Hut 8 (NASDAQ:HUT) Stock Price Down 5.5% – Time to Sell?

Hut 8 Corp. (NASDAQ:HUT)’s stock price fell 5.5% on Thursday . The company traded as low as $88.50 and last traded at $90.60. 3,464,027 shares changed hands during mid-day trading, a decline of 28% from the average daily volume of 4,812,691 shares. The stock had previously closed at $95.92.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on HUT shares. B. Riley Financial upped their price target on shares of Hut 8 from $130.00 to $163.00 and gave the stock a “buy” rating in a research report on Monday, August 3rd. Compass Point set a $195.00 price objective on shares of Hut 8 in a research note on Wednesday, July 22nd. BTIG Research lifted their target price on shares of Hut 8 from $115.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. Freedom Broker raised Hut 8 to a “strong-buy” rating in a research note on Tuesday, August 18th. Finally, Freedom Capital raised shares of Hut 8 to a “strong-buy” rating in a research note on Tuesday, August 18th. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Hut 8 currently has an average rating of “Buy” and an average price target of $144.89.

Hut 8 Trading Up 8.8%

The company has a debt-to-equity ratio of 4.22, a quick ratio of 19.35 and a current ratio of 19.35. The business has a 50-day simple moving average of $94.17 and a two-hundred day simple moving average of $87.53. The stock has a market cap of $12.15 billion, a price-to-earnings ratio of -18.09 and a beta of 4.51.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($1.27) earnings per share for the quarter, missing the consensus estimate of ($0.55) by ($0.72). The business had revenue of $74.93 million for the quarter, compared to the consensus estimate 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 period in the prior year, the business earned $1.18 earnings per share. As a group, research analysts forecast that Hut 8 Corp. will post -2.85 EPS for the current year.

Insider Buying and Selling at Hut 8

In other Hut 8 news, insider Victor Semah sold 10,000 shares of Hut 8 stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $125.00, for a total value of $1,250,000.00. Following the sale, the insider directly owned 31,378 shares in the company, valued at approximately $3,922,250. The trade was a 24.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Sean Glennan sold 6,445 shares of the business’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $78.76, for a total transaction of $507,608.20. Following the sale, the chief financial officer directly owned 17,978 shares in the company, valued at $1,415,947.28. This trade represents a 26.39% 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. 10.40% of the stock is currently owned by insiders.

Institutional Trading of Hut 8

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Arlington Trust Co LLC increased its position in shares of Hut 8 by 175.0% during the 2nd quarter. Arlington Trust Co LLC now owns 275 shares of the company’s stock worth $32,000 after purchasing an additional 175 shares during the last quarter. Imprint Wealth LLC acquired a new stake in shares of Hut 8 in the 4th quarter valued at approximately $38,000. Parkside Financial Bank & Trust boosted its holdings in shares of Hut 8 by 258.5% in the 2nd quarter. Parkside Financial Bank & Trust now owns 380 shares of the company’s stock valued at $44,000 after buying an additional 274 shares during the last quarter. Russell Investments Group Ltd. grew its stake in shares of Hut 8 by 235.8% in the second quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock valued at $46,000 after buying an additional 1,719 shares in the last quarter. Finally, Harbor Investment Advisory LLC acquired a new position in Hut 8 during the first quarter worth $47,000. Institutional investors own 31.75% of the company’s stock.

About Hut 8

Hut 8 Corp. (NASDAQ:HUT) is a North American energy infrastructure and digital asset mining company. The company develops and operates data centers, power-generation resources and other infrastructure that support energy-intensive computing applications, including Bitcoin mining.

Hut 8 also provides services related to digital asset mining and data center operations, while pursuing opportunities in high-performance computing and artificial intelligence infrastructure. Its business is supported by a portfolio of power and data center sites in the United States and Canada.

The company was formed through the combination of Canadian Bitcoin miner Hut 8 Mining Corp.