Insider Selling: Hut 8 (NASDAQ:HUT) CFO Sells 6,060 Shares of 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 the stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $22.09, for a total value of $133,865.40. Following the sale, the chief financial officer owned 6,295 shares of the company's stock, valued at $139,056.55. This represents a 49.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Hut 8 Price Performance

HUT stock traded up $0.08 during trading on Monday, hitting $23.45. 3,297,454 shares of the company traded hands, compared to its average volume of 4,908,913. Hut 8 Corp. has a 1 year low of $8.73 and a 1 year high of $31.95. The company has a 50-day moving average of $20.61 and a 200-day moving average of $16.76. The company has a current ratio of 1.81, a quick ratio of 1.81 and a debt-to-equity ratio of 0.19.

Hut 8 (NASDAQ:HUT - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.01. The company had revenue of $41.72 million during the quarter, compared to analysts' expectations of $49.10 million. Hut 8 had a return on equity of 8.73% and a net margin of 112.81%. On average, analysts forecast that Hut 8 Corp. will post -0.53 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Northern Trust Corp lifted its stake in shares of Hut 8 by 4.1% in the 4th quarter. Northern Trust Corp now owns 717,575 shares of the company's stock valued at $14,703,000 after purchasing an additional 28,462 shares during the period. Jericho Capital Asset Management L.P. purchased a new position in shares of Hut 8 in the 4th quarter valued at approximately $37,400,000. Teacher Retirement System of Texas purchased a new position in shares of Hut 8 in the 1st quarter valued at approximately $143,000. Bank of America Corp DE lifted its stake in shares of Hut 8 by 16.8% in the 4th quarter. Bank of America Corp DE now owns 146,500 shares of the company's stock valued at $3,002,000 after purchasing an additional 21,058 shares during the period. Finally, Thomist Capital Management LP bought a new position in Hut 8 during the 4th quarter valued at approximately $502,000. Hedge funds and other institutional investors own 31.75% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on HUT shares. Citigroup started coverage on Hut 8 in a report on Thursday, May 22nd. They set an "outperform" rating for the company. B. Riley started coverage on Hut 8 in a report on Wednesday, May 14th. They set a "buy" rating and a $25.00 target price for the company. Rosenblatt Securities dropped their target price on Hut 8 from $24.00 to $23.00 and set a "buy" rating for the company in a report on Monday, August 11th. Citizens Jmp upgraded Hut 8 to a "strong-buy" rating and set a $25.00 price objective for the company in a report on Thursday, May 22nd. Finally, JMP Securities assumed coverage on Hut 8 in a report on Thursday, May 22nd. They issued a "market outperform" rating and a $25.00 price objective for the company. Four equities research analysts have rated the stock with a Strong Buy rating and fifteen have assigned a Buy rating to the company. According to MarketBeat.com, Hut 8 currently has a consensus rating of "Buy" and an average target price of $26.94.

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.

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