Hut 8 (NASDAQ:HUT) Earns “Buy” Rating from Needham & Company LLC

Hut 8 (NASDAQ:HUT)‘s stock had its “buy” rating restated by equities researchers at Needham & Company LLC in a research note issued on Friday,Benzinga reports. They presently have a $60.00 price target on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 4.75% from the stock’s previous close.

Other equities analysts have also issued reports about the company. Craig Hallum reaffirmed a “buy” rating and issued a $80.00 price objective on shares of Hut 8 in a research note on Thursday, December 18th. Citigroup reaffirmed an “outperform” rating on shares of Hut 8 in a research report on Tuesday, October 21st. Weiss Ratings reiterated a “hold (c-)” rating on shares of Hut 8 in a report on Monday, December 29th. Northland Securities set a $58.00 price target on Hut 8 in a report on Wednesday, November 5th. Finally, Benchmark reiterated a “buy” rating on shares of Hut 8 in a research note on Wednesday, December 17th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $56.76.

Hut 8 Price Performance

HUT stock opened at $57.28 on Friday. The company has a 50 day simple moving average of $45.84 and a 200 day simple moving average of $36.38. The stock has a market cap of $6.19 billion, a price-to-earnings ratio of -146.87 and a beta of 4.41. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.72 and a quick ratio of 0.72. Hut 8 has a 1 year low of $10.04 and a 1 year high of $62.91.

Hut 8 (NASDAQ:HUT) last released its quarterly earnings data on Tuesday, November 4th. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.16) by $0.09. The company had revenue of $80.72 million for the quarter, compared to the consensus estimate of $64.70 million. Hut 8 had a return on equity of 8.06% and a net margin of 115.39%. Research analysts anticipate that Hut 8 will post -0.53 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC boosted its position in shares of Hut 8 by 116.4% in the second quarter. Nisa Investment Advisors LLC now owns 1,515 shares of the company’s stock valued at $28,000 after acquiring an additional 815 shares during the period. Advisors Asset Management Inc. raised its stake in shares of Hut 8 by 68.4% during the second quarter. Advisors Asset Management Inc. now owns 1,613 shares of the company’s stock worth $30,000 after acquiring an additional 655 shares in the last quarter. GAMMA Investing LLC bought a new stake in Hut 8 in the fourth quarter worth $30,000. Russell Investments Group Ltd. boosted its holdings in Hut 8 by 235.8% during the 2nd quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock valued at $46,000 after acquiring an additional 1,719 shares during the period. Finally, NewEdge Advisors LLC boosted its stake in shares of Hut 8 by 67.2% during the third quarter. NewEdge Advisors LLC now owns 2,257 shares of the company’s stock valued at $79,000 after purchasing an additional 907 shares during the period. 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.