Hut 8 (NASDAQ:HUT) Trading Up 1.6% - What's Next?

Key Points

• Hut 8 shares rose 1.6% to $82.08, with trading volume 14% above the average session volume. The stock’s market capitalization is approximately $10.12 billion.
• Analyst sentiment remains broadly positive, with a consensus “Buy” rating and an average price target of $144.89. Price targets from several firms range as high as $195, although one research firm recently issued a “Strong Sell” rating.
• Hut 8 reported a quarterly loss of $1.27 per share, missing the consensus estimate of a $0.55 loss, while revenue of $72.66 million also fell short of expectations. Insiders have sold 68,219 shares worth approximately $7.72 million over the past 90 days.

Shares of Hut 8 Corp. (NASDAQ:HUT - Get Free Report) rose 1.6% on Wednesday . The company traded as high as $83.00 and last traded at $82.08. 5,486,077 shares traded hands during mid-day trading, an increase of 14% from the average session volume of 4,824,047 shares. The stock had previously closed at $80.79.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on HUT. Compass Point set a $195.00 price objective on Hut 8 in a research note on Wednesday, July 22nd. Maxim Group raised shares of Hut 8 to a "strong-buy" rating in a report on Wednesday, August 5th. Wall Street Zen cut shares of Hut 8 from a "sell" rating to a "strong sell" rating in a report on Saturday, August 1st. Benchmark upped their price objective on shares of Hut 8 from $165.00 to $195.00 and gave the stock a "buy" rating in a research report on Wednesday, July 22nd. Finally, Canaccord Genuity Group upped their price objective on Hut 8 from $70.00 to $130.00 and gave the stock a "buy" rating in a report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $144.89.

Hut 8 Price Performance

The stock has a market cap of $10.12 billion, a P/E ratio of -15.06 and a beta of 4.64. The firm has a 50-day moving average price of $104.52 and a 200-day moving average price of $83.63. The company has a debt-to-equity ratio of 4.22, a quick ratio of 19.35 and a current ratio of 19.35.

Hut 8 (NASDAQ:HUT - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($1.27) earnings per share for the quarter, missing the consensus estimate of ($0.55) by ($0.72). The firm had revenue of $72.66 million for 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 in the prior year, the firm earned $1.18 earnings per share. On average, analysts forecast that Hut 8 Corp. will post -2.85 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Victor Semah sold 10,000 shares of the company's stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $125.00, for a total value of $1,250,000.00. Following the sale, the insider directly owned 31,378 shares of the company's stock, valued at $3,922,250. This represents a 24.17% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Joseph Flinn sold 7,719 shares of the stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $117.91, for a total transaction of $910,147.29. Following the completion of the transaction, the director owned 10,519 shares of the company's stock, valued at approximately $1,240,295.29. The trade was a 42.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 68,219 shares of company stock worth $7,720,152. Corporate insiders own 10.40% of the company's stock.

Hedge Funds Weigh In On Hut 8

Institutional investors and hedge funds have recently made changes to their positions in the business. Arlington Trust Co LLC grew its stake 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 buying an additional 175 shares during the last quarter. Imprint Wealth LLC purchased a new position in Hut 8 during the fourth quarter valued at $38,000. Russell Investments Group Ltd. boosted its holdings in Hut 8 by 235.8% in the second 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 in the first quarter worth $47,000. Finally, Activest Wealth Management purchased a new stake in shares of Hut 8 in the fourth quarter worth $49,000. Institutional investors own 31.75% of the company's stock.

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.

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