Hut 8 (NASDAQ:HUT) Shares Gap Down Following Insider Selling

Hut 8 Corp. (NASDAQ:HUT - Get Free Report)'s share price gapped down before the market opened on Monday following insider selling activity. The stock had previously closed at $13.80, but opened at $13.23. Hut 8 shares last traded at $12.88, with a volume of 1,315,326 shares traded.

Specifically, insider Victor Semah sold 11,363 shares of the company's stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $12.95, for a total transaction of $147,150.85. Following the completion of the sale, the insider now owns 15,738 shares of the company's stock, valued at $203,807.10. This represents a 41.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on HUT shares. Canaccord Genuity Group restated a "buy" rating and issued a $32.00 price objective on shares of Hut 8 in a research note on Tuesday, March 4th. HC Wainwright restated a "buy" rating and set a $25.00 price target on shares of Hut 8 in a report on Friday. UBS Group set a $33.00 price objective on Hut 8 in a research note on Wednesday, April 2nd. Needham & Company LLC restated a "buy" rating and set a $21.00 target price on shares of Hut 8 in a research note on Friday. Finally, Rosenblatt Securities initiated coverage on Hut 8 in a research report on Friday, March 7th. They issued a "buy" rating and a $23.00 price target on the stock. Thirteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $26.00.

Hut 8 Price Performance

The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00. The firm has a 50-day moving average of $12.49 and a 200 day moving average of $18.91.

Hut 8 (NASDAQ:HUT - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.18) EPS for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.06). The firm had revenue of $20.88 million for the quarter, compared to the consensus estimate of $33.68 million. As a group, sell-side analysts predict that Hut 8 Corp. will post -0.53 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Hut 8

Hedge funds have recently modified their holdings of the stock. R Squared Ltd bought a new stake in Hut 8 in the fourth quarter valued at $26,000. Nisa Investment Advisors LLC grew its holdings in shares of Hut 8 by 77.9% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company's stock worth $26,000 after purchasing an additional 545 shares during the last quarter. Optiver Holding B.V. acquired a new stake in shares of Hut 8 during the 4th quarter worth about $35,000. US Bancorp DE lifted its holdings in Hut 8 by 3,961.7% during the 1st quarter. US Bancorp DE now owns 3,290 shares of the company's stock valued at $38,000 after purchasing an additional 3,209 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its position in Hut 8 by 832.4% in the fourth quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company's stock valued at $42,000 after buying an additional 1,823 shares in the last quarter. 31.75% of the stock is owned by institutional investors and hedge funds.

About Hut 8

Hut 8 Corp., together with its subsidiaries, acquires, builds, manages, and operates data centers for digital assets mining, computing, and artificial intelligence in the United States. It operates in four segments: Digital Assets Mining, Managed Services, High Performance Computing Colocation and Cloud, and Other.