Hut 8 (NASDAQ:HUT) Shares Up 2.2% – Still a Buy?

Hut 8 Corp. (NASDAQ:HUT)’s share price traded up 2.2% during trading on Wednesday . The stock traded as high as $96.75 and last traded at $90.77. 4,510,443 shares traded hands during mid-day trading, a decline of 6% from the average daily volume of 4,799,723 shares. The stock had previously closed at $88.78.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on HUT shares. Jefferies Financial Group started coverage on Hut 8 in a research report on Thursday, May 14th. They set a “buy” rating and a $156.00 price objective on the stock. Keefe, Bruyette & Woods decreased their target price on shares of Hut 8 from $157.00 to $154.00 and set an “outperform” rating on the stock in a research report on Thursday, August 6th. Citizens Jmp increased their price target on shares of Hut 8 from $100.00 to $140.00 and gave the stock a “market outperform” rating in a research report on Thursday, May 7th. Morgan Stanley initiated coverage on Hut 8 in a report on Thursday, July 23rd. They set an “overweight” rating and a $263.00 price objective on the stock. Finally, Loop Capital set a $226.00 target price on Hut 8 in a report on Monday, June 22nd. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, Hut 8 presently has an average rating of “Buy” and an average price target of $144.89.

Hut 8 Trading Up 5.0%

The firm has a market cap of $10.74 billion, a P/E ratio of -16.03 and a beta of 4.64. The company has a current ratio of 19.35, a quick ratio of 19.35 and a debt-to-equity ratio of 4.22. The company’s fifty day moving average price is $106.32 and its two-hundred day moving average price is $83.13.

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

Insider Activity

In related news, insider Victor Semah sold 10,000 shares of the firm’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $125.00, for a total transaction of $1,250,000.00. Following the completion of the sale, the insider directly owned 31,378 shares of the company’s stock, valued at $3,922,250. This trade represents a 24.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Joseph Flinn sold 30,500 shares of Hut 8 stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $116.21, for a total value of $3,544,405.00. Following the completion of the transaction, the director owned 18,238 shares of the company’s stock, valued at approximately $2,119,437.98. The trade was a 62.58% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 68,219 shares of company stock worth $7,720,152. Insiders own 10.40% of the company’s stock.

Institutional Trading of Hut 8

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. CoreCap Advisors LLC lifted its position in Hut 8 by 42.1% during the 2nd quarter. CoreCap Advisors LLC now owns 540 shares of the company’s stock worth $62,000 after buying an additional 160 shares in the last quarter. Arlington Trust Co LLC raised its stake in shares of Hut 8 by 175.0% in the second quarter. Arlington Trust Co LLC now owns 275 shares of the company’s stock worth $32,000 after acquiring an additional 175 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Hut 8 by 35.0% during the second quarter. GAMMA Investing LLC now owns 1,057 shares of the company’s stock worth $122,000 after purchasing an additional 274 shares in the last quarter. CWM LLC grew its stake in shares of Hut 8 by 37.4% during the fourth quarter. CWM LLC now owns 1,106 shares of the company’s stock valued at $51,000 after purchasing an additional 301 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Hut 8 by 1.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,685 shares of the company’s stock valued at $996,000 after purchasing an additional 362 shares during the last quarter. 31.75% of the stock is currently owned by institutional investors and hedge funds.

About Hut 8

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.