Hut 8 (NASDAQ:HUT) Announces Quarterly Earnings Results, Misses Estimates By $0.72 EPS

Key Points

• Hut 8 missed quarterly expectations: The company reported a loss of $1.27 per share, $0.72 worse than the consensus loss estimate of $0.55, while revenue of $72.66 million fell short of the $79.37 million forecast.
• Analysts remain broadly positive: Eighteen analysts rate the stock Buy versus one Sell, with an average price target of $138.85; B. Riley recently raised its target to $163.
• Insiders have been selling shares: Company insiders sold 102,206 shares worth approximately $11.4 million over the past three months, while insiders retain a 10.4% ownership stake.

Hut 8 (NASDAQ:HUT - Get Free Report) released its quarterly earnings data on Tuesday. The company reported ($1.27) earnings per share for the quarter, missing the consensus estimate of ($0.55) by ($0.72), FiscalAI reports. The firm had revenue of $72.66 million for the quarter, compared to the consensus estimate of $79.37 million. Hut 8 had a negative return on equity of 0.35% and a negative net margin of 109.77%.During the same period in the previous year, the business earned $1.18 EPS.

Hut 8 Price Performance

NASDAQ HUT opened at $105.31 on Tuesday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.12. Hut 8 has a 12-month low of $18.68 and a 12-month high of $140.80. The company has a market capitalization of $11.86 billion, a PE ratio of -34.73 and a beta of 4.64. The firm's 50 day moving average is $111.97 and its 200-day moving average is $81.33.

Insider Buying and Selling at Hut 8

In related news, Director Amy Marie Wilkinson sold 20,000 shares of the stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $100.78, for a total transaction of $2,015,600.00. Following the completion of the transaction, the director owned 262,136 shares in the company, valued at approximately $26,418,066.08. This represents a 7.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Joseph Flinn sold 7,719 shares of Hut 8 stock in a transaction on Friday, June 12th. The shares were sold at an average price of $117.91, for a total transaction of $910,147.29. Following the completion of the sale, the director owned 10,519 shares in the company, valued at $1,240,295.29. The trade was a 42.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 102,206 shares of company stock worth $11,376,242. Company insiders own 10.40% of the company's stock.

Institutional Trading of Hut 8

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Personalized Indexing Management LLC raised its stake in Hut 8 by 4.5% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 8,992 shares of the company's stock valued at $413,000 after acquiring an additional 388 shares during the period. Integrated Wealth Concepts LLC boosted its position in Hut 8 by 4.8% during the fourth quarter. Integrated Wealth Concepts LLC now owns 10,028 shares of the company's stock worth $461,000 after purchasing an additional 456 shares during the period. Jain Global LLC increased its holdings in shares of Hut 8 by 3.8% in the fourth quarter. Jain Global LLC now owns 13,810 shares of the company's stock valued at $634,000 after purchasing an additional 502 shares during the last quarter. Imprint Wealth LLC acquired a new position in shares of Hut 8 in the fourth quarter valued at $38,000. Finally, Bank of Montreal Can increased its holdings in shares of Hut 8 by 4.5% in the fourth quarter. Bank of Montreal Can now owns 19,536 shares of the company's stock valued at $898,000 after purchasing an additional 847 shares during the last quarter. Institutional investors and hedge funds own 31.75% of the company's stock.

Analyst Upgrades and Downgrades

HUT has been the topic of several analyst reports. B. Riley Financial increased their target price on shares of Hut 8 from $130.00 to $163.00 and gave the stock a "buy" rating in a report on Monday. Citizens Jmp boosted 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. Cantor Fitzgerald upped their price objective on shares of Hut 8 from $68.00 to $80.00 and gave the company an "overweight" rating in a research report on Thursday, April 9th. Northland Securities set a $120.00 price objective on Hut 8 in a research note on Thursday, May 7th. Finally, Piper Sandler raised their price objective on Hut 8 from $93.00 to $127.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 6th. Eighteen investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Hut 8 has an average rating of "Moderate Buy" and an average target price of $138.85.

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.

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