Hut 8 (NASDAQ:HUT) Shares Up 7.5% – Here’s Why

Hut 8 Corp. (NASDAQ:HUT)’s share price shot up 7.5% on Tuesday . The stock traded as high as $85.69 and last traded at $85.50. Approximately 3,462,711 shares changed hands during trading, a decline of 29% from the average session volume of 4,843,670 shares. The stock had previously closed at $79.56.

Analyst Ratings Changes

Several research firms recently weighed in on HUT. Piper Sandler lifted their price target on Hut 8 from $127.00 to $143.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. Freedom Broker raised shares of Hut 8 to a “strong-buy” rating in a research report on Tuesday, August 18th. Citigroup reissued an “outperform” rating on shares of Hut 8 in a research note on Tuesday, April 28th. Needham & Company LLC dropped their target price on Hut 8 from $145.00 to $138.00 and set a “buy” rating on the stock in a report on Wednesday, August 5th. Finally, Citizens Jmp upped their target price on shares of Hut 8 from $100.00 to $140.00 and gave the stock a “market outperform” rating in a research note on Thursday, May 7th. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen 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 an average rating of “Buy” and a consensus price target of $144.89.

Hut 8 Stock Performance

The company has a debt-to-equity ratio of 4.22, a quick ratio of 19.35 and a current ratio of 19.35. The business’s 50-day moving average price is $101.92 and its 200-day moving average price is $84.32. The stock has a market cap of $10.54 billion, a P/E ratio of -15.69 and a beta of 4.64.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($1.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.72). Hut 8 had a negative net margin of 188.59% and a negative return on equity of 0.97%. The company had revenue of $72.66 million for the quarter, compared to analysts’ expectations of $79.37 million. During the same period in the previous year, the firm earned $1.18 earnings per share. As a group, sell-side analysts expect that Hut 8 Corp. will post -2.85 earnings per share for the current fiscal year.

Insider Transactions at Hut 8

In other news, Director Joseph Flinn sold 7,719 shares of the business’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $117.91, for a total value of $910,147.29. Following the transaction, the director directly owned 10,519 shares in the company, valued at $1,240,295.29. The trade was a 42.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Victor Semah sold 10,000 shares of Hut 8 stock in a transaction that occurred on 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 sale, the insider directly owned 31,378 shares in the company, valued at $3,922,250. This trade represents a 24.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 48,219 shares of company stock worth $5,704,552. Insiders own 10.40% of the company’s stock.

Hedge Funds Weigh In On Hut 8

Several institutional investors have recently bought and sold shares of HUT. Arlington Trust Co LLC lifted its stake in Hut 8 by 175.0% in 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 in the last quarter. Imprint Wealth LLC purchased a new position in shares of Hut 8 in the 4th quarter worth approximately $38,000. Russell Investments Group Ltd. boosted its stake in Hut 8 by 235.8% during the second quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock worth $46,000 after buying an additional 1,719 shares during the period. Harbor Investment Advisory LLC purchased a new position in shares of Hut 8 during the 1st quarter worth about $47,000. Finally, Activest Wealth Management bought a new position in shares of Hut 8 during the fourth quarter valued at approximately $49,000. 31.75% of the stock is 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.