B. Riley Financial reaffirmed their buy rating on shares of Hut 8 (NASDAQ:HUT – Free Report) in a research report released on Friday morning,Benzinga reports. B. Riley Financial currently has a $132.00 price objective on the stock, down from their previous price objective of $134.00.
A number of other brokerages also recently issued reports on HUT. Rosenblatt Securities cut their price objective on shares of Hut 8 from $124.00 to $100.00 and set a “buy” rating on the stock in a research report on Thursday. Needham & Company LLC lowered their target price on shares of Hut 8 from $138.00 to $101.00 and set a “buy” rating on the stock in a research note on Thursday. Keefe, Bruyette & Woods decreased their price target on Hut 8 from $157.00 to $154.00 and set an “outperform” rating on the stock in a research note on Thursday, August 6th. Freedom Capital raised Hut 8 to a “strong-buy” rating in a research report on Tuesday, August 18th. Finally, Canaccord Genuity Group restated a “buy” rating and set a $130.00 target price on shares of Hut 8 in a research note on Wednesday, October 7th. Four investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $141.59.
Check Out Our Latest Stock Report on HUT
Hut 8 Stock Up 14.6%
Shares of Hut 8 stock traded up $6.70 during midday trading on Friday, hitting $52.65. The company had a trading volume of 11,545,992 shares, compared to its average volume of 6,542,872. The stock has a market capitalization of $6.49 billion, a P/E ratio of -10.74 and a beta of 4.53. Hut 8 has a 52-week low of $31.67 and a 52-week high of $140.80. 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 company has a 50 day moving average of $80.94 and a 200 day moving average of $82.18.
Hut 8 (NASDAQ:HUT – Get Free Report) last announced its earnings results on Wednesday, November 4th. The company reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.72) by $1.70. Hut 8 had a negative net margin of 188.59% and a negative return on equity of 0.97%. The company had revenue of $71.07 million during the quarter, compared to analyst estimates of $75.78 million. On average, equities analysts predict that Hut 8 will post -2.93 earnings per share for the current fiscal year.
Insider Buying and Selling at Hut 8
In related news, CFO Sean Glennan sold 6,445 shares of the stock in a transaction on Monday, August 24th. The stock was sold at an average price of $78.76, for a total value of $507,608.20. Following the transaction, the chief financial officer directly owned 17,978 shares of the company’s stock, valued at approximately $1,415,947.28. This trade represents a 26.39% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Mayo A. Shattuck III sold 20,000 shares of the business’s stock in a transaction dated Thursday, September 24th. The stock was sold at an average price of $100.00, for a total value of $2,000,000.00. Following the sale, the director owned 89,408 shares of the company’s stock, valued at $8,940,800. The trade was a 18.28% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 10.40% of the company’s stock.
Institutional Investors Weigh In On Hut 8
Several large investors have recently made changes to their positions in the business. Russell Investments Group Ltd. lifted its stake in shares of Hut 8 by 43.1% during the third quarter. Russell Investments Group Ltd. now owns 93,341 shares of the company’s stock worth $8,037,000 after purchasing an additional 28,102 shares in the last quarter. R Squared Ltd boosted its holdings in Hut 8 by 13.1% in the third quarter. R Squared Ltd now owns 3,256 shares of the company’s stock valued at $280,000 after purchasing an additional 377 shares during the last quarter. Fulcrum Asset Management LLP acquired a new stake in Hut 8 during the 3rd quarter valued at approximately $1,506,000. Allspring Global Investments Holdings LLC increased its holdings in Hut 8 by 56.0% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 77,689 shares of the company’s stock worth $6,709,000 after purchasing an additional 27,898 shares during the last quarter. Finally, Pictet Asset Management Holding SA raised its position in shares of Hut 8 by 6.3% in the 3rd quarter. Pictet Asset Management Holding SA now owns 18,392 shares of the company’s stock valued at $1,584,000 after purchasing an additional 1,085 shares in the last quarter. Institutional investors and hedge funds own 31.75% of the company’s stock.
Hut 8 News Roundup
Here are the key news stories impacting Hut 8 this week:
- Positive Sentiment: Investors are increasingly valuing crypto miners for their AI data-center potential, lifting the sector even as Bitcoin was flat; Hut 8 was among the gainers. Article: Riot Platforms Jumps as AI Data Center Bets Lift Bitcoin Miners
- Positive Sentiment: Hut 8’s Q3 call highlighted its AI growth plans, including $27 billion in data-center leases, $7.5 billion in project financing and plans to expand power capacity. The company also expects 700 megawatts at Beacon Point in Q1 2027 on a path toward a full gigawatt. Article: HUT Q3 Earnings Call Focuses on AI Expansion and Project Financing Article: Hut 8 Anticipates Beacon Point Energization and Expands Buyback
- Neutral Sentiment: B. Riley reaffirmed its Buy rating with a $132 target, trimmed slightly from $134. Wells Fargo, Needham and Cantor Fitzgerald also retained positive ratings despite lowering their targets. B. Riley Recommendations
- Negative Sentiment: Hut 8’s Q3 earnings missed estimates, and several firms cut price targets: Wells Fargo to $148, Needham to $101 and Cantor Fitzgerald to $127. The cuts may temper enthusiasm, though the firms maintained Overweight or Buy ratings. Cantor Fitzgerald Target Cut Wells Fargo Target Cut Needham Target Cut
Hut 8 Company Profile
Hut 8 Corp. is a North American energy infrastructure and computing company whose business includes digital asset mining, high-performance computing and data center operations. The company develops and manages power and infrastructure assets intended to support energy-intensive computing applications.
Hut 8’s activities have historically centered on Bitcoin mining, supported by company-operated data centers and specialized mining equipment. It also provides infrastructure for emerging computing applications, including artificial intelligence and other high-performance computing workloads, as it seeks to expand beyond cryptocurrency mining.
The company was established in Canada and expanded its operations in the United States through its combination with U.S.
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