Hut 8 (NASDAQ:HUT) Stock Price Up 6.2% – What’s Next?

Shares of Hut 8 Corp. (NASDAQ:HUT) traded up 6.2% during trading on Friday . The stock traded as high as $94.79 and last traded at $93.55. Approximately 5,703,458 shares were traded during trading, an increase of 18% from the average daily volume of 4,827,405 shares. The stock had previously closed at $88.09.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on HUT shares. Rosenblatt Securities restated a “buy” rating and issued a $124.00 price target on shares of Hut 8 in a report on Wednesday, August 5th. Piper Sandler increased their target price on shares of Hut 8 from $127.00 to $143.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. Loop Capital set a $226.00 target price on shares of Hut 8 in a research note on Monday, June 22nd. Morgan Stanley initiated coverage on shares of Hut 8 in a report on Thursday, July 23rd. They issued an “overweight” rating and a $263.00 price target on the stock. Finally, Citizens Jmp upped their price target on Hut 8 from $100.00 to $140.00 and gave the stock a “market outperform” rating in a research report on Thursday, May 7th. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $144.89.

Hut 8 Trading Up 6.2%

The company has a debt-to-equity ratio of 4.22, a current ratio of 19.35 and a quick ratio of 19.35. The stock has a market cap of $11.53 billion, a price-to-earnings ratio of -17.16 and a beta of 4.51. The company’s fifty day moving average price is $95.88 and its 200-day moving average price is $86.02.

Hut 8 (NASDAQ:HUT) last released its earnings results on Wednesday, August 5th. The company reported ($1.27) EPS for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.72). The company had revenue of $74.93 million during the quarter, compared to analyst estimates of $79.37 million. Hut 8 had a negative return on equity of 0.97% and a negative net margin of 188.59%.During the same quarter last year, the business earned $1.18 earnings per share. On average, research analysts expect that Hut 8 Corp. will post -2.85 EPS for the current fiscal year.

Insider Activity at Hut 8

In related news, insider Victor Semah sold 10,000 shares of the company’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $125.00, for a total value of $1,250,000.00. Following the transaction, the insider directly owned 31,378 shares of the company’s stock, valued at $3,922,250. This represents a 24.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Sean Glennan sold 6,445 shares of the firm’s 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 completion of the transaction, the chief financial officer owned 17,978 shares of the company’s stock, valued at $1,415,947.28. This trade represents a 26.39% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 54,664 shares of company stock valued at $6,212,160 in the last ninety days. Company insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On Hut 8

A number of large investors have recently bought and sold shares of the company. California State Teachers Retirement System raised its position in Hut 8 by 11,436.2% during the 2nd quarter. California State Teachers Retirement System now owns 13,256,088 shares of the company’s stock worth $1,530,349,000 after buying an additional 13,141,179 shares during the last quarter. BlackRock Inc. purchased a new position in shares of Hut 8 during the second quarter worth $1,093,294,000. Vanguard Group Inc. raised its holdings in shares of Hut 8 by 3.2% during the fourth quarter. Vanguard Group Inc. now owns 7,978,357 shares of the company’s stock worth $366,526,000 after purchasing an additional 250,320 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in Hut 8 by 4,669,387.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 4,062,454 shares of the company’s stock valued at $186,629,000 after purchasing an additional 4,062,367 shares during the period. Finally, Ameriprise Financial Inc. boosted its holdings in Hut 8 by 20.3% in the third quarter. Ameriprise Financial Inc. now owns 2,991,466 shares of the company’s stock valued at $104,133,000 after purchasing an additional 504,652 shares during the last quarter. Hedge funds and other institutional investors own 31.75% of the company’s stock.

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.