Hut 8 (NASDAQ:HUT) Stock Price Up 3% – Here’s Why

Hut 8 Corp. (NASDAQ:HUT) rose 3% on Monday . The stock traded as high as $88.12 and last traded at $88.04. 3,935,550 shares changed hands during mid-day trading, a decline of 18% from the average session volume of 4,809,724 shares. The stock had previously closed at $85.44.

Analyst Upgrades and Downgrades

HUT has been the topic of a number of research analyst reports. BTIG Research boosted their target price on Hut 8 from $115.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. Canaccord Genuity Group lifted their price target on Hut 8 from $70.00 to $130.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Citizens Jmp boosted their price objective on shares of Hut 8 from $100.00 to $140.00 and gave the stock a “market outperform” rating in a research report on Thursday, May 7th. Piper Sandler increased their price objective on shares of Hut 8 from $127.00 to $143.00 and gave the company an “overweight” rating in a research note on Thursday, August 6th. Finally, Compass Point set a $195.00 price objective on shares of Hut 8 in a research note on Wednesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, Hut 8 presently has an average rating of “Buy” and an average price target of $144.89.

Hut 8 Trading Up 3.0%

The company has a current ratio of 19.35, a quick ratio of 19.35 and a debt-to-equity ratio of 4.22. The business has a 50 day moving average of $105.78 and a 200-day moving average of $83.33. The stock has a market cap of $10.85 billion, a PE ratio of -16.15 and a beta of 4.64.

Hut 8 (NASDAQ:HUT) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($1.27) earnings per share for the quarter, missing the consensus estimate of ($0.55) by ($0.72). Hut 8 had a negative return on equity of 0.97% and a negative net margin of 188.59%.The company had revenue of $72.66 million for the quarter, compared to analysts’ expectations of $79.37 million. During the same period in the previous year, the business posted $1.18 EPS. On average, analysts anticipate that Hut 8 Corp. will post -2.85 EPS for the current year.

Insider Buying and Selling

In related news, Director Amy Marie Wilkinson sold 20,000 shares of Hut 8 stock in a transaction dated 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 owned 262,136 shares in the company, valued at approximately $26,418,066.08. This trade represents a 7.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Victor Semah sold 10,000 shares of the business’s stock in a transaction dated Wednesday, June 17th. The shares were 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 directly owned 31,378 shares of the company’s stock, valued at $3,922,250. The trade was a 24.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 68,219 shares of company stock worth $7,720,152. 10.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Hut 8

A number of institutional investors have recently modified their holdings of HUT. BlackRock Inc. acquired a new stake in Hut 8 during the second quarter worth approximately $1,093,294,000. Vanguard Group Inc. lifted its stake in shares of Hut 8 by 3.2% during the 4th quarter. Vanguard Group Inc. now owns 7,978,357 shares of the company’s stock worth $366,526,000 after purchasing an additional 250,320 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Hut 8 by 4,669,387.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 4,062,454 shares of the company’s stock worth $186,629,000 after purchasing an additional 4,062,367 shares during the last quarter. Ameriprise Financial Inc. grew its position in shares of Hut 8 by 20.3% in the third quarter. Ameriprise Financial Inc. now owns 2,991,466 shares of the company’s stock valued at $104,133,000 after purchasing an additional 504,652 shares during the period. Finally, SRS Investment Management LLC purchased a new stake in shares of Hut 8 in the fourth quarter valued at $131,838,000. Institutional investors and hedge funds own 31.75% of the company’s stock.

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.