Hut 8 (NASDAQ:HUT) Shares Gap Up After Analyst Upgrade

Hut 8 Corp. (NASDAQ:HUT)’s stock price gapped up before the market opened on Tuesday after Keefe, Bruyette & Woods raised their price target on the stock from $55.00 to $75.00. The stock had previously closed at $56.39, but opened at $60.00. Keefe, Bruyette & Woods currently has an outperform rating on the stock. Hut 8 shares last traded at $57.0070, with a volume of 1,007,280 shares trading hands.

Several other research firms have also recently weighed in on HUT. Canaccord Genuity Group boosted their price objective on Hut 8 from $54.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, December 18th. Northland Securities set a $58.00 price target on shares of Hut 8 in a report on Wednesday, November 5th. Citigroup restated an “outperform” rating on shares of Hut 8 in a report on Tuesday, October 21st. JMP Securities boosted their target price on shares of Hut 8 from $25.00 to $65.00 and gave the company a “market outperform” rating in a research note on Tuesday, October 21st. Finally, Piper Sandler restated an “overweight” rating on shares of Hut 8 in a research note on Thursday, December 18th. Two 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $59.12.

Institutional Investors Weigh In On Hut 8

Hedge funds and other institutional investors have recently modified their holdings of the stock. Nisa Investment Advisors LLC boosted its position in shares of Hut 8 by 116.4% in the second 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 during the period. Advisors Asset Management Inc. grew its position 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 valued at $30,000 after purchasing an additional 655 shares in the last quarter. GAMMA Investing LLC bought a new position in shares of Hut 8 in the fourth quarter worth $30,000. Russell Investments Group Ltd. raised its position in shares of Hut 8 by 235.8% in the second quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock worth $46,000 after buying an additional 1,719 shares in the last quarter. Finally, CWM LLC boosted its stake in Hut 8 by 37.4% during the fourth quarter. CWM LLC now owns 1,106 shares of the company’s stock valued at $51,000 after buying an additional 301 shares during the period. 31.75% of the stock is currently owned by institutional investors.

Hut 8 Stock Performance

The firm has a market capitalization of $6.20 billion, a PE ratio of -146.91 and a beta of 4.41. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.14. The company has a 50-day moving average of $48.21 and a 200 day moving average of $38.43.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings results on Tuesday, November 4th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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%. Equities research analysts predict that Hut 8 Corp. will post -0.53 EPS for the current year.

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.