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

Shares of 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 changed hands during mid-day trading, a decline of 77% from the average session volume of 4,906,684 shares. The stock had previously closed at $105.68.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. BTIG Research raised their price target on shares of Hut 8 from $90.00 to $115.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Wall Street Zen downgraded shares of Hut 8 from a “hold” rating to a “sell” rating in a research note on Saturday, February 28th. Compass Point set a $130.00 price target on shares of Hut 8 in a research note on Wednesday, May 13th. Citigroup reaffirmed an “outperform” rating on shares of Hut 8 in a research note on Tuesday, April 28th. Finally, Arete Research started coverage on shares of Hut 8 in a report on Monday, March 23rd. They set a “buy” rating and a $136.00 target price on the stock. Seventeen research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $107.72.

Hut 8 Trading Up 7.1%

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

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

Insider Activity

In related news, Director Rick Rickertsen sold 17,491 shares of Hut 8 stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $110.00, for a total value of $1,924,010.00. Following the completion of the sale, the director directly owned 17,491 shares in the company, valued at $1,924,010. This trade represents a 50.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 completion of the sale, the director owned 262,136 shares of the company’s stock, valued at $26,418,066.08. This trade represents a 7.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 64,505 shares of company stock worth $6,479,788. Corporate insiders own 10.40% of the company’s stock.

Institutional Trading of Hut 8

A number of institutional investors have recently bought and sold shares of HUT. Vanguard Group Inc. lifted its stake in Hut 8 by 3.2% during the 4th quarter. Vanguard Group Inc. now owns 7,978,357 shares of the company’s stock valued at $366,526,000 after acquiring an additional 250,320 shares during the period. Northwestern Mutual Wealth Management Co. lifted its stake in Hut 8 by 4,669,387.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 4,062,454 shares of the company’s stock valued at $186,629,000 after acquiring an additional 4,062,367 shares during the period. Ameriprise Financial Inc. lifted its stake in Hut 8 by 20.3% during the 3rd quarter. Ameriprise Financial Inc. now owns 2,991,466 shares of the company’s stock valued at $104,133,000 after acquiring an additional 504,652 shares during the period. SRS Investment Management LLC acquired a new stake in Hut 8 during the 4th quarter valued at approximately $131,838,000. Finally, Sachem Head Capital Management LP acquired a new stake in Hut 8 during the 4th quarter valued at approximately $129,780,000. 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.