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

Hut 8 Corp. (NASDAQ:HUT)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $85.66, but opened at $90.22. Hut 8 shares last traded at $92.4770, with a volume of 867,448 shares traded.

Wall Street Analysts Forecast Growth

HUT has been the topic of a number of analyst reports. Needham & Company LLC decreased their price objective on Hut 8 from $145.00 to $138.00 and set a “buy” rating on the stock in a research note on Wednesday, August 5th. Rosenblatt Securities reaffirmed a “buy” rating and set a $124.00 price objective on shares of Hut 8 in a report on Wednesday, August 5th. BTIG Research boosted their target price on Hut 8 from $115.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. Citigroup reaffirmed an “outperform” rating on shares of Hut 8 in a research note on Tuesday, April 28th. Finally, Jefferies Financial Group assumed coverage on shares of Hut 8 in a research report on Thursday, May 14th. They set a “buy” rating and a $156.00 price target for the company. One research 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’s stock. According to MarketBeat, Hut 8 presently has a consensus rating of “Buy” and an average target price of $144.89.

Hut 8 Stock Performance

The business has a fifty day moving average of $108.91 and a 200 day moving average of $82.49. The company has a market cap of $11.32 billion, a P/E ratio of -16.88 and a beta of 4.64. The company has a quick ratio of 19.35, a current ratio of 19.35 and a debt-to-equity ratio of 4.22.

Hut 8 (NASDAQ:HUT) last released its quarterly earnings results on Tuesday, August 4th. The company reported ($1.27) earnings per share for the quarter, missing the consensus estimate of ($0.55) by ($0.72). The company had revenue of $72.66 million during 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 quarter last year, the firm earned $1.18 EPS. On average, equities analysts predict that Hut 8 Corp. will post -2.8 EPS for the current year.

Insider Activity at Hut 8

In related news, Director Rick Rickertsen sold 17,491 shares of the business’s stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $110.00, for a total transaction of $1,924,010.00. Following the transaction, the director owned 17,491 shares in the company, valued at $1,924,010. The trade was a 50.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Amy Marie Wilkinson sold 20,000 shares of the stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $100.78, for a total transaction of $2,015,600.00. Following the completion of the transaction, the director directly owned 262,136 shares of the company’s stock, valued at approximately $26,418,066.08. The trade was a 7.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 85,710 shares of company stock valued at $9,644,162. 10.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in HUT. Arlington Trust Co LLC raised its position in shares of Hut 8 by 175.0% in the 2nd quarter. Arlington Trust Co LLC now owns 275 shares of the company’s stock worth $32,000 after acquiring an additional 175 shares in the last quarter. CoreCap Advisors LLC grew its stake in Hut 8 by 42.1% in the second quarter. CoreCap Advisors LLC now owns 540 shares of the company’s stock worth $62,000 after purchasing an additional 160 shares during the period. Imprint Wealth LLC purchased a new stake in Hut 8 in the fourth quarter worth $38,000. Harbor Investment Advisory LLC bought a new position in Hut 8 in the first quarter worth $47,000. Finally, Meeder Asset Management Inc. bought a new position in Hut 8 in the second quarter worth $119,000. 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.