Atika Capital Management LLC Invests $2.31 Million in Hut 8 Corp. $HUT

Key Points

• Atika Capital Management disclosed a new first-quarter stake in Hut 8, buying 49,300 shares worth about $2.31 million.
• Hut 8 is drawing bullish attention from analysts after several firms raised price targets, with Benchmark lifting its target to $195 and Needham to $145 following new AI-related leasing and infrastructure wins.
• The company’s strategy shift toward AI data centers is gaining traction, highlighted by a $9.8 billion AI infrastructure deal that investors see as expanding contracted capacity beyond bitcoin mining.

Atika Capital Management LLC acquired a new stake in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 49,300 shares of the company's stock, valued at approximately $2,313,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. GAMMA Investing LLC bought a new position in shares of Hut 8 in the fourth quarter worth about $30,000. Imprint Wealth LLC purchased a new stake in Hut 8 in the 4th quarter worth approximately $38,000. Russell Investments Group Ltd. increased its holdings in Hut 8 by 235.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company's stock worth $46,000 after acquiring an additional 1,719 shares in the last quarter. Harbor Investment Advisory LLC bought a new stake in Hut 8 during the 1st quarter worth approximately $47,000. Finally, Activest Wealth Management bought a new stake in Hut 8 during the 4th quarter worth approximately $49,000. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

Hut 8 News Roundup

Here are the key news stories impacting Hut 8 this week:

• Positive Sentiment: Benchmark raised its price target on Hut 8 to $195 from $165 and reiterated a buy rating, signaling additional upside after the stock’s recent rally. Benchmark Raises Hut 8 Price Target For Second Time In A Week
• Positive Sentiment: Needham lifted its target to $145 after Hut 8 secured a second Beacon Point AI lease, reinforcing investor confidence in the company’s pivot toward AI data centers. Needham lifts Hut 8 target to $145 after second Beacon Point AI lease
• Positive Sentiment: Benchmark also highlighted Hut 8’s new $9.8 billion AI infrastructure deal, which materially increases contracted capacity and supports the company’s transition from bitcoin mining toward higher-value AI data center operations. Benchmark Raises Hut 8 Price Target After Bitcoin Miner Signs $9.8 Billion AI Data Center Deal
• Positive Sentiment: Rosenblatt Securities initiated or reiterated a Buy rating on Hut 8, adding to the bullish sentiment around the stock. Hut 8 NASDAQ: HUT Earns "Buy" Rating from Rosenblatt Securities
• Neutral Sentiment: Investor attention is also being drawn to elevated call-option activity, suggesting traders are positioning for continued volatility around the stock. Investors Buy Large Volume of Call Options on Hut 8 NASDAQ: HUT

Wall Street Analyst Weigh In

HUT has been the subject of a number of recent analyst reports. Needham & Company LLC upped their price target on shares of Hut 8 from $128.00 to $145.00 and gave the stock a "buy" rating in a research report on Monday. Citizens Jmp raised their price objective on shares of Hut 8 from $100.00 to $140.00 and gave the company a "market outperform" rating in a research report on Thursday, May 7th. Piper Sandler lifted their target price on shares of Hut 8 from $93.00 to $127.00 and gave the company an "overweight" rating in a research note on Wednesday, May 6th. Northland Securities set a $120.00 target price on shares of Hut 8 in a report on Thursday, May 7th. Finally, Jefferies Financial Group assumed coverage on shares of Hut 8 in a report on Thursday, May 14th. They issued a "buy" rating and a $156.00 target price for the company. Eighteen equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $133.10.

Hut 8 Stock Up 7.1%

HUT opened at $117.67 on Friday. The firm has a 50-day simple moving average of $111.44 and a two-hundred day simple moving average of $79.09. Hut 8 Corp. has a 52 week low of $18.68 and a 52 week high of $140.80. The company has a market capitalization of $13.25 billion, a PE ratio of -39.22 and a beta of 4.62. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.12.

Hut 8 (NASDAQ:HUT - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($1.98) earnings per share for the quarter, missing analysts' consensus estimates of ($0.33) by ($1.65). Hut 8 had a negative net margin of 109.77% and a negative return on equity of 0.35%. The firm had revenue of $139.31 million for the quarter, compared to analysts' expectations of $78.53 million. Analysts forecast that Hut 8 Corp. will post -1.29 earnings per share for the current fiscal year.

Insider Buying and Selling at Hut 8

In related news, insider Victor Semah sold 10,518 shares of the stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $76.83, for a total value of $808,097.94. Following the completion of the transaction, the insider owned 41,378 shares of the company's stock, valued at approximately $3,179,071.74. This trade represents a 20.27% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Joseph Flinn sold 30,500 shares of Hut 8 stock in a transaction dated Thursday, June 11th. The stock was 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. This represents a 62.58% 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. Over the last quarter, insiders sold 112,724 shares of company stock valued at $12,184,340. Corporate insiders own 10.40% 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.

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