Hut 8 (NASDAQ:HUT) Shares Gap Up After Analyst Upgrade

Hut 8 Corp. (NASDAQ:HUT) shares gapped up prior to trading on Tuesday after Keefe, Bruyette & Woods raised their price target on the stock from $55.00 to $75.00. The stock had previously closed at $56.39, but opened at $60.00. Keefe, Bruyette & Woods currently has an outperform rating on the stock. Hut 8 shares last traded at $57.0070, with a volume of 1,007,280 shares trading hands.

Several other brokerages also recently issued reports on HUT. BTIG Research restated a “buy” rating and issued a $55.00 price target on shares of Hut 8 in a report on Wednesday, December 17th. Rosenblatt Securities reissued a “buy” rating and set a $65.00 target price on shares of Hut 8 in a research note on Thursday, December 18th. Craig Hallum restated a “buy” rating and set a $80.00 target price on shares of Hut 8 in a report on Thursday, December 18th. B. Riley upped their price target on shares of Hut 8 from $61.00 to $76.00 and gave the company a “buy” rating in a report on Friday, January 9th. Finally, Benchmark reissued a “buy” rating on shares of Hut 8 in a research report on Wednesday, December 17th. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $59.12.

Institutional Investors Weigh In On Hut 8

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. M&T Bank Corp bought a new stake in Hut 8 during the 4th quarter worth about $854,000. Universal Beteiligungs und Servicegesellschaft mbH increased its position in shares of Hut 8 by 17.3% in the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 218,561 shares of the company’s stock valued at $10,046,000 after acquiring an additional 32,177 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Hut 8 by 1.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,685 shares of the company’s stock worth $996,000 after acquiring an additional 362 shares in the last quarter. CWM LLC boosted its position in Hut 8 by 37.4% during the fourth quarter. CWM LLC now owns 1,106 shares of the company’s stock valued at $51,000 after purchasing an additional 301 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its stake in Hut 8 by 1,578.3% in the fourth quarter. Farther Finance Advisors LLC now owns 1,393 shares of the company’s stock valued at $64,000 after purchasing an additional 1,310 shares in the last quarter. 31.75% of the stock is currently owned by institutional investors and hedge funds.

Hut 8 Stock Performance

The stock has a market capitalization of $6.98 billion, a P/E ratio of -165.64 and a beta of 4.41. The stock has a 50 day simple moving average of $49.21 and a two-hundred day simple moving average of $38.89. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.14.

Hut 8 (NASDAQ:HUT) last released its quarterly earnings data on Tuesday, November 4th. The company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.16) by $0.09. The company had revenue of $80.72 million during the quarter, compared to the consensus estimate of $64.70 million. Hut 8 had a return on equity of 8.06% and a net margin of 115.39%. On average, equities analysts forecast that Hut 8 Corp. will post -0.53 EPS for the current fiscal year.

About Hut 8

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.