Hut 8 (NASDAQ:HUT) Shares Up 8.2% – Time to Buy?

Hut 8 Corp. (NASDAQ:HUT)’s share price shot up 8.2% during trading on Friday . The company traded as high as $57.93 and last traded at $59.6280. 2,251,106 shares traded hands during trading, a decline of 55% from the average session volume of 5,034,764 shares. The stock had previously closed at $55.12.

Analyst Ratings Changes

HUT has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods boosted their price target on shares of Hut 8 from $30.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, December 19th. Piper Sandler reaffirmed an “overweight” rating on shares of Hut 8 in a report on Thursday, December 18th. B. Riley boosted their target price on Hut 8 from $61.00 to $76.00 and gave the stock a “buy” rating in a research report on Friday, January 9th. BTIG Research reissued a “buy” rating and issued a $55.00 price target on shares of Hut 8 in a report on Wednesday, December 17th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $65.00 price target on shares of Hut 8 in a research note on Thursday, December 18th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $56.76.

Hut 8 Stock Performance

The stock’s 50-day moving average price is $47.83 and its 200-day moving average price is $38.07. The company has a market capitalization of $6.29 billion, a price-to-earnings ratio of -149.28 and a beta of 4.41. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.72 and a current ratio of 0.72.

Hut 8 (NASDAQ:HUT) last released its quarterly earnings data on Tuesday, November 4th. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.16) by $0.09. The firm had revenue of $80.72 million during the quarter, compared to the consensus estimate of $64.70 million. Hut 8 had a return on equity of 8.06% and a net margin of 115.39%. As a group, equities research analysts expect that Hut 8 Corp. will post -0.53 earnings per share for the current year.

Institutional Investors Weigh In On Hut 8

Institutional investors and hedge funds have recently made changes to their positions in the business. Nisa Investment Advisors LLC increased its holdings in Hut 8 by 116.4% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,515 shares of the company’s stock valued at $28,000 after acquiring an additional 815 shares in the last quarter. Advisors Asset Management Inc. increased its stake in shares of Hut 8 by 68.4% during the 2nd quarter. Advisors Asset Management Inc. now owns 1,613 shares of the company’s stock worth $30,000 after purchasing an additional 655 shares in the last quarter. GAMMA Investing LLC purchased a new position in shares of Hut 8 during the 4th quarter worth approximately $30,000. Russell Investments Group Ltd. raised its position in shares of Hut 8 by 235.8% during the 2nd quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock worth $46,000 after purchasing an additional 1,719 shares during the last quarter. Finally, Farther Finance Advisors LLC lifted its stake in Hut 8 by 1,578.3% in the 4th quarter. Farther Finance Advisors LLC now owns 1,393 shares of the company’s stock valued at $64,000 after buying an additional 1,310 shares in the last quarter. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

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.