Hut 8 (NASDAQ:HUT) Trading Up 9% – Here’s Why

Shares of Hut 8 Corp. (NASDAQ:HUT) rose 9% during trading on Wednesday . The stock traded as high as $104.25 and last traded at $105.4870. Approximately 2,323,994 shares traded hands during trading, a decline of 52% from the average daily volume of 4,866,728 shares. The stock had previously closed at $96.74.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on HUT. Loop Capital set a $226.00 price target on shares of Hut 8 in a report on Monday, June 22nd. Jefferies Financial Group began coverage on shares of Hut 8 in a report on Thursday, May 14th. They set a “buy” rating and a $156.00 price objective on the stock. Citizens Jmp boosted their price objective on shares of Hut 8 from $100.00 to $140.00 and gave the company a “market outperform” rating in a research report on Thursday, May 7th. Compass Point set a $130.00 target price on shares of Hut 8 in a research note on Wednesday, May 13th. Finally, BTIG Research increased their target price on Hut 8 from $115.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. Seventeen analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Hut 8 currently has a consensus rating of “Moderate Buy” and a consensus price target of $115.79.

Hut 8 Price Performance

The firm has a market cap of $11.51 billion, a price-to-earnings ratio of -34.07 and a beta of 4.62. The company’s fifty day moving average is $110.23 and its 200 day moving average is $75.38. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.12.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($1.98) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.33) by ($1.65). Hut 8 had a negative net margin of 109.77% and a negative return on equity of 0.35%. The business had revenue of $139.31 million during the quarter, compared to analyst estimates of $78.53 million. On average, equities research analysts predict that Hut 8 Corp. will post -1.29 EPS for the current year.

Insider Buying and Selling

In related news, Director Amy Marie Wilkinson sold 20,000 shares of the company’s stock in a transaction dated 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 sale, the director owned 262,136 shares in the company, valued at approximately $26,418,066.08. This represents a 7.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Rick Rickertsen sold 17,491 shares of the stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $110.00, for a total value of $1,924,010.00. Following the transaction, the director directly owned 17,491 shares of the company’s stock, valued at $1,924,010. This trade represents a 50.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 112,724 shares of company stock worth $12,184,340 over the last 90 days. 10.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Hut 8

Institutional investors and hedge funds have recently made changes to their positions in the stock. CoreCap Advisors LLC boosted its holdings in shares of Hut 8 by 42.1% in the 2nd quarter. CoreCap Advisors LLC now owns 540 shares of the company’s stock valued at $62,000 after buying an additional 160 shares during the last quarter. Arlington Trust Co LLC increased its holdings in 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 buying an additional 175 shares during the last quarter. Nisa Investment Advisors LLC raised its position in Hut 8 by 1.6% during the fourth quarter. Nisa Investment Advisors LLC now owns 15,969 shares of the company’s stock worth $734,000 after acquiring an additional 254 shares in the last quarter. GAMMA Investing LLC lifted its stake in 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 acquiring an additional 274 shares during the last quarter. Finally, CWM LLC lifted its stake in 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 acquiring an additional 301 shares during 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.