Hut 8 Shares Fall 10 Percent as Crypto and AI Infrastructure Stocks Retreat
In this news:
Key takeaways
- Hut 8 shares fell about 10 percent to trade near $75 during midday dealings.
- The decline followed a nearly 11 percent drop on October 8 amid weak digital-asset prices.
- The company has scheduled its third-quarter earnings release for November 4.
Stock decline and trading range
Shares of Hut 8 Corp. dropped about 10 percent Wednesday, extending recent volatility in bitcoin-mining and artificial-intelligence infrastructure stocks amid broader weakness in digital-asset prices.
The stock traded near $75 in midday dealings, down from a prior close of $83.61. It opened at $80 and traded as low as the mid-$74 range. Volume was moderate. The decline followed a nearly 11 percent drop on Oct. 8 and left shares well below their 52-week high of $140.80 reached in early June. The 52-week low stands at $31.67.
Upcoming earnings and financial background
No company-specific announcement was issued Wednesday. Hut 8 last week scheduled its third-quarter earnings release for Nov. 4 before the market opens, with a conference call at 8:30 a.m. Eastern time. Analysts expect a loss of roughly $0.81 a share on revenue near $75 million.
The company reported second-quarter revenue of $74.9 million, up 81 percent from a year earlier, driven largely by its compute segment. It posted a GAAP net loss of $177.1 million, primarily reflecting non-cash mark-to-market losses on digital assets tied to lower bitcoin prices. Gross margin expanded to 64 percent, and adjusted EBITDA rose. Hut 8 has shifted emphasis from pure bitcoin mining toward energy infrastructure and AI data-center development, including large contracted capacity and project financing.
Analyst sentiment and sector movement
Maxim Group and Morgan Stanley have maintained positive ratings, with Morgan Stanley recently lifting its price target. The stock carries a high beta and has been sensitive to moves in bitcoin and sentiment toward AI-related power and data-center projects. Year-to-date gains remain substantial despite the recent pullback.
No additional comment from the company on the day's trading was immediately available. Shares of other bitcoin miners and AI infrastructure names also traded lower.
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