Hut 8 (NASDAQ:HUT) Shares Up 6.2% – Here’s Why

Hut 8 Corp. (NASDAQ:HUT) traded up 6.2% on Friday . The stock traded as high as $94.79 and last traded at $93.55. Approximately 5,703,458 shares traded hands during mid-day trading, an increase of 18% from the average session volume of 4,827,405 shares. The stock had previously closed at $88.09.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on HUT shares. Piper Sandler boosted their price target on shares of Hut 8 from $127.00 to $143.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. Needham & Company LLC dropped their price objective on shares of Hut 8 from $145.00 to $138.00 and set a “buy” rating for the company in a report on Wednesday, August 5th. Rosenblatt Securities reaffirmed a “buy” rating and set a $124.00 target price on shares of Hut 8 in a research note on Wednesday, August 5th. Keefe, Bruyette & Woods reduced their target price on shares of Hut 8 from $157.00 to $154.00 and set an “outperform” rating on the stock in a report on Thursday, August 6th. Finally, Freedom Capital raised shares of Hut 8 to a “strong-buy” rating in a research report on Tuesday, August 18th. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, Hut 8 has an average rating of “Buy” and an average price target of $144.89.

Hut 8 Price Performance

The stock’s fifty day moving average price is $95.29 and its two-hundred day moving average price is $86.07. The firm has a market capitalization of $11.53 billion, a price-to-earnings ratio of -17.16 and a beta of 4.51. The company has a current ratio of 19.35, a quick ratio of 19.35 and a debt-to-equity ratio of 4.22.

Hut 8 (NASDAQ:HUT) last issued its 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). The firm had revenue of $74.93 million for the quarter, compared to analyst estimates of $79.37 million. Hut 8 had a negative return on equity of 0.97% and a negative net margin of 188.59%.During the same quarter in the previous year, the firm posted $1.18 EPS. Equities research analysts expect that Hut 8 Corp. will post -2.85 EPS for the current year.

Insiders Place Their Bets

In other news, insider Victor Semah sold 10,000 shares of the company’s stock in a transaction dated 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 transaction, the insider directly owned 31,378 shares of the company’s stock, valued at approximately $3,922,250. This represents a 24.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Joseph Flinn sold 7,719 shares of the stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $117.91, for a total value of $910,147.29. Following the completion of the transaction, the director owned 10,519 shares in the company, valued at approximately $1,240,295.29. The trade was a 42.32% 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 sold 54,664 shares of company stock valued at $6,212,160 in the last ninety days. Insiders own 10.40% of the company’s stock.

Hedge Funds Weigh In On Hut 8

Hedge funds have recently added to or reduced their stakes in the stock. Parkside Financial Bank & Trust lifted its position in shares of Hut 8 by 258.5% during the 2nd quarter. Parkside Financial Bank & Trust now owns 380 shares of the company’s stock worth $44,000 after buying an additional 274 shares during the last quarter. Amundi grew its position in shares of Hut 8 by 383.1% in the 2nd quarter. Amundi now owns 39,551 shares of the company’s stock valued at $4,566,000 after buying an additional 31,364 shares during the last quarter. HighTower Advisors LLC grew its position in shares of Hut 8 by 183.6% in the 2nd quarter. HighTower Advisors LLC now owns 13,793 shares of the company’s stock valued at $1,592,000 after buying an additional 8,930 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Hut 8 during the 2nd quarter worth $2,124,000. Finally, California State Teachers Retirement System raised its stake in Hut 8 by 11,436.2% during the 2nd quarter. California State Teachers Retirement System now owns 13,256,088 shares of the company’s stock worth $1,530,349,000 after acquiring an additional 13,141,179 shares in the last quarter. 31.75% of the stock is currently owned by hedge funds and other 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.