Hut 8 (NASDAQ:HUT) Rating Increased to Strong-Buy at Freedom Capital

Freedom Capital upgraded shares of Hut 8 (NASDAQ:HUT) to a strong-buy rating in a report released on Tuesday morning,Zacks.com reports.

A number of other research analysts have also recently issued reports on HUT. Morgan Stanley started coverage on Hut 8 in a research report on Thursday, July 23rd. They issued an “overweight” rating and a $263.00 target price on the stock. Citizens Jmp raised their target price on shares of Hut 8 from $100.00 to $140.00 and gave the company a “market outperform” rating in a research report on Thursday, May 7th. Jefferies Financial Group initiated coverage on shares of Hut 8 in a research note on Thursday, May 14th. They set a “buy” rating and a $156.00 target price on the stock. Loop Capital set a $226.00 price target on shares of Hut 8 in a report on Monday, June 22nd. Finally, Maxim Group raised Hut 8 to a “strong-buy” rating in a report on Wednesday, August 5th. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $144.89.

Hut 8 Price Performance

NASDAQ:HUT opened at $88.65 on Tuesday. The firm’s 50-day simple moving average is $103.49 and its 200 day simple moving average is $84.01. Hut 8 has a 52 week low of $21.00 and a 52 week high of $140.80. The firm has a market cap of $10.93 billion, a price-to-earnings ratio of -16.27 and a beta of 4.64. The company has a debt-to-equity ratio of 4.22, a quick ratio of 19.35 and a current ratio of 19.35.

Hut 8 (NASDAQ:HUT) last released its earnings results on Wednesday, August 5th. The company reported ($1.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.55) by ($0.72). The company had revenue of $72.66 million for the quarter, compared to analyst estimates of $79.37 million. Hut 8 had a negative return on equity of 0.97% and a negative net margin of 188.59%.During the same period last year, the company posted $1.18 earnings per share. As a group, sell-side analysts predict that Hut 8 will post -2.85 earnings per share for the current year.

Insider Activity at Hut 8

In related news, Director Joseph Flinn sold 30,500 shares of the business’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $116.21, for a total value of $3,544,405.00. Following the sale, the director owned 18,238 shares of the company’s stock, valued at $2,119,437.98. The trade was a 62.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Victor Semah sold 10,000 shares of the stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $125.00, for a total value of $1,250,000.00. Following the completion of the sale, the insider owned 31,378 shares of the company’s stock, valued at $3,922,250. The trade was a 24.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 48,219 shares of company stock valued at $5,704,552. Corporate insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On Hut 8

A number of institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP raised its position in shares of Hut 8 by 11.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 207,619 shares of the company’s stock worth $9,717,000 after acquiring an additional 20,813 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in shares of 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 purchasing an additional 4,062,367 shares in the last quarter. Handelsbanken Fonder AB acquired a new stake in Hut 8 during the fourth quarter worth approximately $1,153,000. Dayah Capital LLC grew its stake in Hut 8 by 12.6% during the first 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 period. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Hut 8 in the first quarter worth approximately $4,358,000. 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.