Hut 8 (NASDAQ:HUT) Upgraded at Freedom Capital

Freedom Capital upgraded shares of Hut 8 (NASDAQ:HUT) to a strong-buy rating in a research report released on Tuesday morning,Zacks.com reports.

Several other research analysts have also recently commented on HUT. Rosenblatt Securities reaffirmed a “buy” rating and set a $124.00 target price on shares of Hut 8 in a report on Wednesday, August 5th. Benchmark lifted their price objective on Hut 8 from $165.00 to $195.00 and gave the company a “buy” rating in a report on Wednesday, July 22nd. Piper Sandler upped their target price on Hut 8 from $127.00 to $143.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. BTIG Research increased their target price on Hut 8 from $115.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. Finally, Canaccord Genuity Group boosted their price target on Hut 8 from $70.00 to $130.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $144.89.

Hut 8 Stock Up 8.0%

HUT opened at $88.65 on Tuesday. The stock has a fifty day moving average of $103.49 and a 200-day moving average of $84.01. The company has a market capitalization of $10.93 billion, a P/E ratio of -16.27 and a beta of 4.64. Hut 8 has a fifty-two week low of $21.00 and a fifty-two week high of $140.80. 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) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($1.27) EPS 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 business had revenue of $72.66 million for the quarter, compared to the consensus estimate of $79.37 million. During the same period in the prior year, the business posted $1.18 earnings per share. On average, equities analysts expect that Hut 8 will post -2.85 EPS for the current year.

Insider Buying and Selling at Hut 8

In related news, insider Victor Semah sold 10,000 shares of the business’s stock in a transaction 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 sale, the insider owned 31,378 shares in the company, valued at $3,922,250. The trade was a 24.17% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Joseph Flinn sold 30,500 shares of the business’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $116.21, for a total value of $3,544,405.00. Following the sale, the director owned 18,238 shares in the company, valued at $2,119,437.98. This represents a 62.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 48,219 shares of company stock valued at $5,704,552 over the last quarter. Company insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Arlington Trust Co LLC boosted its position in Hut 8 by 175.0% during the 2nd quarter. Arlington Trust Co LLC now owns 275 shares of the company’s stock worth $32,000 after buying an additional 175 shares during the period. CoreCap Advisors LLC grew its holdings in Hut 8 by 42.1% during the 2nd quarter. CoreCap Advisors LLC now owns 540 shares of the company’s stock worth $62,000 after acquiring an additional 160 shares during the last quarter. Imprint Wealth LLC acquired a new position in Hut 8 in the 4th quarter valued at approximately $38,000. Harbor Investment Advisory LLC acquired a new position in Hut 8 in the 1st quarter valued at approximately $47,000. Finally, Meeder Asset Management Inc. bought a new position in shares of Hut 8 during the second quarter valued at $119,000. 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.