Hut 8 (NASDAQ:HUT) Trading 7.8% Higher – Here’s Why

Hut 8 Corp. (NASDAQ:HUT) traded up 7.8% during trading on Thursday . The stock traded as high as $114.69 and last traded at $113.9120. 1,118,244 shares were traded during trading, a decline of 77% from the average session volume of 4,906,684 shares. The stock had previously closed at $105.68.

Analysts Set New Price Targets

Several analysts have commented on the stock. B. Riley Financial lifted their price objective on shares of Hut 8 from $76.00 to $130.00 and gave the company a “buy” rating in a research note on Wednesday, May 13th. Needham & Company LLC lifted their price objective on shares of Hut 8 from $88.00 to $128.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Weiss Ratings cut shares of Hut 8 from a “sell (d+)” rating to a “sell (d-)” rating in a research note on Thursday, May 7th. BTIG Research lifted their price objective on shares of Hut 8 from $90.00 to $115.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $124.00 target price on shares of Hut 8 in a report on Thursday. Seventeen analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $107.72.

Hut 8 Stock Performance

The company has a market cap of $12.74 billion, a PE ratio of -37.96 and a beta of 4.61. The firm’s fifty day moving average is $90.08 and its 200 day moving average is $64.66. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.12.

Hut 8 (NASDAQ:HUT) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($1.98) EPS for the quarter, missing the consensus estimate of ($0.33) by ($1.65). The company 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 predict that Hut 8 Corp. will post -1.29 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Amy Marie Wilkinson sold 20,000 shares of Hut 8 stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $100.78, for a total transaction of $2,015,600.00. Following the transaction, the director owned 262,136 shares in the company, valued at approximately $26,418,066.08. This trade represents a 7.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Rick Rickertsen sold 17,491 shares of Hut 8 stock in a transaction that occurred on 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 owned 17,491 shares in the company, valued at approximately $1,924,010. The trade was a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 64,505 shares of company stock worth $6,479,788. 10.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Hut 8

Hedge funds and other institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC acquired a new stake in Hut 8 during the fourth quarter worth about $30,000. Imprint Wealth LLC acquired a new stake in Hut 8 during the fourth quarter worth about $38,000. Harbor Investment Advisory LLC acquired a new stake in Hut 8 during the first quarter worth about $47,000. Activest Wealth Management acquired a new stake in Hut 8 during the fourth quarter worth about $49,000. Finally, Danske Bank A S acquired a new stake in Hut 8 during the fourth quarter worth about $51,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.

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.