HC Wainwright Initiates Coverage on Hut 8 (NASDAQ:HUT)

Equities research analysts at HC Wainwright assumed coverage on shares of Hut 8 (NASDAQ:HUT) in a research note issued to investors on Monday, MarketBeat.com reports. The firm set a “buy” rating and a $80.00 price target on the stock. HC Wainwright’s price objective would suggest a potential upside of 35.55% from the company’s current price.

Several other equities research analysts have also recently commented on the company. JMP Securities increased their price target on Hut 8 from $25.00 to $65.00 and gave the company a “market outperform” rating in a report on Tuesday, October 21st. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 target price on shares of Hut 8 in a research note on Friday, January 16th. Canaccord Genuity Group lifted their price target on Hut 8 from $54.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, December 18th. Roth Mkm reissued a “buy” rating and issued a $80.00 price objective on shares of Hut 8 in a report on Tuesday, January 27th. Finally, Piper Sandler restated an “overweight” rating on shares of Hut 8 in a research report on Thursday, December 18th. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $62.35.

Hut 8 Stock Performance

NASDAQ:HUT opened at $59.02 on Monday. The company has a market cap of $6.38 billion, a P/E ratio of -151.33 and a beta of 4.42. Hut 8 has a twelve month low of $10.04 and a twelve month high of $66.07. The company’s 50-day moving average price is $50.92 and its 200-day moving average price is $40.03. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.14.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings data on Tuesday, November 4th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating 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 analysts’ expectations of $64.70 million. On average, sell-side analysts forecast that Hut 8 will post -0.53 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of HUT. GAMMA Investing LLC purchased a new stake in shares of Hut 8 in the 4th quarter valued at approximately $30,000. Activest Wealth Management acquired a new stake in Hut 8 in the 4th quarter valued at approximately $49,000. Danske Bank A S acquired a new stake in Hut 8 in the 4th quarter valued at approximately $51,000. CWM LLC raised its position in Hut 8 by 37.4% in 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 period. Finally, Farther Finance Advisors LLC lifted its stake in Hut 8 by 1,578.3% during the fourth quarter. Farther Finance Advisors LLC now owns 1,393 shares of the company’s stock worth $64,000 after purchasing an additional 1,310 shares in the last quarter. Hedge funds and other institutional investors own 31.75% of the company’s stock.

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.