Hut 8 (NASDAQ:HUT) Trading Up 7.8% – Still a Buy?

Hut 8 Corp. (NASDAQ:HUT) shares were up 7.8% on Thursday . The company traded as high as $114.69 and last traded at $113.9120. Approximately 1,118,244 shares were traded during trading, a decline of 77% from the average daily volume of 4,906,684 shares. The stock had previously closed at $105.68.

Analyst Ratings Changes

HUT has been the subject of several recent research reports. BTIG Research boosted their price target on shares of Hut 8 from $90.00 to $115.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Citigroup restated an “outperform” rating on shares of Hut 8 in a report on Tuesday, April 28th. Jefferies Financial Group initiated coverage on shares of Hut 8 in a report on Thursday, May 14th. They issued a “buy” rating and a $156.00 price target for the company. Weiss Ratings lowered shares of Hut 8 from a “sell (d+)” rating to a “sell (d-)” rating in a report on Thursday, May 7th. Finally, Arete Research initiated coverage on shares of Hut 8 in a report on Monday, March 23rd. They issued a “buy” rating and a $136.00 price target for the company. Seventeen analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $107.72.

Hut 8 Stock Performance

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 stock has a market cap of $13.38 billion, a P/E ratio of -39.62 and a beta of 4.61. The firm’s 50 day moving average is $92.90 and its 200 day moving average is $65.62.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($1.98) EPS for the quarter, missing the consensus estimate of ($0.33) by ($1.65). The firm had revenue of $139.31 million for the quarter, compared to the consensus estimate of $78.53 million. Hut 8 had a negative return on equity of 0.35% and a negative net margin of 109.77%. Analysts anticipate that Hut 8 Corp. will post -1.29 EPS for the current year.

Insider Buying and Selling

In related news, Director Rick Rickertsen sold 17,491 shares of the business’s stock in a transaction that occurred on Wednesday, May 13th. The shares were 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 owned 17,491 shares in the company, valued at $1,924,010. The trade was a 50.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Victor Semah sold 10,518 shares of the business’s stock in a transaction that occurred 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 transaction, the insider owned 41,378 shares of the company’s stock, valued at approximately $3,179,071.74. This trade represents a 20.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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. Insiders sold a total of 64,505 shares of company stock worth $6,479,788 in the last 90 days. 10.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of HUT. Northwestern Mutual Wealth Management Co. raised its stake in shares of 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. SRS Investment Management LLC purchased a new stake in Hut 8 during the 4th quarter worth approximately $131,838,000. Sachem Head Capital Management LP purchased a new stake in Hut 8 during the 4th quarter worth approximately $129,780,000. Ameriprise Financial Inc. grew its position in Hut 8 by 1,043.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 2,486,814 shares of the company’s stock worth $46,255,000 after purchasing an additional 2,269,237 shares during the last quarter. Finally, Oasis Management Co Ltd. grew its position in Hut 8 by 231.5% during the 4th quarter. Oasis Management Co Ltd. now owns 2,307,683 shares of the company’s stock worth $106,015,000 after purchasing an additional 1,611,653 shares during the last quarter. 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.