Hut 8 (NASDAQ:HUT) Trading Up 2.5% - Should You Buy?

Hut 8 Corp. (NASDAQ:HUT - Get Free Report) shot up 2.5% during trading on Thursday . The company traded as high as $90.24 and last traded at $87.13. Approximately 4,709,062 shares were traded during trading, a decline of 3% from the average session volume of 4,834,238 shares. The stock had previously closed at $85.00.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Needham & Company LLC reduced their price target on shares of Hut 8 from $145.00 to $138.00 and set a "buy" rating on the stock in a research report on Wednesday, August 5th. Loop Capital set a $226.00 price objective on shares of Hut 8 in a research note on Monday, June 22nd. Rosenblatt Securities reissued a "buy" rating and set a $124.00 price objective on shares of Hut 8 in a research note on Wednesday, August 5th. Wall Street Zen cut Hut 8 from a "sell" rating to a "strong sell" rating in a report on Saturday, August 1st. Finally, Compass Point set a $195.00 target price on Hut 8 in a research report on Wednesday, July 22nd. 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 stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $144.89.

Hut 8 Price Performance

The company has a market capitalization of $10.74 billion, a P/E ratio of -15.99 and a beta of 4.64. The firm's fifty day moving average is $100.52 and its 200 day moving average is $84.83. 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 posted its quarterly earnings data on Wednesday, August 5th. The company reported ($1.27) earnings per share for the quarter, missing analysts' consensus estimates 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 firm had revenue of $72.66 million during the quarter, compared to analysts' expectations of $79.37 million. During the same period last year, the company earned $1.18 earnings per share. As a group, analysts predict that Hut 8 Corp. will post -2.85 earnings per share for the current fiscal year.

Insider Transactions at Hut 8

In related news, insider Victor Semah sold 10,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 17th. The stock was 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 directly owned 31,378 shares of the company's stock, valued at approximately $3,922,250. This trade represents a 24.17% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Joseph Flinn sold 7,719 shares of the business's stock in a transaction on Friday, June 12th. The shares were sold at an average price of $117.91, for a total value of $910,147.29. Following 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 position. 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 three months, insiders have sold 54,664 shares of company stock worth $6,212,160. 10.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in HUT. Millennium Management LLC lifted its holdings in Hut 8 by 11.9% during the 1st quarter. Millennium Management LLC now owns 330,416 shares of the company's stock valued at $3,839,000 after buying an additional 35,120 shares in the last quarter. Prudential Financial Inc. bought a new position in Hut 8 in the 2nd quarter worth about $216,000. Russell Investments Group Ltd. grew its stake in Hut 8 by 235.8% in the 2nd 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. New York State Common Retirement Fund increased its position in shares of Hut 8 by 19.9% during the second quarter. New York State Common Retirement Fund now owns 32,540 shares of the company's stock worth $605,000 after acquiring an additional 5,400 shares during the period. Finally, Invesco Ltd. increased its position in shares of Hut 8 by 13.2% during the second quarter. Invesco Ltd. now owns 1,067,985 shares of the company's stock worth $19,865,000 after acquiring an additional 124,439 shares during the period. 31.75% of the stock is currently owned by institutional investors.

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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