Insider Selling: Hut 8 (NASDAQ:HUT) Director Sells $2,000,000.00 in Stock

Key Points

• Hut 8 director Mayo Shattuck III sold 20,000 shares at an average price of $100, generating $2 million and reducing his direct holdings by 18.28% to 89,408 shares.
• Hut 8 shares fell 4.2% to $92.71, while the company’s latest quarter showed a larger-than-expected loss of $1.27 per share and revenue below estimates.
• Despite the insider sale and weak results, analysts maintain a consensus “Buy” rating with an average price target of $143.95; institutional investors own 31.75% of the stock.

Hut 8 Corp. (NASDAQ:HUT - Get Free Report) Director Mayo Shattuck III sold 20,000 shares of the firm's stock in a transaction on Thursday, September 24th. The stock was sold at an average price of $100.00, for a total value of $2,000,000.00. Following the completion of the sale, the director directly owned 89,408 shares of the company's stock, valued at $8,940,800. The trade was a 18.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Hut 8 Trading Down 4.2%

NASDAQ:HUT traded down $4.11 during trading hours on Monday, hitting $92.71. The company had a trading volume of 2,140,531 shares, compared to its average volume of 4,794,020. The company has a debt-to-equity ratio of 4.22, a current ratio of 19.35 and a quick ratio of 19.35. The stock has a 50-day moving average price of $93.57 and a 200 day moving average price of $90.90. The company has a market capitalization of $11.43 billion, a PE ratio of -17.01 and a beta of 4.51. Hut 8 Corp. has a 52 week low of $31.67 and a 52 week high of $140.80.

Hut 8 (NASDAQ:HUT - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($1.27) EPS for the quarter, missing the consensus estimate of ($0.55) by ($0.72). The company had revenue of $74.93 million during 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 quarter last year, the company posted $1.18 earnings per share. On average, equities research analysts predict that Hut 8 Corp. will post -2.85 EPS for the current fiscal year.

Institutional Investors Weigh In On Hut 8

A number of institutional investors have recently made changes to their positions in the company. Van Hulzen Asset Management LLC purchased a new position in Hut 8 in the 2nd quarter worth approximately $225,000. WINTON GROUP Ltd purchased a new stake in Hut 8 during the 2nd quarter valued at $8,162,000. Engineers Gate Manager LP purchased a new stake in Hut 8 during the 2nd quarter valued at $275,000. Steamboat Capital Partners LLC bought a new stake in shares of Hut 8 in the 2nd quarter worth $7,298,000. Finally, Allworth Financial LP raised its stake in shares of Hut 8 by 18.5% in the second quarter. Allworth Financial LP now owns 1,364 shares of the company's stock worth $157,000 after purchasing an additional 213 shares during the last quarter. Hedge funds and other institutional investors own 31.75% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on HUT. Benchmark lifted their price objective on Hut 8 from $165.00 to $195.00 and gave the company a "buy" rating in a research report on Wednesday, July 22nd. Wells Fargo & Company initiated coverage on Hut 8 in a research report on Thursday, September 17th. They issued an "overweight" rating and a $175.00 target price for the company. Needham & Company LLC lowered their target price on Hut 8 from $145.00 to $138.00 and set a "buy" rating for the company in a research note on Wednesday, August 5th. Compass Point set a $195.00 price target on Hut 8 in a research report on Wednesday, July 22nd. Finally, Wall Street Zen cut Hut 8 from a "sell" rating to a "strong sell" rating in a research note on Saturday, August 1st. Three analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Hut 8 has a consensus rating of "Buy" and an average target price of $143.95.

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.

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