Hut 8 (NASDAQ:HUT) Stock Price Up 2.2% – Here’s Why

Hut 8 Corp. (NASDAQ:HUT)’s stock price traded up 2.2% during mid-day trading on Wednesday . The stock traded as high as $96.75 and last traded at $90.77. 4,510,443 shares were traded during mid-day trading, a decline of 6% from the average daily volume of 4,799,723 shares. The stock had previously closed at $88.78.

Analyst Ratings Changes

Several research analysts have recently commented on the company. B. Riley Financial lifted their target price on Hut 8 from $130.00 to $163.00 and gave the stock a “buy” rating in a research note on Monday, August 3rd. Needham & Company LLC dropped their price target on Hut 8 from $145.00 to $138.00 and set a “buy” rating on the stock in a research note on Wednesday, August 5th. Citizens Jmp raised their price target on Hut 8 from $100.00 to $140.00 and gave the company a “market outperform” rating in a report on Thursday, May 7th. Morgan Stanley began coverage on shares of Hut 8 in a research report on Thursday, July 23rd. They set an “overweight” rating and a $263.00 price objective for the company. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of Hut 8 from $157.00 to $154.00 and set an “outperform” rating on the stock in a research report on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and an average target price of $144.89.

Hut 8 Stock Performance

The company has a market cap of $11.19 billion, a P/E ratio of -16.66 and a beta of 4.64. The company has a quick ratio of 19.35, a current ratio of 19.35 and a debt-to-equity ratio of 4.22. The stock has a 50 day moving average price of $108.03 and a two-hundred day moving average price of $82.70.

Hut 8 (NASDAQ:HUT) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($1.27) earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $72.66 million during the quarter, compared to the consensus estimate of $79.37 million. During the same quarter last year, the firm earned $1.18 earnings per share. On average, research analysts predict that Hut 8 Corp. will post -2.85 earnings per share for the current fiscal year.

Insider Activity

In other Hut 8 news, 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 value of $1,250,000.00. Following the completion of the sale, the insider owned 31,378 shares of the company’s stock, valued at $3,922,250. The trade was a 24.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Amy Marie Wilkinson sold 20,000 shares of the stock in a transaction that occurred 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 transaction, the director owned 262,136 shares in the company, valued at approximately $26,418,066.08. The trade was a 7.09% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 68,219 shares of company stock valued at $7,720,152. 10.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Hut 8

Several institutional investors have recently made changes to their positions in the stock. CoreCap Advisors LLC raised its position 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 purchasing an additional 160 shares during the last quarter. Arlington Trust Co LLC grew its holdings 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 last quarter. GAMMA Investing LLC increased its stake in shares of Hut 8 by 35.0% in the second quarter. GAMMA Investing LLC now owns 1,057 shares of the company’s stock valued at $122,000 after buying an additional 274 shares during the period. CWM LLC increased its stake in shares of Hut 8 by 37.4% in the fourth quarter. CWM LLC now owns 1,106 shares of the company’s stock valued at $51,000 after buying an additional 301 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Hut 8 by 1.7% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,685 shares of the company’s stock valued at $996,000 after buying an additional 362 shares during 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.