Hut 8 (NASDAQ:HUT) Trading 8.2% Higher – Should You Buy?

Hut 8 Corp. (NASDAQ:HUT)’s stock price was up 8.2% during mid-day trading on Friday . The stock traded as high as $57.93 and last traded at $59.6280. Approximately 2,251,106 shares traded hands during trading, a decline of 55% from the average daily volume of 5,034,764 shares. The stock had previously closed at $55.12.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Northland Securities set a $58.00 target price on shares of Hut 8 in a research note on Wednesday, November 5th. Benchmark restated a “buy” rating on shares of Hut 8 in a research report on Wednesday, December 17th. Canaccord Genuity Group raised their target price on Hut 8 from $54.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, December 18th. Keefe, Bruyette & Woods increased their price objective on shares of Hut 8 from $30.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, December 19th. Finally, Citigroup reissued an “outperform” rating on shares of Hut 8 in a research report on Tuesday, October 21st. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $56.76.

Hut 8 Trading Up 8.0%

The firm has a market cap of $6.43 billion, a price-to-earnings ratio of -152.69 and a beta of 4.41. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.72 and a current ratio of 0.72. The company’s 50-day moving average is $47.41 and its 200-day moving average is $37.69.

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

Institutional Trading of Hut 8

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in HUT. Nisa Investment Advisors LLC raised its holdings in Hut 8 by 1.6% during the 4th quarter. Nisa Investment Advisors LLC now owns 15,969 shares of the company’s stock worth $734,000 after purchasing an additional 254 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in Hut 8 by 3.5% in the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 9,500 shares of the company’s stock valued at $331,000 after buying an additional 321 shares during the period. Arizona State Retirement System boosted its stake in Hut 8 by 1.9% in the third quarter. Arizona State Retirement System now owns 29,290 shares of the company’s stock valued at $1,020,000 after acquiring an additional 542 shares during the last quarter. GAMMA Investing LLC bought a new position in Hut 8 in the fourth quarter valued at approximately $30,000. Finally, Advisors Asset Management Inc. grew its holdings in Hut 8 by 68.4% during the 2nd quarter. Advisors Asset Management Inc. now owns 1,613 shares of the company’s stock worth $30,000 after acquiring an additional 655 shares during the period. 31.75% of the stock is currently owned by institutional investors and hedge funds.

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.