Hut 8 (NASDAQ:HUT) CFO Sean Joseph Glennan Sells 6,445 Shares of Stock

Key Points

• Hut 8 CFO Sean Joseph Glennan sold 6,445 shares for approximately $507,608, reducing his direct ownership by 26.39%; the sale covered tax withholding obligations tied to vested equity awards.
• Hut 8 shares rose 7.5% to $85.50 during Tuesday trading, while the company carries a $10.54 billion market capitalization and trades well below its 12-month high of $140.80.
• The company’s latest quarter missed expectations, reporting a $1.27 loss per share and $72.66 million in revenue versus analyst estimates of a $0.55 loss and $79.37 million; despite this, analysts maintain a consensus “Buy” rating with a $144.89 average price target.

Hut 8 Corp. (NASDAQ:HUT - Get Free Report) CFO Sean Joseph Glennan sold 6,445 shares of the firm'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 completion of the sale, the chief financial officer directly owned 17,978 shares of the company's stock, valued at approximately $1,415,947.28. This represents a 26.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Hut 8 Trading Up 7.5%

Shares of NASDAQ HUT traded up $5.94 during midday trading on Tuesday, hitting $85.50. 3,473,879 shares of the company traded hands, compared to its average volume of 5,230,172. The company has a debt-to-equity ratio of 4.22, a quick ratio of 19.35 and a current ratio of 19.35. Hut 8 Corp. has a 12-month low of $23.03 and a 12-month high of $140.80. The firm has a market cap of $10.54 billion, a P/E ratio of -15.69 and a beta of 4.64. The stock has a 50-day moving average price of $101.20 and a 200 day moving average price of $84.54.

Hut 8 (NASDAQ:HUT - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($1.27) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.55) by ($0.72). Hut 8 had a negative return on equity of 0.97% and a negative net margin of 188.59%.The firm had revenue of $72.66 million during the quarter, compared to the consensus estimate of $79.37 million. During the same quarter last year, the company posted $1.18 EPS. As a group, analysts expect that Hut 8 Corp. will post -2.85 earnings per share for the current year.

Analyst Ratings Changes

HUT has been the subject of several analyst reports. Compass Point set a $195.00 price target on Hut 8 in a report on Wednesday, July 22nd. Morgan Stanley assumed coverage on shares of Hut 8 in a research report on Thursday, July 23rd. They set an "overweight" rating and a $263.00 price objective on the stock. Freedom Broker upgraded shares of Hut 8 to a "strong-buy" rating in a research note on Tuesday, August 18th. Weiss Ratings cut shares of Hut 8 from a "hold (c-)" rating to a "sell (d+)" rating in a report on Wednesday, August 19th. Finally, Canaccord Genuity Group raised their price target on shares of Hut 8 from $70.00 to $130.00 and gave the company a "buy" rating in a research report on Thursday, May 7th. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $144.89.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in HUT. Millennium Management LLC boosted its holdings in Hut 8 by 11.9% in the first quarter. Millennium Management LLC now owns 330,416 shares of the company's stock worth $3,839,000 after purchasing an additional 35,120 shares during the last quarter. Prudential Financial Inc. bought a new stake in Hut 8 in the 2nd quarter worth approximately $216,000. Russell Investments Group Ltd. raised its stake in Hut 8 by 235.8% during the 2nd 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 during the last quarter. New York State Common Retirement Fund raised its stake in Hut 8 by 19.9% during the 2nd quarter. New York State Common Retirement Fund now owns 32,540 shares of the company's stock valued at $605,000 after buying an additional 5,400 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Hut 8 by 13.2% during the 2nd quarter. Invesco Ltd. now owns 1,067,985 shares of the company's stock valued at $19,865,000 after buying an additional 124,439 shares during the period. 31.75% of the stock is owned by hedge funds and other institutional investors.

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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