Hut 8 (NASDAQ:HUT) Trading Up 4% – Still a Buy?

Shares of Hut 8 Corp. (NASDAQ:HUT) shot up 4% during trading on Wednesday . The stock traded as high as $81.50 and last traded at $80.68. Approximately 3,695,064 shares were traded during trading, a decline of 23% from the average daily volume of 4,818,344 shares. The stock had previously closed at $77.57.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on HUT. Freedom Broker upgraded shares of Hut 8 to a “strong-buy” rating in a research report on Tuesday, August 18th. Morgan Stanley started coverage on Hut 8 in a research report on Thursday, July 23rd. They issued an “overweight” rating and a $263.00 price target for the company. Weiss Ratings downgraded Hut 8 from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, August 19th. Wall Street Zen lowered Hut 8 from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 1st. Finally, Northland Securities set a $120.00 target price on Hut 8 in a 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 issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $144.89.

Hut 8 Trading Up 4.0%

The firm has a market capitalization of $9.94 billion, a PE ratio of -14.80 and a beta of 4.51. The stock’s 50-day moving average price is $97.17 and its 200 day moving average price is $85.57. The company has a debt-to-equity ratio of 4.22, a current ratio of 19.35 and a quick ratio of 19.35.

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

Insider Activity at Hut 8

In other 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 in the company, valued at approximately $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 can be accessed through this hyperlink. Also, Director Joseph Flinn sold 7,719 shares of the company’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $117.91, for a total value of $910,147.29. Following the sale, the director owned 10,519 shares of the company’s stock, valued at approximately $1,240,295.29. This represents a 42.32% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 54,664 shares of company stock worth $6,212,160 over the last three months. 10.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Hut 8

A number of institutional investors have recently added to or reduced their stakes in HUT. CoreCap Advisors LLC increased its holdings in shares of Hut 8 by 42.1% during the second quarter. CoreCap Advisors LLC now owns 540 shares of the company’s stock valued at $62,000 after acquiring an additional 160 shares in the last quarter. Arlington Trust Co LLC grew its position in Hut 8 by 175.0% during the 2nd 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 grew its position in Hut 8 by 35.0% during the 2nd quarter. GAMMA Investing LLC now owns 1,057 shares of the company’s stock worth $122,000 after purchasing an additional 274 shares during the last quarter. CWM LLC increased its stake in Hut 8 by 37.4% during the 4th quarter. CWM LLC now owns 1,106 shares of the company’s stock valued at $51,000 after purchasing an additional 301 shares in the last quarter. Finally, TD Waterhouse Canada Inc. increased its stake in Hut 8 by 41.6% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 1,274 shares of the company’s stock valued at $135,000 after purchasing an additional 374 shares in the last quarter. Institutional investors own 31.75% of the company’s stock.

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.