Hut 8 (NASDAQ:HUT – Get Free Report)‘s stock had its “buy” rating reissued by B. Riley Financial in a report issued on Friday, Benzinga reports. They presently have a $132.00 price target on the stock, down from their prior price target of $134.00. B. Riley Financial‘s price target points to a potential upside of 150.71% from the company’s current price.
HUT has been the topic of several other research reports. Rothschild & Co Redburn began coverage on shares of Hut 8 in a report on Monday, September 21st. They issued a “neutral” rating and a $96.00 target price on the stock. Wall Street Zen downgraded shares of Hut 8 from a “sell” rating to a “strong sell” rating in a report on Saturday, August 1st. Cantor Fitzgerald cut their price target on shares of Hut 8 from $151.00 to $127.00 and set an “overweight” rating for the company in a report on Thursday. Canaccord Genuity Group restated a “buy” rating and issued a $130.00 price target on shares of Hut 8 in a research report on Wednesday, October 7th. Finally, Needham & Company LLC decreased their price objective 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. Four research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $141.59.
Check Out Our Latest Stock Report on Hut 8
Hut 8 Price Performance
Shares of HUT stock opened at $52.65 on Friday. The stock’s fifty day simple moving average is $80.94 and its 200 day simple moving average is $82.18. Hut 8 has a one year low of $31.67 and a one year high of $140.80. The firm has a market cap of $6.32 billion, a price-to-earnings ratio of -10.74 and a beta of 4.53. The company has a debt-to-equity ratio of 3.84, a current ratio of 9.48 and a quick ratio of 19.35.
Hut 8 (NASDAQ:HUT – Get Free Report) last released its quarterly earnings data on Wednesday, November 4th. The company reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.72) by $1.70. The firm had revenue of $71.07 million during the quarter, compared to analyst estimates of $75.78 million. Hut 8 had a negative return on equity of 9.68% and a negative net margin of 169.76%. On average, analysts expect that Hut 8 will post -1.33 earnings per share for the current fiscal year.
Insider Buying and Selling at Hut 8
In other news, Director Mayo A. Shattuck III sold 20,000 shares of the stock in a transaction on Thursday, September 24th. The stock was sold at an average price of $100.00, for a total transaction of $2,000,000.00. Following the sale, the director owned 89,408 shares in the company, valued at approximately $8,940,800. This represents a 18.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 sale, the chief financial officer owned 17,978 shares in the company, valued at $1,415,947.28. The trade was 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 own 10.40% of the company’s stock.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently added to or reduced their stakes in HUT. BlackRock Inc. bought a new position in Hut 8 in the second quarter valued at approximately $1,093,294,000. Avala Global LP acquired a new stake in Hut 8 during the 2nd quarter worth $144,602,000. Wellington Management Group LLP acquired a new stake in Hut 8 during the 2nd quarter worth $97,949,000. Montanova Capital LLC acquired a new stake in Hut 8 during the 2nd quarter worth $77,348,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Hut 8 during the 2nd quarter valued at $56,364,000. Institutional investors and hedge funds own 31.75% of the company’s stock.
Trending Headlines about Hut 8
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 is a North American energy and digital infrastructure company whose businesses include Bitcoin mining, data centers and computing services. It develops and operates facilities that support digital asset mining and other high-performance computing workloads.
The company’s services include infrastructure and managed services for Bitcoin mining, as well as data center capacity and computing solutions. Hut 8 also works on developing and operating energy infrastructure to support its facilities.
Hut 8 Corp was formed in 2023 through the merger of Canadian Bitcoin miner Hut 8 Mining Corp.
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