Arete Research Begins Coverage on Hut 8 (NASDAQ:HUT)

Equities researchers at Arete Research started coverage on shares of Hut 8 (NASDAQ:HUT) in a research report issued to clients and investors on Monday. The brokerage set a “buy” rating and a $136.00 price target on the stock. Arete Research’s price target indicates a potential upside of 186.56% from the stock’s current price.

A number of other research firms have also recently commented on HUT. Keefe, Bruyette & Woods upped their price target on Hut 8 from $55.00 to $75.00 and gave the stock a “moderate buy” rating in a research note on Tuesday, January 27th. Roth Mkm reiterated a “buy” rating and issued a $80.00 price objective on shares of Hut 8 in a report on Tuesday, January 27th. Needham & Company LLC increased their target price on Hut 8 from $60.00 to $66.00 and gave the stock a “buy” rating in a research note on Thursday, February 26th. Wall Street Zen cut Hut 8 from a “hold” rating to a “sell” rating in a report on Saturday, February 28th. Finally, Canaccord Genuity Group lifted their target price on Hut 8 from $62.00 to $70.00 and gave the company a “buy” rating in a research report on Friday, February 27th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Hut 8 currently has a consensus rating of “Moderate Buy” and a consensus target price of $69.71.

Hut 8 Stock Performance

NASDAQ:HUT opened at $47.46 on Monday. Hut 8 has a fifty-two week low of $10.04 and a fifty-two week high of $66.07. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.09 and a current ratio of 1.09. The company has a 50 day moving average price of $54.39 and a 200 day moving average price of $46.88. The stock has a market capitalization of $5.26 billion, a P/E ratio of -20.46 and a beta of 4.42.

Insiders Place Their Bets

In other news, insider Victor Semah sold 5,498 shares of the stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $49.05, for a total value of $269,676.90. Following the sale, the insider directly owned 24,796 shares in the company, valued at approximately $1,216,243.80. This trade represents a 18.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Sean Joseph Glennan sold 4,625 shares of Hut 8 stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $49.05, for a total value of $226,856.25. Following the completion of the transaction, the chief financial officer owned 12,068 shares of the company’s stock, valued at approximately $591,935.40. This trade represents a 27.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 11.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Hut 8

Institutional investors and hedge funds have recently made changes to their positions in the stock. Advisors Asset Management Inc. increased its stake in shares of Hut 8 by 68.4% during the second quarter. Advisors Asset Management Inc. now owns 1,613 shares of the company’s stock worth $30,000 after buying an additional 655 shares during the period. GAMMA Investing LLC purchased a new position in Hut 8 in the fourth quarter worth approximately $30,000. Imprint Wealth LLC purchased a new position in Hut 8 in the fourth quarter worth approximately $38,000. Russell Investments Group Ltd. grew its holdings in Hut 8 by 235.8% during the 2nd quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock worth $46,000 after acquiring an additional 1,719 shares in the last quarter. Finally, Activest Wealth Management acquired a new position in Hut 8 during the 4th quarter worth approximately $49,000. 31.75% of the stock is owned by institutional investors and hedge funds.

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.