Hut 8 (NASDAQ:HUT) Shares Up 4.1% – Still a Buy?

Shares of Hut 8 Corp. (NASDAQ:HUT) shot up 4.1% during mid-day trading on Monday . The stock traded as high as $113.42 and last traded at $112.08. Approximately 3,460,262 shares traded hands during mid-day trading, a decline of 28% from the average daily volume of 4,808,392 shares. The stock had previously closed at $107.63.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Keefe, Bruyette & Woods upped their target price on shares of Hut 8 from $138.00 to $157.00 and gave the company an “outperform” rating in a research report on Tuesday, July 28th. Jefferies Financial Group started coverage on shares of Hut 8 in a research report on Thursday, May 14th. They issued a “buy” rating and a $156.00 price objective for the company. Compass Point set a $195.00 price objective on Hut 8 in a report on Wednesday, July 22nd. Citizens Jmp upped their target price on Hut 8 from $100.00 to $140.00 and gave the stock a “market outperform” rating in a report on Thursday, May 7th. Finally, Piper Sandler lifted their price objective on shares of Hut 8 from $93.00 to $127.00 and gave the stock an “overweight” rating in a research report 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 stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $138.85.

Hut 8 Stock Up 4.1%

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 firm has a market capitalization of $12.62 billion, a price-to-earnings ratio of -37.36 and a beta of 4.64. The business has a fifty day moving average price of $111.84 and a two-hundred day moving average price of $80.97.

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

Insider Buying and Selling

In other news, Director Amy Marie Wilkinson sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $100.78, for a total transaction of $2,015,600.00. Following the sale, the director owned 262,136 shares of the company’s stock, valued at $26,418,066.08. This trade represents a 7.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Rick Rickertsen sold 17,491 shares of the firm’s stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $110.00, for a total transaction of $1,924,010.00. Following the sale, the director directly owned 17,491 shares in the company, valued at $1,924,010. The trade was a 50.00% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 102,206 shares of company stock valued at $11,376,242 in the last ninety days. Insiders own 10.40% of the company’s stock.

Institutional Trading of Hut 8

A number of hedge funds have recently added to or reduced their stakes in HUT. CoreCap Advisors LLC grew its position in Hut 8 by 42.1% during the second quarter. CoreCap Advisors LLC now owns 540 shares of the company’s stock valued at $62,000 after buying an additional 160 shares during the period. Arlington Trust Co LLC raised its position in shares of Hut 8 by 175.0% in 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 during the period. Nisa Investment Advisors LLC boosted 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 acquiring an additional 254 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Hut 8 by 35.0% during the 2nd quarter. GAMMA Investing LLC now owns 1,057 shares of the company’s stock worth $122,000 after acquiring an additional 274 shares in the last quarter. Finally, CWM LLC grew its position in shares of Hut 8 by 37.4% during the 4th quarter. CWM LLC now owns 1,106 shares of the company’s stock valued at $51,000 after acquiring an additional 301 shares during the period. 31.75% of the stock is owned by hedge funds and other 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.