Hut 8 (NASDAQ:HUT) Trading 2.5% Higher – Here’s What Happened

Hut 8 Corp. (NASDAQ:HUT)’s stock price was up 2.5% during mid-day trading on Thursday . The stock traded as high as $90.24 and last traded at $87.13. 4,709,062 shares traded hands during mid-day trading, a decline of 3% from the average session volume of 4,834,238 shares. The stock had previously closed at $85.00.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Weiss Ratings lowered Hut 8 from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, August 19th. Needham & Company LLC dropped their price target on Hut 8 from $145.00 to $138.00 and set a “buy” rating on the stock in a research report on Wednesday, August 5th. Benchmark raised their price target on Hut 8 from $165.00 to $195.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. Loop Capital set a $226.00 price objective on Hut 8 in a report on Monday, June 22nd. Finally, Freedom Broker upgraded shares of Hut 8 to a “strong-buy” rating in a report on Tuesday, August 18th. Three research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $144.89.

Hut 8 Price Performance

The firm has a 50-day simple moving average of $100.52 and a 200-day simple moving average of $84.83. The firm has a market cap of $10.74 billion, a P/E ratio of -15.99 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.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($1.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.72). Hut 8 had a negative return on equity of 0.97% and a negative net margin of 188.59%.The company had revenue of $72.66 million for the quarter, compared to analysts’ expectations of $79.37 million. During the same quarter last year, the company earned $1.18 earnings per share. As a group, analysts forecast that Hut 8 Corp. will post -2.85 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Sean Joseph Glennan sold 6,445 shares of Hut 8 stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $78.76, for a total value of $507,608.20. Following the transaction, the chief financial officer owned 17,978 shares of the company’s stock, valued at $1,415,947.28. The trade was a 26.39% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Victor Semah sold 10,000 shares of the business’s stock in a transaction that occurred 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 transaction, the insider owned 31,378 shares of the company’s stock, valued at approximately $3,922,250. This trade represents a 24.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 54,664 shares of company stock worth $6,212,160. 10.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Hut 8

Several institutional investors and hedge funds have recently bought and sold shares of the company. Millennium Management LLC increased its position in shares of Hut 8 by 11.9% during the first quarter. Millennium Management LLC now owns 330,416 shares of the company’s stock worth $3,839,000 after purchasing an additional 35,120 shares in the last quarter. Prudential Financial Inc. acquired a new stake in shares of Hut 8 in the 2nd quarter worth $216,000. Russell Investments Group Ltd. grew its stake in Hut 8 by 235.8% during the 2nd quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock worth $46,000 after buying an additional 1,719 shares during the last quarter. New York State Common Retirement Fund increased its position in Hut 8 by 19.9% during the 2nd quarter. New York State Common Retirement Fund now owns 32,540 shares of the company’s stock valued at $605,000 after buying an additional 5,400 shares in the last quarter. Finally, Invesco Ltd. increased its position in Hut 8 by 13.2% during the 2nd quarter. Invesco Ltd. now owns 1,067,985 shares of the company’s stock valued at $19,865,000 after buying an additional 124,439 shares in the last quarter. 31.75% of the stock is owned by hedge funds and other institutional investors.

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.