Hut 8 (NASDAQ:HUT) Receives Buy Rating from Rosenblatt Securities

Key Points

• Rosenblatt Securities reiterated a Buy rating on Hut 8 and set a $124 price target, implying about 10% upside from the current price.
• Analyst sentiment is broadly positive: 17 analysts rate the stock Buy, with only one Sell, and the consensus target price is $107.72.
• Hut 8 shares rose to $112.50 after the note, while the company’s latest earnings showed a loss of $1.98 per share but revenue of $139.31 million, well above estimates.

Hut 8 (NASDAQ:HUT - Get Free Report)'s stock had its "buy" rating reiterated by equities researchers at Rosenblatt Securities in a research note issued on Thursday,Benzinga reports. They presently have a $124.00 price target on the stock. Rosenblatt Securities' target price would suggest a potential upside of 10.22% from the stock's current price.

Other equities analysts have also issued research reports about the company. BTIG Research boosted their price objective on Hut 8 from $90.00 to $115.00 and gave the stock a "buy" rating in a research note on Wednesday, May 6th. Jefferies Financial Group began coverage on Hut 8 in a research note on Thursday, May 14th. They set a "buy" rating and a $156.00 price objective on the stock. Needham & Company LLC boosted their price objective on Hut 8 from $88.00 to $128.00 and gave the stock a "buy" rating in a research note on Thursday, May 7th. Canaccord Genuity Group boosted their price objective on Hut 8 from $70.00 to $130.00 and gave the stock a "buy" rating in a research note on Thursday, May 7th. Finally, B. Riley Financial boosted their price objective on Hut 8 from $76.00 to $130.00 and gave the stock a "buy" rating in a research note on Wednesday, May 13th. Seventeen analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $107.72.

Hut 8 Price Performance

Shares of Hut 8 stock traded up $6.82 on Thursday, reaching $112.50. The company's stock had a trading volume of 1,539,191 shares, compared to its average volume of 4,909,870. The company has a market capitalization of $12.67 billion, a P/E ratio of -37.48 and a beta of 4.61. Hut 8 has a 52-week low of $15.26 and a 52-week high of $140.80. The stock has a 50-day moving average price of $90.08 and a 200-day moving average price of $64.66. 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 results on Wednesday, May 6th. The company reported ($1.98) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.33) by ($1.65). The firm had revenue of $139.31 million during the quarter, compared to analyst estimates of $78.53 million. Hut 8 had a negative return on equity of 0.35% and a negative net margin of 109.77%. Analysts expect that Hut 8 will post -1.29 EPS for the current year.

Insider Activity

In related news, insider Victor Semah sold 10,518 shares of the business's stock in a transaction on Monday, May 4th. The stock was sold at an average price of $76.83, for a total value of $808,097.94. Following the sale, the insider owned 41,378 shares in the company, valued at approximately $3,179,071.74. The trade was a 20.27% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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 Amy Marie Wilkinson sold 20,000 shares of the business's stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $100.78, for a total value of $2,015,600.00. Following the transaction, the director directly owned 262,136 shares of the company's stock, valued at approximately $26,418,066.08. This represents a 7.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 64,505 shares of company stock valued at $6,479,788 in the last quarter. Insiders own 10.40% of the company's stock.

Institutional Investors Weigh In On Hut 8

Several hedge funds and other institutional investors have recently made changes to their positions in HUT. Vanguard Group Inc. grew its stake in shares of Hut 8 by 3.2% in the 4th quarter. Vanguard Group Inc. now owns 7,978,357 shares of the company's stock valued at $366,526,000 after purchasing an additional 250,320 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in shares of Hut 8 by 4,669,387.4% in the 4th 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 last quarter. Ameriprise Financial Inc. grew its stake in shares of Hut 8 by 20.3% in the 3rd 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. SRS Investment Management LLC purchased a new position in shares of Hut 8 in the 4th quarter valued at approximately $131,838,000. Finally, Sachem Head Capital Management LP purchased a new position in shares of Hut 8 in the 4th quarter valued at approximately $129,780,000. Institutional investors and hedge funds 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.

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