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

Hut 8 Corp. (NASDAQ:HUT)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $88.18, but opened at $98.20. Hut 8 shares last traded at $103.2410, with a volume of 1,215,741 shares traded.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on HUT. Canaccord Genuity Group boosted their price target on Hut 8 from $70.00 to $130.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Cantor Fitzgerald lifted their target price on Hut 8 from $68.00 to $80.00 and gave the company an “overweight” rating in a research report on Thursday, April 9th. Compass Point set a $195.00 target price on Hut 8 in a report on Wednesday, July 22nd. BTIG Research increased their price target on Hut 8 from $115.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. Finally, Piper Sandler raised their price target on Hut 8 from $93.00 to $127.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Eighteen equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $137.20.

Hut 8 Trading Up 18.0%

The stock has a market capitalization of $11.72 billion, a P/E ratio of -34.82 and a beta of 4.62. The stock’s 50 day moving average price is $111.75 and its 200-day moving average price is $80.30. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.12.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($1.98) EPS for the quarter, missing analysts’ consensus estimates of ($0.33) by ($1.65). The business had revenue of $139.31 million during the quarter, compared to the consensus estimate of $78.53 million. Hut 8 had a negative return on equity of 0.35% and a negative net margin of 109.77%. As a group, equities research analysts expect that Hut 8 Corp. will post -2.52 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Amy Marie Wilkinson sold 20,000 shares of the company’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $100.78, for a total transaction of $2,015,600.00. Following the completion of the sale, the director directly owned 262,136 shares in the company, valued at $26,418,066.08. This represents a 7.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Joseph Flinn sold 30,500 shares of the firm’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $116.21, for a total value of $3,544,405.00. Following the sale, the director directly owned 18,238 shares in the company, valued at approximately $2,119,437.98. The trade was a 62.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 112,724 shares of company stock valued at $12,184,340. 10.40% of the stock is currently owned by insiders.

Institutional Trading of Hut 8

Institutional investors have recently modified their holdings of the company. Handelsbanken Fonder AB grew its position in shares of Hut 8 by 42.5% in the 2nd quarter. Handelsbanken Fonder AB now owns 32,200 shares of the company’s stock worth $3,717,000 after buying an additional 9,600 shares during the last quarter. FNY Investment Advisers LLC bought a new position in shares of Hut 8 during the 2nd quarter worth approximately $854,000. GAMMA Investing LLC lifted 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 acquiring an additional 274 shares during the last quarter. Arlington Trust Co LLC lifted its position in Hut 8 by 175.0% during the second quarter. Arlington Trust Co LLC now owns 275 shares of the company’s stock valued at $32,000 after acquiring an additional 175 shares during the last quarter. Finally, CoreCap Advisors LLC boosted its stake in Hut 8 by 42.1% in the second 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. 31.75% of the stock is currently owned by institutional investors.

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.