Hut 8 (NASDAQ:HUT) Upgraded by Freedom Capital to Strong-Buy Rating

Key Points

• Freedom Capital upgraded Hut 8 to “strong buy.” The broader analyst consensus is “Buy,” with a consensus price target of $144.89; Piper Sandler and Citizens JMP also recently raised their targets.
• Hut 8 shares were reported up 8.0%, opening at $88.65, but the company’s latest quarterly results missed expectations: adjusted EPS was a loss of $1.27 versus a projected loss of $0.55, while revenue of $72.66 million fell short of the $79.37 million consensus.
• Insiders sold $5.7 million of stock over the past 90 days. The disclosed sales included director Joseph Flinn’s shares sold to cover tax withholding obligations and insider Victor Semah’s sale of 10,000 shares.

Hut 8 (NASDAQ:HUT - Get Free Report) was upgraded by analysts at Freedom Capital to a "strong-buy" rating in a research note issued on Tuesday,Zacks.com reports.

A number of other equities analysts also recently issued reports on the stock. Piper Sandler increased their price objective on shares of Hut 8 from $127.00 to $143.00 and gave the company an "overweight" rating in a research note on Thursday, August 6th. Weiss Ratings downgraded shares of Hut 8 from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Wednesday. Morgan Stanley began coverage on shares of Hut 8 in a research note on Thursday, July 23rd. They issued an "overweight" rating and a $263.00 price objective for the company. Wall Street Zen cut Hut 8 from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 1st. Finally, Citizens Jmp increased their target price on Hut 8 from $100.00 to $140.00 and gave the company a "market outperform" rating in a research report on Thursday, May 7th. Two investment 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 company. Based on data from MarketBeat.com, Hut 8 has an average rating of "Buy" and a consensus target price of $144.89.

Hut 8 Stock Up 8.0%

NASDAQ:HUT opened at $88.65 on Tuesday. Hut 8 has a 1-year low of $21.00 and a 1-year high of $140.80. The company has a 50-day moving average of $103.49 and a 200 day moving average of $84.01. The firm has a market cap of $10.93 billion, a PE ratio of -16.27 and a beta of 4.64. The company has a debt-to-equity ratio of 4.22, a current ratio of 19.35 and a quick ratio of 19.35.

Hut 8 (NASDAQ:HUT - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported ($1.27) earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $72.66 million for the quarter, compared to the consensus estimate of $79.37 million. During the same quarter in the previous year, the company earned $1.18 earnings per share. As a group, research analysts anticipate that Hut 8 will post -2.85 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Joseph Flinn sold 30,500 shares of the stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $116.21, for a total transaction of $3,544,405.00. Following the completion of the sale, the director owned 18,238 shares of the company's stock, valued at $2,119,437.98. This represents a 62.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at 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 firm's stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $125.00, for a total transaction of $1,250,000.00. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 48,219 shares of company stock worth $5,704,552. Insiders own 10.40% of the company's stock.

Institutional Trading of Hut 8

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Arlington Trust Co LLC grew its stake in Hut 8 by 175.0% during 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 acquired a new stake in Hut 8 in the fourth quarter worth about $38,000. Russell Investments Group Ltd. grew its stake in shares of Hut 8 by 235.8% during 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 during the last quarter. Harbor Investment Advisory LLC acquired a new position in shares of Hut 8 during the first quarter valued at about $47,000. Finally, Activest Wealth Management acquired a new position in shares of Hut 8 during the fourth quarter valued at about $49,000. Hedge funds and other institutional investors 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source