Hut 8 Corp. (NASDAQ:HUT) Director Sells $174,558.13 in Stock

Hut 8 Corp. (NASDAQ:HUT - Get Free Report) Director Joseph Flinn sold 11,069 shares of Hut 8 stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $15.77, for a total transaction of $174,558.13. Following the completion of the transaction, the director now directly owns 19,791 shares in the company, valued at $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.

Hut 8 Stock Performance

HUT stock traded up $1.23 during mid-day trading on Thursday, hitting $18.68. The stock had a trading volume of 9,399,705 shares, compared to its average volume of 5,838,940. Hut 8 Corp. has a 1-year low of $8.73 and a 1-year high of $31.95. The company has a fifty day moving average of $15.58 and a 200 day moving average of $17.61. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.26 and a current ratio of 1.26.

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

Hedge Funds Weigh In On Hut 8

Several hedge funds and other institutional investors have recently added to or reduced their stakes in HUT. Vanguard Group Inc. grew its stake in Hut 8 by 3.9% in the 4th quarter. Vanguard Group Inc. now owns 6,459,385 shares of the company's stock valued at $132,352,000 after buying an additional 245,113 shares during the last quarter. Northern Trust Corp boosted its holdings in Hut 8 by 4.1% during the fourth quarter. Northern Trust Corp now owns 717,575 shares of the company's stock valued at $14,703,000 after acquiring an additional 28,462 shares during the period. ExodusPoint Capital Management LP acquired a new stake in shares of Hut 8 in the fourth quarter valued at about $1,180,000. Jericho Capital Asset Management L.P. acquired a new stake in shares of Hut 8 in the fourth quarter valued at about $37,400,000. Finally, JPMorgan Chase & Co. increased its stake in shares of Hut 8 by 23.1% in the fourth quarter. JPMorgan Chase & Co. now owns 322,927 shares of the company's stock worth $6,617,000 after purchasing an additional 60,542 shares during the period. Institutional investors and hedge funds own 31.75% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on HUT shares. Benchmark reduced their target price on Hut 8 from $41.00 to $33.00 and set a "buy" rating for the company in a report on Wednesday, April 2nd. Needham & Company LLC reaffirmed a "buy" rating and set a $21.00 price objective on shares of Hut 8 in a research note on Friday, May 9th. Maxim Group initiated coverage on shares of Hut 8 in a report on Thursday, May 1st. They issued a "buy" rating and a $20.00 target price for the company. Rosenblatt Securities initiated coverage on shares of Hut 8 in a report on Friday, March 7th. They set a "buy" rating and a $23.00 price target on the stock. Finally, Cantor Fitzgerald restated an "overweight" rating and issued a $30.00 price target on shares of Hut 8 in a research report on Friday, March 7th. Fifteen equities research analysts have rated the stock with a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $25.76.

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.