Hut 8 (NASDAQ:HUT) Shares Gap Up – Still a Buy?

Shares of Hut 8 Corp. (NASDAQ:HUT) gapped up before the market opened on Monday . The stock had previously closed at $91.45, but opened at $101.51. Hut 8 shares last traded at $106.4880, with a volume of 1,686,739 shares changing hands.

Key Stories Impacting Hut 8

Here are the key news stories impacting Hut 8 this week:

• Positive Sentiment: Hut 8 signed a second 15-year, $9.8 billion lease for 352 MW at Beacon Point, fully commercializing the Texas campus and materially expanding contracted AI infrastructure revenue. Reuters article
• Positive Sentiment: CEO Asher Genoot highlighted that power availability is the key constraint for AI data centers, reinforcing the investment thesis that Hut 8’s utility access is becoming a valuable competitive advantage. YouTube interview
• Positive Sentiment: Rosenblatt Securities reaffirmed its Buy rating and raised its price target to $124, signaling continued analyst confidence in the stock’s AI infrastructure transformation. Benzinga report
• Neutral Sentiment: Options activity picked up sharply, with heavy call buying suggesting traders expect more upside, but this also indicates elevated speculation and volatility. Options data
• Negative Sentiment: Hut 8 still faces execution risk from its transition away from bitcoin mining, including exposure to crypto-related earnings volatility and the need to deliver future AI capacity on schedule. Earnings report

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on HUT. Northland Securities set a $120.00 price target on shares of Hut 8 in a research note on Thursday, May 7th. Cantor Fitzgerald upped their price objective on Hut 8 from $68.00 to $80.00 and gave the stock an “overweight” rating in a research note on Thursday, April 9th. Citizens Jmp raised their target price on Hut 8 from $100.00 to $140.00 and gave the stock a “market outperform” rating in a report on Thursday, May 7th. Piper Sandler lifted their target price on Hut 8 from $93.00 to $127.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Finally, Weiss Ratings lowered Hut 8 from a “sell (d+)” rating to a “sell (d-)” 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’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $121.26.

Hut 8 Price Performance

The firm has a market cap of $12.27 billion, a PE ratio of -36.33 and a beta of 4.62. The firm’s fifty day simple moving average is $111.24 and its two-hundred day simple moving average is $78.18. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.12.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($1.98) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.33) by ($1.65). The firm had revenue of $139.31 million during the quarter, compared to analysts’ expectations of $78.53 million. Hut 8 had a negative return on equity of 0.35% and a negative net margin of 109.77%. As a group, research analysts expect that Hut 8 Corp. will post -1.29 EPS for the current year.

Insiders Place Their Bets

In other news, Director Rick Rickertsen sold 17,491 shares of the business’s stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $110.00, for a total value of $1,924,010.00. Following the transaction, the director directly owned 17,491 shares in the company, valued at $1,924,010. The trade was a 50.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 value 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 trade represents a 24.17% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 112,724 shares of company stock worth $12,184,340. 10.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in HUT. Arlington Trust Co LLC grew its holdings in Hut 8 by 175.0% during the 2nd quarter. Arlington Trust Co LLC now owns 275 shares of the company’s stock valued at $32,000 after buying an additional 175 shares in the last quarter. CoreCap Advisors LLC lifted its holdings in shares of Hut 8 by 42.1% in the second quarter. CoreCap Advisors LLC now owns 540 shares of the company’s stock worth $62,000 after buying an additional 160 shares in the last quarter. GAMMA Investing LLC purchased a new position in shares of Hut 8 in the fourth quarter worth $30,000. Imprint Wealth LLC bought a new position in shares of Hut 8 during the fourth quarter worth $38,000. Finally, Harbor Investment Advisory LLC bought a new position in shares of Hut 8 during the first quarter worth $47,000. 31.75% of the stock is 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.