Hut 8 (NASDAQ:HUT) Shares Up 9% – Here’s Why

Hut 8 Corp. (NASDAQ:HUT) shares traded up 9% on Wednesday . The stock traded as high as $104.25 and last traded at $105.4870. 2,323,994 shares were traded during mid-day trading, a decline of 52% from the average session volume of 4,866,728 shares. The stock had previously closed at $96.74.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on HUT. Weiss Ratings downgraded shares of Hut 8 from a “sell (d+)” rating to a “sell (d-)” rating in a report on Thursday, May 7th. Canaccord Genuity Group raised their price objective on shares of Hut 8 from $70.00 to $130.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Jefferies Financial Group started coverage on shares of Hut 8 in a research note on Thursday, May 14th. They issued a “buy” rating and a $156.00 target price for the company. Arete Research initiated coverage on Hut 8 in a report on Monday, March 23rd. They issued a “buy” rating and a $136.00 target price on the stock. Finally, Compass Point set a $130.00 price target on Hut 8 in a research report on Wednesday, May 13th. Seventeen investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $115.79.

Hut 8 Trading Up 8.9%

The company’s 50-day moving average is $108.94 and its 200-day moving average is $74.47. 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 firm has a market cap of $11.87 billion, a price-to-earnings ratio of -35.11 and a beta of 4.62.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($1.98) earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $139.31 million during the quarter, compared to analyst estimates of $78.53 million. On average, research analysts predict that Hut 8 Corp. will post -1.29 earnings per share for the current year.

Insider Activity at Hut 8

In related news, Director Joseph Flinn sold 7,719 shares of the business’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $117.91, for a total value of $910,147.29. Following the completion of the transaction, the director owned 10,519 shares in the company, valued at $1,240,295.29. The trade was a 42.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Rick Rickertsen sold 17,491 shares of the company’s stock in a transaction 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 directly owned 17,491 shares in the company, valued at approximately $1,924,010. This represents a 50.00% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 112,724 shares of company stock worth $12,184,340. 10.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Hut 8

A number of institutional investors and hedge funds have recently made changes to their positions in HUT. GAMMA Investing LLC lifted its stake in shares of Hut 8 by 35.0% during the second quarter. GAMMA Investing LLC now owns 1,057 shares of the company’s stock valued at $122,000 after acquiring an additional 274 shares during the period. Arlington Trust Co LLC increased its position in Hut 8 by 175.0% in the second quarter. Arlington Trust Co LLC now owns 275 shares of the company’s stock worth $32,000 after purchasing an additional 175 shares during the period. CoreCap Advisors LLC increased its position in 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 purchasing an additional 160 shares during the period. Glenmede Trust Co. NA raised its holdings in Hut 8 by 30.1% during the 1st quarter. Glenmede Trust Co. NA now owns 21,161 shares of the company’s stock worth $993,000 after purchasing an additional 4,896 shares during the last quarter. Finally, Dayah Capital LLC raised its holdings in Hut 8 by 12.6% during the 1st quarter. Dayah Capital LLC now owns 217,920 shares of the company’s stock worth $10,223,000 after purchasing an additional 24,456 shares during the last quarter. Institutional investors own 31.75% of the company’s stock.

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.