Hut 8 (NASDAQ:HUT) Shares Down 5.4% After Insider Selling

Hut 8 Corp. (NASDAQ:HUT - Get Free Report)'s stock price was down 5.4% on Monday following insider selling activity. The stock traded as low as $15.63 and last traded at $15.80. Approximately 2,023,545 shares traded hands during mid-day trading, a decline of 65% from the average daily volume of 5,850,610 shares. The stock had previously closed at $16.70.

Specifically, Director Joseph Flinn sold 11,069 shares of the stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $15.77, for a total value of $174,558.13. Following the completion of the transaction, the director now directly owns 19,791 shares in the company, valued at approximately $312,104.07. This represents a 35.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on HUT shares. UBS Group set a $33.00 target price on Hut 8 in a research report on Wednesday, April 2nd. Maxim Group started coverage on Hut 8 in a research report on Thursday, May 1st. They set a "buy" rating and a $20.00 target price for the company. BTIG Research started coverage on Hut 8 in a research report on Monday, April 14th. They set a "buy" rating and a $18.00 target price for the company. Benchmark lowered their target price on Hut 8 from $41.00 to $33.00 and set a "buy" rating for the company in a research report on Wednesday, April 2nd. Finally, Roth Capital started coverage on Hut 8 in a research report on Friday, June 6th. They set a "buy" rating and a $25.00 target price for the company. Fifteen research analysts have rated the stock with a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $25.76.

Hut 8 Price Performance

The company has a debt-to-equity ratio of 0.27, a current ratio of 1.26 and a quick ratio of 1.26. The company has a 50-day moving average price of $15.58 and a two-hundred day moving average price of $17.61.

Hut 8 (NASDAQ:HUT - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported ($0.18) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.06). The firm had revenue of $20.88 million during the quarter, compared to analyst estimates of $33.68 million. Hut 8 had a negative net margin of 39.92% and a positive return on equity of 13.00%. Analysts expect that Hut 8 Corp. will post -0.53 earnings per share for the current year.

Institutional Trading of Hut 8

Large investors have recently made changes to their positions in the company. State of Wyoming acquired a new stake in shares of Hut 8 in the 1st quarter valued at about $32,000. Optiver Holding B.V. acquired a new stake in shares of Hut 8 in the 4th quarter valued at about $35,000. US Bancorp DE grew its stake in shares of Hut 8 by 3,961.7% in the 1st quarter. US Bancorp DE now owns 3,290 shares of the company's stock valued at $38,000 after buying an additional 3,209 shares during the period. Russell Investments Group Ltd. grew its stake in shares of Hut 8 by 832.4% in the 4th 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 during the period. Finally, Principal Securities Inc. acquired a new stake in shares of Hut 8 in the 4th quarter valued at about $45,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.

Hut 8 Company Profile

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.