Hut 8 (NASDAQ:HUT) Upgraded to Strong-Buy at Maxim Group

Hut 8 (NASDAQ:HUT) was upgraded by equities research analysts at Maxim Group to a “strong-buy” rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

A number of other analysts also recently issued reports on the company. BTIG Research lifted their price target on Hut 8 from $115.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, June 24th. Needham & Company LLC cut their price objective on Hut 8 from $145.00 to $138.00 and set a “buy” rating for the company in a report on Wednesday. Loop Capital set a $226.00 price objective on shares of Hut 8 in a research report on Monday, June 22nd. Cantor Fitzgerald raised their target price on shares of Hut 8 from $68.00 to $80.00 and gave the company an “overweight” rating in a research note on Thursday, April 9th. Finally, Jefferies Financial Group assumed coverage on shares of Hut 8 in a research report on Thursday, May 14th. They set a “buy” rating and a $156.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Hut 8 presently has an average rating of “Buy” and a consensus price target of $138.50.

Hut 8 Trading Down 8.3%

Shares of HUT stock opened at $92.76 on Wednesday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.86 and a current ratio of 0.86. Hut 8 has a 52-week low of $18.68 and a 52-week high of $140.80. The company has a market capitalization of $10.44 billion, a PE ratio of -17.02 and a beta of 4.64. The business’s fifty day moving average is $111.24 and its 200 day moving average is $81.88.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings data on Tuesday, August 4th. The company reported ($1.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.55) by ($0.72). The business had revenue of $72.66 million for the quarter, compared to the consensus estimate of $79.37 million. Hut 8 had a negative net margin of 188.59% and a negative return on equity of 0.98%. During the same period in the prior year, the business posted $1.18 EPS. On average, equities research analysts anticipate that Hut 8 will post -2.54 EPS for the current fiscal year.

Insider Transactions at Hut 8

In other news, Director Joseph Flinn sold 7,719 shares of the company’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $117.91, for a total value of $910,147.29. Following the completion of the transaction, the director directly owned 10,519 shares in the company, valued at approximately $1,240,295.29. This represents a 42.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Amy Marie Wilkinson sold 20,000 shares of the stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $100.78, for a total value of $2,015,600.00. Following the transaction, the director owned 262,136 shares in the company, valued at $26,418,066.08. This trade represents a 7.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 102,206 shares of company stock worth $11,376,242. 10.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of HUT. Handelsbanken Fonder AB raised its stake in shares of Hut 8 by 42.5% during the second quarter. Handelsbanken Fonder AB now owns 32,200 shares of the company’s stock worth $3,717,000 after acquiring an additional 9,600 shares in the last quarter. FNY Investment Advisers LLC bought a new stake in shares of Hut 8 in the 2nd quarter worth approximately $854,000. GAMMA Investing LLC boosted its stake in shares of Hut 8 by 35.0% in the 2nd quarter. GAMMA Investing LLC now owns 1,057 shares of the company’s stock valued at $122,000 after purchasing an additional 274 shares in the last quarter. Arlington Trust Co LLC boosted its stake in shares of Hut 8 by 175.0% in the 2nd quarter. Arlington Trust Co LLC now owns 275 shares of the company’s stock valued at $32,000 after purchasing an additional 175 shares in the last quarter. Finally, CoreCap Advisors LLC grew its holdings in shares of Hut 8 by 42.1% during the 2nd quarter. CoreCap Advisors LLC now owns 540 shares of the company’s stock valued at $62,000 after purchasing an additional 160 shares during the last quarter. 31.75% of the stock is currently owned by 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.