coverage on Hut 8 in a report on Thursday, May 14th. They set a “buy” rating and a $156.00 price target on the stock. Finally, Benchmark boosted their price objective on Hut 8 from $165.00 to $195.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $144.89.

Insider Buying and Selling at Hut 8

In other Hut 8 news, CFO Sean Joseph Glennan sold 6,445 shares of the firm’s stock in a transaction on Monday, August 24th. The stock was sold at an average price of $78.76, for a total value of $507,608.20. Following the completion of the sale, the chief financial officer directly owned 17,978 shares of the company’s stock, valued at $1,415,947.28. This trade represents a 26.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Joseph Flinn sold 30,500 shares of the firm’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $116.21, for a total value of $3,544,405.00. Following the completion of the sale, the director directly owned 18,238 shares of the company’s stock, valued at $2,119,437.98. This represents a 62.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 54,664 shares of company stock valued at $6,212,160. Company insiders own 10.40% of the company’s stock.

Hut 8 Stock Down 8.8%

HUT opened at $79.42 on Friday. The company has a quick ratio of 19.35, a current ratio of 19.35 and a debt-to-equity ratio of 4.22. The stock has a market cap of $9.79 billion, a price-to-earnings ratio of -14.57 and a beta of 4.64. Hut 8 Corp. has a twelve month low of $24.20 and a twelve month high of $140.80. The company’s 50-day moving average price is $98.87 and its two-hundred day moving average price is $85.03.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($1.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.55) by ($0.72). The company had revenue of $74.93 million for the quarter, compared to analysts’ expectations of $79.37 million. Hut 8 had a negative return on equity of 0.97% and a negative net margin of 188.59%.During the same quarter in the previous year, the business earned $1.18 EPS. As a group, equities analysts expect that Hut 8 Corp. will post -2.85 earnings per share for the current year.

Hut 8 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.