Hut 8 (NASDAQ:HUT) Rating Increased to Strong-Buy at Jefferies Financial Group

Hut 8 (NASDAQ:HUT) was upgraded by stock analysts at Jefferies Financial Group to a “strong-buy” rating in a report issued on Thursday,Zacks.com reports.

Several other equities research analysts also recently commented on HUT. Wall Street Zen downgraded Hut 8 from a “hold” rating to a “sell” rating in a report on Saturday, February 28th. Cantor Fitzgerald raised their target price on Hut 8 from $68.00 to $80.00 and gave the company an “overweight” rating in a report on Thursday, April 9th. Compass Point set a $130.00 target price on Hut 8 in a report on Wednesday. Northland Securities set a $120.00 target price on Hut 8 in a report on Thursday, May 7th. Finally, Arete Research initiated coverage on Hut 8 in a report on Monday, March 23rd. They set a “buy” rating and a $136.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $107.72.

Hut 8 Stock Performance

Shares of NASDAQ:HUT opened at $109.37 on Thursday. The company has a market cap of $12.31 billion, a P/E ratio of -36.46 and a beta of 4.48. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.86 and a current ratio of 0.86. Hut 8 has a one year low of $14.74 and a one year high of $112.26. The business’s 50-day simple moving average is $65.92 and its 200 day simple moving average is $55.39.

Hut 8 (NASDAQ:HUT) last announced its earnings results on Wednesday, May 6th. The company reported ($1.98) EPS for the quarter, missing the consensus estimate of ($0.33) by ($1.65). The company had revenue of $139.31 million for the quarter, compared to analysts’ expectations of $78.53 million. Hut 8 had a negative net margin of 109.77% and a negative return on equity of 0.35%. On average, sell-side analysts forecast that Hut 8 will post -1.5 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Hut 8 news, insider Victor Semah sold 10,518 shares of Hut 8 stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $76.83, for a total transaction of $808,097.94. Following the sale, the insider directly owned 41,378 shares in the company, valued at $3,179,071.74. The trade was a 20.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Rick Rickertsen sold 17,491 shares of Hut 8 stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $110.00, for a total value of $1,924,010.00. Following the sale, the director owned 17,491 shares in the company, valued at $1,924,010. This represents a 50.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 54,628 shares of company stock worth $4,960,721 in the last three months. 10.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Hut 8

Institutional investors have recently made changes to their positions in the company. Harvest Portfolios Group Inc. increased its holdings in shares of Hut 8 by 75.3% in the 3rd quarter. Harvest Portfolios Group Inc. now owns 85,093 shares of the company’s stock valued at $2,962,000 after acquiring an additional 36,543 shares during the last quarter. Steadview Capital Management LLC bought a new stake in shares of Hut 8 in the 3rd quarter valued at approximately $985,000. Y Intercept Hong Kong Ltd increased its holdings in shares of Hut 8 by 26.6% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 131,110 shares of the company’s stock valued at $4,564,000 after acquiring an additional 27,568 shares during the last quarter. Zweig DiMenna Associates LLC increased its holdings in shares of Hut 8 by 256.5% in the 3rd quarter. Zweig DiMenna Associates LLC now owns 707,000 shares of the company’s stock valued at $24,611,000 after acquiring an additional 508,700 shares during the last quarter. Finally, WINTON GROUP Ltd bought a new stake in shares of Hut 8 in the 3rd quarter valued at approximately $1,385,000. 31.75% of the stock is currently owned by institutional investors.

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.