Hut 8 (NASDAQ:HUT) Trading Up 3.6% – What’s Next?

Hut 8 Corp. (NASDAQ:HUT) rose 3.6% during mid-day trading on Tuesday . The company traded as high as $93.99 and last traded at $88.78. 3,431,384 shares traded hands during trading, a decline of 29% from the average daily volume of 4,801,732 shares. The stock had previously closed at $85.66.

Wall Street Analyst Weigh In

Several brokerages have recently commented on HUT. Loop Capital set a $226.00 target price on shares of Hut 8 in a research note on Monday, June 22nd. Canaccord Genuity Group increased their target price on shares of Hut 8 from $70.00 to $130.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Morgan Stanley initiated coverage on shares of Hut 8 in a report on Thursday, July 23rd. They set an “overweight” rating and a $263.00 price target for the company. 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 research report on Wednesday, June 24th. Finally, Weiss Ratings raised shares of Hut 8 from a “sell (d-)” rating to a “hold (c-)” rating in a research note on Tuesday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $144.89.

Hut 8 Trading Up 3.6%

The business has a 50 day simple moving average of $108.91 and a 200 day simple moving average of $82.49. The company has a debt-to-equity ratio of 4.22, a current ratio of 19.35 and a quick ratio of 19.35. The company has a market cap of $10.94 billion, a price-to-earnings ratio of -16.29 and a beta of 4.64.

Hut 8 (NASDAQ:HUT) last released its quarterly earnings results on Tuesday, August 4th. The company reported ($1.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.72). The business had revenue of $72.66 million during the quarter, compared to the consensus estimate of $79.37 million. Hut 8 had a negative net margin of 188.59% and a negative return on equity of 0.97%. During the same period in the prior year, the firm earned $1.18 earnings per share. As a group, equities analysts forecast that Hut 8 Corp. will post -2.8 EPS for the current year.

Insider Activity at Hut 8

In other news, Director Joseph Flinn sold 30,500 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $116.21, for a total transaction of $3,544,405.00. Following the transaction, the director directly owned 18,238 shares in the company, valued at approximately $2,119,437.98. This represents a 62.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Victor Semah sold 10,000 shares of the business’s 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 transaction, the insider owned 31,378 shares of the company’s stock, valued at $3,922,250. This trade represents a 24.17% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 85,710 shares of company stock valued at $9,644,162. Insiders own 10.40% of the company’s stock.

Hedge Funds Weigh In On Hut 8

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Arlington Trust Co LLC grew its stake 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 purchasing an additional 175 shares during the period. CoreCap Advisors LLC lifted 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 buying an additional 160 shares during the period. Imprint Wealth LLC acquired a new position in Hut 8 in the fourth quarter valued at about $38,000. Harbor Investment Advisory LLC bought a new position in Hut 8 during the first quarter worth about $47,000. Finally, Meeder Asset Management Inc. bought a new position in Hut 8 during the second quarter worth about $119,000. 31.75% of the stock is 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.