Hut 8 (NASDAQ:HUT) Shares Up 7.3% on Analyst Upgrade

Hut 8 Corp. (NASDAQ:HUT)’s stock price rose 7.3% during mid-day trading on Thursday after Benchmark raised their price target on the stock from $165.00 to $195.00. Benchmark currently has a buy rating on the stock. Hut 8 traded as high as $120.38 and last traded at $117.9340. 1,363,854 shares were traded during trading, a decline of 71% from the average daily volume of 4,775,836 shares. The stock had previously closed at $109.86.

A number of other equities analysts have also recently weighed in on HUT. Loop Capital set a $226.00 price target on Hut 8 in a research note on Monday, June 22nd. Cantor Fitzgerald raised their target price on shares of Hut 8 from $68.00 to $80.00 and gave the stock an “overweight” rating in a report on Thursday, April 9th. Northland Securities set a $120.00 target price on shares of Hut 8 in a research report on Thursday, May 7th. BTIG Research boosted their price target on shares of Hut 8 from $115.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. Finally, B. Riley Financial upped their price target on shares of Hut 8 from $76.00 to $130.00 and gave the company a “buy” rating in a research report on Wednesday, May 13th. Eighteen investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $133.10.

Insiders Place Their Bets

In other news, Director Rick Rickertsen sold 17,491 shares of the stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $110.00, for a total value of $1,924,010.00. Following the completion of the sale, the director directly owned 17,491 shares of the company’s stock, valued at $1,924,010. This represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Victor Semah sold 10,000 shares of the stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $125.00, for a total transaction of $1,250,000.00. Following the completion of the sale, the insider directly owned 31,378 shares of the company’s stock, valued at $3,922,250. This trade represents a 24.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 112,724 shares of company stock valued at $12,184,340. 10.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Hut 8

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. CoreCap Advisors LLC grew its holdings in shares of Hut 8 by 42.1% during the 2nd quarter. CoreCap Advisors LLC now owns 540 shares of the company’s stock valued at $62,000 after acquiring an additional 160 shares in the last quarter. Arlington Trust Co LLC raised its holdings in shares of Hut 8 by 175.0% during the second quarter. Arlington Trust Co LLC now owns 275 shares of the company’s stock worth $32,000 after acquiring an additional 175 shares in the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of Hut 8 by 1.6% during the fourth quarter. Nisa Investment Advisors LLC now owns 15,969 shares of the company’s stock worth $734,000 after acquiring an additional 254 shares in the last quarter. GAMMA Investing LLC boosted its position in Hut 8 by 35.0% during the second quarter. GAMMA Investing LLC now owns 1,057 shares of the company’s stock valued at $122,000 after purchasing an additional 274 shares during the last quarter. Finally, 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. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Hut 8 Stock Down 6.5%

The business has a 50 day simple moving average of $111.59 and a 200 day simple moving average of $79.31. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.86 and a quick ratio of 0.86. The stock has a market cap of $12.38 billion, a PE ratio of -36.66 and a beta of 4.62.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($1.98) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.33) by ($1.65). The firm had revenue of $139.31 million for the quarter, compared to analysts’ expectations of $78.53 million. Hut 8 had a negative return on equity of 0.35% and a negative net margin of 109.77%. On average, equities research analysts forecast that Hut 8 Corp. will post -1.29 EPS 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.