Hut 8 (NASDAQ:HUT) Stock Price Up 6.4% - Here's Why

Key Points

• Hut 8 shares rose 6.4% to $99.49 during Tuesday trading, with volume 17% above its average session level.
• Wall Street remains broadly optimistic: analysts have assigned a consensus “Buy” rating and an average price target of $144.89, well above the current share price.
• The company’s latest quarter was weaker than expected, with an adjusted loss of $1.27 per share versus the $0.55 consensus loss estimate and revenue of $74.93 million below expectations.

Shares of Hut 8 Corp. (NASDAQ:HUT - Get Free Report) were up 6.4% during trading on Tuesday . The stock traded as high as $100.45 and last traded at $99.49. 5,631,863 shares were traded during mid-day trading, an increase of 17% from the average session volume of 4,828,216 shares. The stock had previously closed at $93.54.

Wall Street Analyst Weigh In

A number of analysts have issued reports on HUT shares. Needham & Company LLC decreased their target price on Hut 8 from $145.00 to $138.00 and set a "buy" rating for the company in a research report on Wednesday, August 5th. Loop Capital set a $226.00 price target on Hut 8 in a research report on Monday, June 22nd. Rosenblatt Securities reissued a "buy" rating and issued a $124.00 price objective on shares of Hut 8 in a report on Wednesday, August 5th. Jefferies Financial Group began coverage on shares of Hut 8 in a report on Thursday, May 14th. They set a "buy" rating and a $156.00 price objective on the stock. Finally, BTIG Research lifted their target price on shares of Hut 8 from $115.00 to $150.00 and gave the stock a "buy" rating in a research note on Wednesday, June 24th. Three equities research 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 stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $144.89.

Hut 8 Price Performance

The company has a quick ratio of 19.35, a current ratio of 19.35 and a debt-to-equity ratio of 4.22. The business's 50-day simple moving average is $94.79 and its 200 day simple moving average is $86.58. The firm has a market capitalization of $12.26 billion, a P/E ratio of -18.26 and a beta of 4.51.

Hut 8 (NASDAQ:HUT - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported ($1.27) EPS for the quarter, missing the consensus estimate of ($0.55) by ($0.72). The business had revenue of $74.93 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 period in the prior year, the business posted $1.18 EPS. Sell-side analysts forecast that Hut 8 Corp. will post -2.85 earnings per share for the current year.

Insider Transactions at Hut 8

In other Hut 8 news, insider Victor Semah sold 10,000 shares of Hut 8 stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $125.00, for a total value of $1,250,000.00. Following the transaction, the insider directly owned 31,378 shares of the company's stock, valued at $3,922,250. The trade was a 24.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Sean Glennan sold 6,445 shares of the company's stock in a transaction on Monday, August 24th. The shares were sold at an average price of $78.76, for a total transaction of $507,608.20. Following the sale, the chief financial officer owned 17,978 shares of the company's stock, valued at $1,415,947.28. This represents a 26.39% 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. Over the last quarter, insiders have sold 54,664 shares of company stock worth $6,212,160. Company insiders own 10.40% of the company's stock.

Hedge Funds Weigh In On Hut 8

A number of institutional investors have recently bought and sold shares of the stock. Nykredit A S purchased a new stake in Hut 8 in the second quarter worth about $376,000. Parkside Financial Bank & Trust grew its position in Hut 8 by 258.5% in the 2nd quarter. Parkside Financial Bank & Trust now owns 380 shares of the company's stock worth $44,000 after purchasing an additional 274 shares during the period. Amundi increased its position in Hut 8 by 383.1% during the second quarter. Amundi now owns 39,551 shares of the company's stock valued at $4,566,000 after acquiring an additional 31,364 shares during the last quarter. HighTower Advisors LLC increased its holdings in Hut 8 by 183.6% during the second quarter. HighTower Advisors LLC now owns 13,793 shares of the company's stock valued at $1,592,000 after buying an additional 8,930 shares during the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Hut 8 during the second quarter valued at about $2,124,000. 31.75% of the stock is owned by institutional investors.

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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