Hut 8 (NASDAQ:HUT) Shares Up 9.2% – Should You Buy?

Shares of Hut 8 Corp. (NASDAQ:HUT) shot up 9.2% during trading on Thursday . The company traded as high as $88.69 and last traded at $88.09. Approximately 5,457,721 shares changed hands during trading, an increase of 13% from the average session volume of 4,822,277 shares. The stock had previously closed at $80.68.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Weiss Ratings cut Hut 8 from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, August 19th. Morgan Stanley assumed coverage on Hut 8 in a research report on Thursday, July 23rd. They set an “overweight” rating and a $263.00 price objective for the company. Compass Point set a $195.00 price objective on Hut 8 in a report on Wednesday, July 22nd. Freedom Broker raised Hut 8 to a “strong-buy” rating in a research report on Tuesday, August 18th. Finally, Citizens Jmp raised their target price on Hut 8 from $100.00 to $140.00 and gave the stock a “market outperform” rating in a research report on Thursday, May 7th. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $144.89.

Hut 8 Price Performance

The stock’s 50-day moving average is $96.47 and its 200 day moving average is $85.78. The company has a debt-to-equity ratio of 4.22, a quick ratio of 19.35 and a current ratio of 19.35. The stock has a market capitalization of $10.86 billion, a PE ratio of -16.16 and a beta of 4.51.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($1.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.72). Hut 8 had a negative net margin of 188.59% and a negative return on equity of 0.97%. The company had revenue of $74.93 million during the quarter, compared to analysts’ expectations of $79.37 million. During the same period last year, the firm earned $1.18 earnings per share. As a group, equities analysts expect that Hut 8 Corp. will post -2.85 earnings per share for the current year.

Insider Transactions at Hut 8

In related news, Director Joseph Flinn sold 7,719 shares of the company’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $117.91, for a total value of $910,147.29. Following the completion of the sale, the director directly owned 10,519 shares of the company’s stock, valued at $1,240,295.29. This represents a 42.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 firm’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 value of $1,250,000.00. Following the transaction, the insider owned 31,378 shares in the company, valued at $3,922,250. This represents a 24.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 54,664 shares of company stock worth $6,212,160. Corporate insiders own 10.40% of the company’s stock.

Hedge Funds Weigh In On Hut 8

A number of institutional investors have recently modified their holdings of HUT. California State Teachers Retirement System raised its position in Hut 8 by 11,436.2% in the 2nd quarter. California State Teachers Retirement System now owns 13,256,088 shares of the company’s stock valued at $1,530,349,000 after purchasing an additional 13,141,179 shares during the last quarter. BlackRock Inc. purchased a new position in Hut 8 during the 2nd quarter worth $1,093,294,000. Northwestern Mutual Wealth Management Co. grew its position in Hut 8 by 4,669,387.4% during the 4th 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. SRS Investment Management LLC acquired a new position in Hut 8 in the fourth quarter valued at $131,838,000. Finally, Sachem Head Capital Management LP acquired a new position in Hut 8 in the fourth quarter valued at $129,780,000. 31.75% of the stock is owned by institutional investors and hedge funds.

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.