Hut 8 (NASDAQ:HUT) Stock Price Up 6.4% – Still a Buy?
by Sarita Garza · The Markets DailyHut 8 Corp. (NASDAQ:HUT – Get Free Report) shot up 6.4% during trading on Wednesday . The company traded as high as $104.21 and last traded at $104.6140. 2,188,441 shares changed hands during mid-day trading, a decline of 54% from the average session volume of 4,790,951 shares. The stock had previously closed at $98.33.
Analysts Set New Price Targets
A number of equities research analysts have recently weighed in on the company. Piper Sandler lifted their target price on Hut 8 from $93.00 to $127.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Arete Research initiated coverage on shares of Hut 8 in a research note on Monday, March 23rd. They issued a “buy” rating and a $136.00 price target on the stock. Citigroup reaffirmed an “outperform” rating on shares of Hut 8 in a research report on Tuesday, April 28th. Weiss Ratings cut shares of Hut 8 from a “sell (d+)” rating to a “sell (d-)” rating in a research note on Thursday, May 7th. Finally, Needham & Company LLC boosted their price objective on shares of Hut 8 from $88.00 to $128.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Seventeen equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Hut 8 presently has a consensus rating of “Moderate Buy” and an average price target of $120.37.
Check Out Our Latest Research Report on Hut 8
Hut 8 Price Performance
The stock has a market capitalization of $11.47 billion, a price-to-earnings ratio of -34.68 and a beta of 4.62. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.86 and a current ratio of 0.86. The company has a fifty day simple moving average of $111.68 and a two-hundred day simple moving average of $76.40.
Hut 8 (NASDAQ:HUT – Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported ($1.98) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.33) by ($1.65). Hut 8 had a negative return on equity of 0.35% and a negative net margin of 109.77%.The company had revenue of $139.31 million for the quarter, compared to analyst estimates of $78.53 million. As a group, equities research analysts expect that Hut 8 Corp. will post -1.29 earnings per share for the current fiscal year.
Insider Activity
In related news, insider Victor Semah sold 10,518 shares of the company’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $76.83, for a total transaction of $808,097.94. Following the completion of the sale, the insider directly owned 41,378 shares in the company, valued at $3,179,071.74. This represents a 20.27% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Rick Rickertsen sold 17,491 shares of the stock in a transaction dated 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 transaction, the director directly 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 SEC filing for this sale provides additional information. Insiders have sold a total of 112,724 shares of company stock valued at $12,184,340 over the last quarter. 10.40% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Hut 8
Several hedge funds and other institutional investors have recently made changes to their positions in HUT. Vanguard Group Inc. increased its position in Hut 8 by 3.2% during the 4th quarter. Vanguard Group Inc. now owns 7,978,357 shares of the company’s stock worth $366,526,000 after purchasing an additional 250,320 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in Hut 8 by 4,669,387.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 4,062,454 shares of the company’s stock valued at $186,629,000 after buying an additional 4,062,367 shares in the last quarter. Ameriprise Financial Inc. grew its stake in shares of Hut 8 by 20.3% during the third quarter. Ameriprise Financial Inc. now owns 2,991,466 shares of the company’s stock worth $104,133,000 after buying an additional 504,652 shares during the last quarter. SRS Investment Management LLC bought a new stake in shares of Hut 8 during the fourth quarter worth $131,838,000. Finally, Sachem Head Capital Management LP acquired a new position in shares of Hut 8 during the fourth quarter worth $129,780,000. 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.