Hut 8 (NASDAQ:HUT) Reaches New 52-Week High After Analyst Upgrade

Hut 8 Corp. (NASDAQ:HUT)’s stock price hit a new 52-week high during mid-day trading on Wednesday after Keefe, Bruyette & Woods raised their price target on the stock from $55.00 to $75.00. Keefe, Bruyette & Woods currently has a moderate buy rating on the stock. Hut 8 traded as high as $63.25 and last traded at $64.1680, with a volume of 89189 shares traded. The stock had previously closed at $61.84.

Other analysts have also recently issued reports about the stock. Benchmark reaffirmed a “buy” rating on shares of Hut 8 in a report on Wednesday, December 17th. Piper Sandler restated an “overweight” rating on shares of Hut 8 in a research note on Thursday, December 18th. B. Riley lifted their target price on Hut 8 from $61.00 to $76.00 and gave the company a “buy” rating in a research report on Friday, January 9th. Northland Securities set a $58.00 price target on Hut 8 in a research report on Wednesday, November 5th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $65.00 price objective on shares of Hut 8 in a research report on Thursday, December 18th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, Hut 8 presently has an average rating of “Buy” and an average price target of $59.12.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Nisa Investment Advisors LLC lifted its stake in shares of Hut 8 by 1.6% during the 4th quarter. Nisa Investment Advisors LLC now owns 15,969 shares of the company’s stock worth $734,000 after purchasing an additional 254 shares during the last quarter. CWM LLC raised its stake in shares of Hut 8 by 37.4% in the fourth quarter. CWM LLC now owns 1,106 shares of the company’s stock worth $51,000 after purchasing an additional 301 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Hut 8 by 3.5% during the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 9,500 shares of the company’s stock valued at $331,000 after acquiring an additional 321 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Hut 8 by 1.7% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,685 shares of the company’s stock valued at $996,000 after purchasing an additional 362 shares during the last quarter. Finally, Arizona State Retirement System grew its holdings in Hut 8 by 1.9% during the third quarter. Arizona State Retirement System now owns 29,290 shares of the company’s stock worth $1,020,000 after acquiring an additional 542 shares during the period. Institutional investors own 31.75% of the company’s stock.

Hut 8 Stock Performance

The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.72 and a current ratio of 0.72. The stock has a market capitalization of $6.65 billion, a price-to-earnings ratio of -157.77 and a beta of 4.41. The firm’s 50 day moving average is $49.77 and its 200-day moving average is $39.05.

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

Hut 8 Company Profile

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.