Hut 8 (NASDAQ:HUT) Stock Price Up 9.2% - Should You Buy?

Key Points

• Hut 8 shares rose 9.2% to $88.09 in mid-day trading, with volume 13% above its average session level.
• Analysts remain broadly bullish, with an average “Buy” rating and a consensus price target of $144.89, despite mixed individual target changes.
• The company reported a quarterly loss of $1.27 per share, missing estimates by $0.72, while revenue of $74.93 million also fell short of expectations; insiders have sold $6.2 million of stock over the past 90 days.

Shares of Hut 8 Corp. (NASDAQ:HUT - Get Free Report) were up 9.2% during mid-day trading on Thursday . The company traded as high as $88.69 and last traded at $88.09. 5,457,721 shares were traded during mid-day trading, an increase of 13% from the average session volume of 4,822,277 shares. The stock had previously closed at $80.68.

Analyst Upgrades and Downgrades

Several research firms recently commented on HUT. Piper Sandler increased their price target on Hut 8 from $127.00 to $143.00 and gave the company an "overweight" rating in a report on Thursday, August 6th. Needham & Company LLC dropped their target price on Hut 8 from $145.00 to $138.00 and set a "buy" rating for the company in a report on Wednesday, August 5th. Maxim Group raised Hut 8 to a "strong-buy" rating in a research note on Wednesday, August 5th. B. Riley Financial increased their price objective on Hut 8 from $130.00 to $163.00 and gave the stock a "buy" rating in a research report on Monday, August 3rd. Finally, Wall Street Zen downgraded Hut 8 from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 1st. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $144.89.

Hut 8 Stock Performance

The company has a market capitalization of $10.86 billion, a price-to-earnings ratio of -16.16 and a beta of 4.51. The company has a debt-to-equity ratio of 4.22, a quick ratio of 19.35 and a current ratio of 19.35. The firm has a 50-day simple moving average of $96.47 and a two-hundred day simple moving average of $85.78.

Hut 8 (NASDAQ:HUT - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($1.27) EPS for the quarter, missing the consensus estimate of ($0.55) by ($0.72). Hut 8 had a negative net margin of 188.59% and a negative return on equity of 0.97%. The business had revenue of $74.93 million during the quarter, compared to analysts' expectations of $79.37 million. During the same period in the previous year, the business posted $1.18 EPS. On average, sell-side analysts anticipate that Hut 8 Corp. will post -2.85 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Victor Semah sold 10,000 shares of the stock in a transaction 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 sale, the insider directly owned 31,378 shares in the company, valued at approximately $3,922,250. This trade represents a 24.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Sean Glennan sold 6,445 shares of Hut 8 stock in a transaction on Monday, August 24th. The shares were sold at an average price of $78.76, for a total value of $507,608.20. Following the completion of the transaction, the chief financial officer owned 17,978 shares of the company's stock, valued at approximately $1,415,947.28. This trade represents a 26.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 54,664 shares of company stock worth $6,212,160 over the last 90 days. Corporate insiders own 10.40% of the company's stock.

Institutional Investors Weigh In On Hut 8

Hedge funds have recently bought and sold shares of the stock. Canada Pension Plan Investment Board acquired a new stake in Hut 8 in the second quarter valued at approximately $45,301,000. Dimensional Fund Advisors LP grew its holdings in Hut 8 by 11.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 207,619 shares of the company's stock worth $9,717,000 after acquiring an additional 20,813 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in Hut 8 by 4,669,387.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 4,062,454 shares of the company's stock worth $186,629,000 after acquiring an additional 4,062,367 shares in the last quarter. Handelsbanken Fonder AB purchased a new stake in shares of Hut 8 in the 4th quarter valued at approximately $1,153,000. Finally, Dayah Capital LLC increased its position in shares of Hut 8 by 12.6% in the 1st quarter. Dayah Capital LLC now owns 217,920 shares of the company's stock valued at $10,223,000 after purchasing an additional 24,456 shares during the last quarter. 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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