Hut 8 (NASDAQ:HUT) Stock Price Down 8.3% – Time to Sell?
by Tristan Rich · The Markets DailyHut 8 Corp. (NASDAQ:HUT – Get Free Report) shares fell 8.3% on Wednesday. The company traded as low as $77.73 and last traded at $76.7050. 820,992 shares traded hands during trading, a decline of 83% from the average session volume of 4,826,612 shares. The stock had previously closed at $83.61.
Trending Headlines about Hut 8
Here are the key news stories impacting Hut 8 this week:
- Positive Sentiment: Maxim Group raised its earnings-per-share forecasts across multiple periods and maintained a “Strong-Buy” rating. The firm now expects losses of $3.86 per share for fiscal 2026, $14.72 for fiscal 2027 and $28.03 for fiscal 2028, compared with previous estimates of $4.00, $15.13 and $28.33, respectively. Quarterly loss estimates for late 2026 through 2028 were also revised modestly higher, suggesting slightly improved expectations relative to the firm’s prior outlook.
- Neutral Sentiment: The revisions remain significantly below zero, and Maxim’s forecasts point to substantial losses continuing through 2028. The improving estimates and bullish rating may provide support, but investors are likely to focus on whether Hut 8 can improve profitability and convert its growth strategy into positive earnings.
- Negative Sentiment: A former Hut 8 executive has taken the CEO position at Fortitude Mining Holdings, a leadership move that could raise questions about management continuity, although the article provides no indication of operational disruption at Hut 8. Former Hut 8 executive takes CEO role at Fortitude Mining Holdings
Analysts Set New Price Targets
HUT has been the subject of several recent research reports. Compass Point set a $195.00 price objective on Hut 8 in a report on Wednesday, July 22nd. Loop Capital set a $226.00 price target on Hut 8 in a research note on Monday, June 22nd. Wells Fargo & Company assumed coverage on shares of Hut 8 in a research note on Thursday, September 17th. They set an “overweight” rating and a $175.00 price objective on the stock. Rothschild & Co Redburn assumed coverage on Hut 8 in a report on Monday, September 21st. They issued a “neutral” rating and a $96.00 target price for the company. Finally, Morgan Stanley boosted their target price on shares of Hut 8 from $273.00 to $275.00 and gave the company an “overweight” rating in a report on Friday. Four research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $145.77.
Check Out Our Latest Analysis on HUT
Hut 8 Trading Down 12.0%
The firm has a 50-day moving average price of $89.18 and a 200-day moving average price of $94.01. The company has a debt-to-equity ratio of 4.22, a quick ratio of 19.35 and a current ratio of 19.35. The stock has a market cap of $9.07 billion, a PE ratio of -13.54 and a beta of 4.62.
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 analysts’ consensus estimates of ($0.55) by ($0.72). The business had revenue of $74.93 million for the quarter, compared to analysts’ expectations of $79.37 million. Hut 8 had a negative net margin of 188.59% and a negative return on equity of 0.97%. During the same period in the prior year, the company posted $1.18 earnings per share. As a group, equities analysts anticipate that Hut 8 Corp. will post -2.97 EPS for the current fiscal year.
Insider Buying and Selling at Hut 8
In other news, CFO Sean Glennan sold 6,445 shares of Hut 8 stock in a transaction that occurred 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 completion of the sale, 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 SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Mayo Shattuck, III sold 20,000 shares of the stock in a transaction that occurred on Thursday, September 24th. The shares were sold at an average price of $100.00, for a total transaction of $2,000,000.00. Following the transaction, the director 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 disclosure for this sale is available in the SEC filing. Corporate insiders own 10.40% of the company’s stock.
Hedge Funds Weigh In On Hut 8
Large investors have recently modified their holdings of the business. BlackRock Inc. acquired a new stake in shares of Hut 8 in the second quarter valued at approximately $1,093,294,000. Avala Global LP acquired a new position in shares of Hut 8 during the second quarter valued at $144,602,000. Wellington Management Group LLP acquired a new position in shares of Hut 8 in the 2nd quarter valued at $97,949,000. Montanova Capital LLC acquired a new stake in shares of Hut 8 in the second quarter valued at approximately $77,348,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Hut 8 in the 2nd quarter valued at about $56,364,000. Institutional investors and hedge funds own 31.75% of the company’s stock.
Hut 8 Company Profile
Hut 8 Corp. (NASDAQ: HUT) is a North American energy infrastructure and digital asset mining company. Its operations include cryptocurrency mining, with a primary focus on Bitcoin, as well as the development and management of data center infrastructure supported by its energy resources.
The company owns and operates mining and data center facilities in the United States and Canada. In addition to self-mining digital assets, Hut 8 has pursued opportunities in high-performance computing and artificial intelligence infrastructure, using its power capacity, data center sites and related development capabilities to support evolving computing demand.
Hut 8 was originally established as Hut 8 Mining Corp., a Canadian cryptocurrency mining company.