Hut 8 (NASDAQ:HUT) CFO Sells $133,865.40 in Stock

Key Points

• Hut 8 CFO Sean Joseph Glennan sold 6,060 shares of the company's stock at an average price of $22.09, resulting in a total sale value of $133,865.40, significantly reducing his ownership stake by 49.05%.
• The company's stock traded up to $23.45, with a significant trading volume of over 3 million shares, despite the average being nearly 5 million shares.
• Hut 8 recently reported earnings of ($0.14) per share, beating expectations by $0.01, despite lower revenue of $41.72 million compared to analyst predictions of $49.10 million.

Hut 8 Corp. (NASDAQ:HUT - Get Free Report) CFO Sean Joseph Glennan sold 6,060 shares of Hut 8 stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $22.09, for a total transaction of $133,865.40. Following the transaction, the chief financial officer directly owned 6,295 shares in the company, valued at $139,056.55. This represents a 49.05% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Hut 8 Trading Up 0.8%

NASDAQ:HUT traded up $0.22 during trading hours on Friday, hitting $26.73. 4,091,540 shares of the stock traded hands, compared to its average volume of 5,200,502. Hut 8 Corp. has a 1 year low of $8.73 and a 1 year high of $31.95. The stock has a 50 day moving average price of $21.37 and a 200 day moving average price of $16.95. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.81 and a quick ratio of 1.81.

Hut 8 (NASDAQ:HUT - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.15) by $0.01. Hut 8 had a net margin of 112.81% and a return on equity of 8.73%. The firm had revenue of $41.72 million for the quarter, compared to the consensus estimate of $49.10 million. Equities research analysts predict that Hut 8 Corp. will post -0.53 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Maxim Group boosted their price objective on shares of Hut 8 from $23.00 to $30.00 and gave the company a "buy" rating in a research report on Monday, August 11th. Roth Capital began coverage on shares of Hut 8 in a report on Friday, June 6th. They issued a "buy" rating and a $25.00 price target on the stock. B. Riley began coverage on shares of Hut 8 in a report on Wednesday, May 14th. They issued a "buy" rating and a $25.00 price target on the stock. Citizens Jmp upgraded shares of Hut 8 to a "strong-buy" rating and set a $25.00 price target on the stock in a report on Thursday, May 22nd. Finally, Needham & Company LLC restated a "buy" rating and issued a $21.00 price target on shares of Hut 8 in a report on Friday, May 9th. Four investment analysts have rated the stock with a Strong Buy rating and fifteen have assigned a Buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $26.94.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wells Fargo & Company MN lifted its position in shares of Hut 8 by 28.6% during the fourth quarter. Wells Fargo & Company MN now owns 52,563 shares of the company's stock valued at $1,077,000 after buying an additional 11,687 shares during the last quarter. Russell Investments Group Ltd. lifted its position in shares of Hut 8 by 832.4% during 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 during the last quarter. Barclays PLC lifted its position in shares of Hut 8 by 11.7% during the fourth quarter. Barclays PLC now owns 139,157 shares of the company's stock valued at $2,852,000 after buying an additional 14,630 shares during the last quarter. Mariner LLC lifted its position in shares of Hut 8 by 23.0% during the fourth quarter. Mariner LLC now owns 28,800 shares of the company's stock valued at $590,000 after buying an additional 5,393 shares during the last quarter. Finally, NewEdge Advisors LLC lifted its position in shares of Hut 8 by 1,568.0% during the fourth quarter. NewEdge Advisors LLC now owns 3,336 shares of the company's stock valued at $68,000 after buying an additional 3,136 shares during the last quarter. 31.75% of the stock is currently owned by institutional investors.

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.