Key Points
- Director Mayo Shattuck III sold 20,000 Hut 8 shares at an average price of $100, generating $2 million and reducing his direct ownership by 18.28% to 89,408 shares.
- Hut 8 shares were trading down 4.2% at $92.71, while the company’s latest quarterly results missed expectations, with a loss of $1.27 per share and revenue of $74.93 million.
- Despite the weak results and insider sale, analysts maintain an overall “Buy” rating, with an average price target of $143.95; institutional investors own 31.75% of the company.
Hut 8 Corp. (NASDAQ:HUT - Get Free Report) Director Mayo Shattuck III sold 20,000 shares of the company's stock in a transaction on Thursday, September 24th. The shares were sold at an average price of $100.00, for a total value of $2,000,000.00. Following the completion of the transaction, the director directly owned 89,408 shares in the company, valued at approximately $8,940,800. This represents a 18.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.
Hut 8 Trading Down 4.2%
HUT stock opened at $92.71 on Tuesday. The company's 50-day simple moving average is $93.40 and its 200 day simple moving average is $91.20. Hut 8 Corp. has a 52 week low of $31.67 and a 52 week high of $140.80. The company has a market capitalization of $11.43 billion, a PE ratio of -17.01 and a beta of 4.51. The company has a debt-to-equity ratio of 4.22, a quick ratio of 19.35 and a current ratio of 19.35.
Hut 8 (NASDAQ:HUT - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported ($1.27) EPS for the quarter, missing the consensus estimate of ($0.55) by ($0.72). Hut 8 had a negative return on equity of 0.97% and a negative net margin of 188.59%.The business had revenue of $74.93 million for the quarter, compared to the consensus estimate of $79.37 million. During the same period in the prior year, the business posted $1.18 earnings per share. As a group, sell-side analysts anticipate that Hut 8 Corp. will post -2.85 earnings per share for the current year.
Analyst Ratings Changes
Several brokerages have recently issued reports on HUT. Rothschild & Co Redburn assumed coverage on Hut 8 in a research note on Monday, September 21st. They issued a "neutral" rating and a $96.00 price target on the stock. Benchmark lifted their price target on shares of Hut 8 from $165.00 to $195.00 and gave the company a "buy" rating in a report on Wednesday, July 22nd. Rosenblatt Securities restated a "buy" rating and set a $124.00 price objective on shares of Hut 8 in a research report on Wednesday, August 5th. Wells Fargo & Company initiated coverage on shares of Hut 8 in a research report on Thursday, September 17th. They issued an "overweight" rating and a $175.00 price target for the company. Finally, Freedom Broker raised Hut 8 to a "strong-buy" rating in a research report on Tuesday, August 18th. Three investment analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $143.95.
View Our Latest Stock Analysis on Hut 8
Institutional Trading of Hut 8
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. bought a new stake in shares of Hut 8 during the second quarter worth about $1,093,294,000. Sachem Head Capital Management LP bought a new position in Hut 8 during the 4th quarter valued at $129,780,000. Geode Capital Management LLC boosted its holdings in Hut 8 by 3.2% during the fourth quarter. Geode Capital Management LLC now owns 2,593,916 shares of the company's stock worth $119,181,000 after purchasing an additional 79,591 shares during the last quarter. Oasis Management Co Ltd. boosted its stake in shares of Hut 8 by 231.5% in the 4th quarter. Oasis Management Co Ltd. now owns 2,307,683 shares of the company's stock worth $106,015,000 after buying an additional 1,611,653 shares during the last quarter. Finally, Avala Global LP purchased a new position in Hut 8 in the second quarter worth $144,602,000. Institutional investors own 31.75% of the company's stock.
Hut 8 Company Profile
(
Get Free Report)
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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