Hut 8 (NASDAQ:HUT) Shares Up 3.2% – Still a Buy?

Hut 8 Corp. (NASDAQ:HUT)’s share price traded up 3.2% during mid-day trading on Monday . The company traded as high as $51.99 and last traded at $51.2160. 773,138 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 6,259,438 shares. The stock had previously closed at $49.64.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on HUT shares. Craig Hallum restated a “buy” rating and issued a $80.00 price objective on shares of Hut 8 in a report on Thursday, December 18th. Benchmark reissued a “buy” rating on shares of Hut 8 in a report on Wednesday, December 17th. BTIG Research reaffirmed a “buy” rating and set a $55.00 price target on shares of Hut 8 in a report on Wednesday, December 17th. Citigroup reiterated an “outperform” rating on shares of Hut 8 in a report on Tuesday, October 21st. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Hut 8 in a research note on Monday, December 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $53.76.

Hut 8 Stock Up 0.1%

The stock has a market cap of $5.37 billion, a PE ratio of -127.14 and a beta of 4.42. The business has a 50 day moving average of $43.84 and a 200-day moving average of $32.95. 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 released its quarterly earnings results on Tuesday, November 4th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.09. The firm had revenue of $80.72 million for the quarter, compared to analyst estimates of $64.70 million. Hut 8 had a return on equity of 8.06% and a net margin of 115.39%. Equities research analysts predict that Hut 8 Corp. will post -0.53 EPS for the current fiscal year.

Hedge Funds Weigh In On Hut 8

A number of hedge funds and other institutional investors have recently bought and sold shares of HUT. State of Wyoming acquired a new stake in shares of Hut 8 in the 1st quarter worth $32,000. Baird Financial Group Inc. purchased a new position in Hut 8 during the first quarter worth about $360,000. Graham Capital Management L.P. acquired a new stake in Hut 8 in the first quarter valued at about $539,000. Northern Right Capital Management L.P. lifted its position in Hut 8 by 44.2% in the first quarter. Northern Right Capital Management L.P. now owns 656,330 shares of the company’s stock valued at $7,627,000 after purchasing an additional 201,330 shares during the period. Finally, Paloma Partners Management Co purchased a new stake in Hut 8 in the 1st quarter valued at approximately $2,363,000. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

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.