Hut 8 (NASDAQ:HUT) Trading Up 6.4% - Still a Buy?

Key Points

• Hut 8 shares jumped 6.4% in mid-day trading, reaching as high as $104.21 on lighter-than-average volume. The stock has a market cap of about $11.47 billion and remains volatile with a beta of 4.62.
• Wall Street analysts remain broadly positive, with 17 Buy ratings and one Sell, and a consensus price target of $120.37. Recent targets from firms like Rosenblatt, JMP, Canaccord, and Piper Sandler range as high as $140.
• The company’s latest earnings showed revenue beat expectations at $139.31 million, but EPS missed badly at -$1.98 versus -$0.33 expected. Insiders have also been selling shares recently, including two directors, though institutional ownership remains at 31.75%.

Hut 8 Corp. (NASDAQ:HUT - Get Free Report) shares rose 6.4% during mid-day trading on Wednesday . The stock traded as high as $104.21 and last traded at $104.6140. 2,188,441 shares were traded during trading, a decline of 54% from the average session volume of 4,790,951 shares. The stock had previously closed at $98.33.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Rosenblatt Securities restated a "buy" rating and issued a $124.00 price target on shares of Hut 8 in a research note on Thursday, June 11th. Citizens Jmp increased their price objective on Hut 8 from $100.00 to $140.00 and gave the company a "market outperform" rating in a report on Thursday, May 7th. Northland Securities set a $120.00 price objective on Hut 8 in a report on Thursday, May 7th. Canaccord Genuity Group raised their target price on shares of Hut 8 from $70.00 to $130.00 and gave the company a "buy" rating in a research note on Thursday, May 7th. Finally, Piper Sandler boosted their target price on shares of Hut 8 from $93.00 to $127.00 and gave the stock an "overweight" rating in a report on Wednesday, May 6th. Seventeen investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $120.37.

Hut 8 Trading Up 3.6%

The company has a debt-to-equity ratio of 0.12, a current ratio of 0.86 and a quick ratio of 0.86. The business has a 50-day simple moving average of $111.68 and a two-hundred day simple moving average of $76.40. The stock has a market cap of $11.47 billion, a price-to-earnings ratio of -34.68 and a beta of 4.62.

Hut 8 (NASDAQ:HUT - Get Free Report) last released its quarterly earnings data 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 business had revenue of $139.31 million during the quarter, compared to analyst estimates of $78.53 million. Hut 8 had a negative net margin of 109.77% and a negative return on equity of 0.35%. Equities analysts forecast that Hut 8 Corp. will post -1.29 EPS for the current fiscal year.

Insiders Place Their Bets

In other Hut 8 news, Director Rick Rickertsen sold 17,491 shares of the firm's stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $110.00, for a total transaction of $1,924,010.00. Following the completion of the sale, the director owned 17,491 shares of the company's stock, valued at $1,924,010. This trade represents a 50.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Amy Marie Wilkinson sold 20,000 shares of Hut 8 stock in a transaction on 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 transaction, the director directly owned 262,136 shares of the company's stock, valued at approximately $26,418,066.08. This trade represents a 7.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 112,724 shares of company stock worth $12,184,340. Company insiders own 10.40% of the company's stock.

Institutional Trading of Hut 8

Hedge funds and other institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC bought a new position in Hut 8 in the 4th quarter valued at about $30,000. Arlington Trust Co LLC boosted its holdings in shares of Hut 8 by 175.0% during the second quarter. Arlington Trust Co LLC now owns 275 shares of the company's stock worth $32,000 after acquiring an additional 175 shares during the period. Imprint Wealth LLC acquired a new position in shares of Hut 8 in the fourth quarter valued at approximately $38,000. Russell Investments Group Ltd. grew its position in shares of Hut 8 by 235.8% in the second quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company's stock valued at $46,000 after purchasing an additional 1,719 shares during the last quarter. Finally, Harbor Investment Advisory LLC bought a new position in shares of Hut 8 during the first quarter worth approximately $47,000. 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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