Analysts Set Hut 8 Corp. (NASDAQ:HUT) Price Target at $99.94

Shares of Hut 8 Corp. (NASDAQ:HUT) have earned an average rating of “Moderate Buy” from the eighteen ratings firms that are covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, sixteen have given a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $107.7222.

A number of analysts have recently commented on HUT shares. Roth Mkm reissued a “buy” rating and issued a $80.00 price target on shares of Hut 8 in a research report on Tuesday, January 27th. B. Riley Financial boosted their price target on Hut 8 from $76.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday. Jefferies Financial Group started coverage on Hut 8 in a research report on Thursday. They issued a “buy” rating and a $156.00 price target on the stock. Weiss Ratings cut Hut 8 from a “sell (d+)” rating to a “sell (d-)” rating in a research report on Thursday, May 7th. Finally, Needham & Company LLC boosted their price target on Hut 8 from $88.00 to $128.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th.

Hut 8 Stock Performance

Shares of HUT opened at $102.47 on Tuesday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.12. The business’s 50 day moving average price is $66.88 and its 200-day moving average price is $55.72. Hut 8 has a 52 week low of $14.74 and a 52 week high of $112.26. The stock has a market cap of $11.54 billion, a P/E ratio of -34.16 and a beta of 4.48.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($1.98) EPS for the quarter, missing analysts’ consensus estimates of ($0.33) by ($1.65). Hut 8 had a negative return on equity of 0.35% and a negative net margin of 109.77%.The company had revenue of $139.31 million during the quarter, compared to the consensus estimate of $78.53 million. Equities research analysts anticipate that Hut 8 will post -2.34 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Sean Joseph Glennan sold 4,625 shares of the business’s stock in a transaction that occurred 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 directly owned 12,068 shares in the company, valued at $591,935.40. The trade was a 27.71% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Rick Rickertsen sold 17,491 shares of the business’s stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $110.00, for a total transaction of $1,924,010.00. Following the completion of the transaction, the director owned 17,491 shares of the company’s stock, valued at approximately $1,924,010. The trade was a 50.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 54,628 shares of company stock worth $4,960,721 in the last three months. Insiders own 10.40% of the company’s stock.

Hedge Funds Weigh In On Hut 8

A number of hedge funds have recently added to or reduced their stakes in HUT. Millennium Management LLC raised its holdings in Hut 8 by 11.9% in the 1st quarter. Millennium Management LLC now owns 330,416 shares of the company’s stock worth $3,839,000 after acquiring an additional 35,120 shares during the last quarter. Prudential Financial Inc. purchased a new position in Hut 8 in the 2nd quarter worth approximately $216,000. Russell Investments Group Ltd. raised its holdings in Hut 8 by 235.8% in 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 during the last quarter. New York State Common Retirement Fund raised its holdings in Hut 8 by 19.9% in the 2nd quarter. New York State Common Retirement Fund now owns 32,540 shares of the company’s stock worth $605,000 after acquiring an additional 5,400 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in Hut 8 by 13.2% in the 2nd quarter. Invesco Ltd. now owns 1,067,985 shares of the company’s stock worth $19,865,000 after acquiring an additional 124,439 shares during the last quarter. 31.75% of the stock is currently owned by hedge funds and other 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.