Key Points
- Hut 8 CFO Sean Joseph Glennan sold 6,445 shares at an average price of $78.76, generating $507,608.20. The sale covered tax withholding tied to vested equity awards, leaving him with 17,978 shares.
- Hut 8 reported a quarterly loss of $1.27 per share and revenue of $72.66 million, missing analyst expectations of a $0.55 loss per share and $79.37 million in revenue.
- Despite the earnings miss, analysts maintain an overall “Buy” rating with an average price target of $144.89; the stock recently opened at $85.50 and has a 52-week range of $23.03 to $140.80.
Hut 8 Corp. (NASDAQ:HUT - Get Free Report) CFO Sean Joseph Glennan sold 6,445 shares of the company's stock in a transaction on Monday, August 24th. The shares were sold at an average price of $78.76, for a total transaction of $507,608.20. Following the transaction, the chief financial officer owned 17,978 shares of the company's stock, valued at approximately $1,415,947.28. The trade was a 26.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Hut 8 Price Performance
Shares of Hut 8 stock opened at $85.50 on Wednesday. The company has a debt-to-equity ratio of 4.22, a current ratio of 19.35 and a quick ratio of 19.35. Hut 8 Corp. has a fifty-two week low of $23.03 and a fifty-two week high of $140.80. The firm has a fifty day moving average price of $101.20 and a two-hundred day moving average price of $84.54. The company has a market cap of $10.54 billion, a PE ratio of -15.69 and a beta of 4.64.
Hut 8 (NASDAQ:HUT - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($1.27) EPS for the quarter, missing analysts' consensus estimates of ($0.55) by ($0.72). Hut 8 had a negative net margin of 188.59% and a negative return on equity of 0.97%. The company had revenue of $72.66 million for the quarter, compared to analyst estimates of $79.37 million. During the same period in the prior year, the company posted $1.18 EPS. Analysts expect that Hut 8 Corp. will post -2.85 EPS for the current year.
Analyst Ratings Changes
A number of analysts have commented on HUT shares. Northland Securities set a $120.00 price objective on Hut 8 in a research report on Thursday, May 7th. Needham & Company LLC lowered their price objective on Hut 8 from $145.00 to $138.00 and set a "buy" rating on the stock in a research report on Wednesday, August 5th. Canaccord Genuity Group upped their target price on Hut 8 from $70.00 to $130.00 and gave the company a "buy" rating in a research note on Thursday, May 7th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $124.00 target price on shares of Hut 8 in a research report on Wednesday, August 5th. Finally, B. Riley Financial lifted their price target on shares of Hut 8 from $130.00 to $163.00 and gave the stock a "buy" rating in a research note on Monday, August 3rd. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Hut 8 presently has an average rating of "Buy" and an average target price of $144.89.
View Our Latest Analysis on HUT
Institutional Investors Weigh In On Hut 8
A number of hedge funds have recently made changes to their positions in the company. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Hut 8 during the 2nd quarter worth about $2,124,000. California State Teachers Retirement System boosted its position in Hut 8 by 11,436.2% in the second quarter. California State Teachers Retirement System now owns 13,256,088 shares of the company's stock valued at $1,530,349,000 after buying an additional 13,141,179 shares in the last quarter. AlphaGrep UK Ltd bought a new stake in Hut 8 during the second quarter worth about $248,000. TD Waterhouse Canada Inc. grew its stake in Hut 8 by 41.6% during the second quarter. TD Waterhouse Canada Inc. now owns 1,274 shares of the company's stock worth $135,000 after buying an additional 374 shares during the last quarter. Finally, Concurrent Investment Advisors LLC acquired a new stake in shares of Hut 8 during the second quarter worth approximately $253,000. Institutional investors and hedge funds own 31.75% of the company's stock.
About Hut 8
(
Get Free Report)
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.
See Also
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
