Hut 8 Corp. (NASDAQ:HUT) Given Consensus Recommendation of “Buy” by Analysts

Hut 8 Corp. (NASDAQ:HUT) has received an average recommendation of “Buy” from the twenty-one brokerages that are covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell rating, seventeen have assigned a buy rating and three have assigned a strong buy rating to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $144.8947.

A number of research analysts have commented on the company. Keefe, Bruyette & Woods reduced their price objective on Hut 8 from $157.00 to $154.00 and set an “outperform” rating on the stock in a research note on Thursday, August 6th. B. Riley Financial increased their target price on Hut 8 from $130.00 to $163.00 and gave the company a “buy” rating in a research note on Monday, August 3rd. Loop Capital set a $226.00 target price on Hut 8 in a report on Monday, June 22nd. Maxim Group raised Hut 8 to a “strong-buy” rating in a research report on Wednesday, August 5th. Finally, Benchmark upped their price target on Hut 8 from $165.00 to $195.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd.

Insider Activity

In related news, CFO Sean Joseph Glennan sold 6,445 shares of the firm’s stock in a transaction on Monday, August 24th. The shares were sold at an average price of $78.76, for a total transaction of $507,608.20. Following the completion of the sale, the chief financial officer directly owned 17,978 shares of the company’s stock, valued at approximately $1,415,947.28. This trade represents a 26.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Joseph Flinn sold 7,719 shares of the firm’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $117.91, for a total transaction of $910,147.29. Following the sale, the director directly owned 10,519 shares of the company’s stock, valued at approximately $1,240,295.29. The trade was a 42.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 54,664 shares of company stock worth $6,212,160 over the last 90 days. Company insiders own 10.40% of the company’s stock.

Hedge Funds Weigh In On Hut 8

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. California State Teachers Retirement System grew its stake in Hut 8 by 11,436.2% during the 2nd quarter. California State Teachers Retirement System now owns 13,256,088 shares of the company’s stock valued at $1,530,349,000 after purchasing an additional 13,141,179 shares in the last quarter. BlackRock Inc. acquired a new position in shares of Hut 8 in the 2nd quarter valued at approximately $1,093,294,000. Northwestern Mutual Wealth Management Co. raised its position in shares of Hut 8 by 4,669,387.4% in 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. SRS Investment Management LLC purchased a new position in shares of Hut 8 during the 4th quarter valued at approximately $131,838,000. Finally, Sachem Head Capital Management LP purchased a new position in shares of Hut 8 during the 4th quarter valued at approximately $129,780,000. 31.75% of the stock is owned by hedge funds and other institutional investors.

Hut 8 Trading Down 0.6%

Shares of HUT stock opened at $85.00 on Thursday. The company has a quick ratio of 19.35, a current ratio of 19.35 and a debt-to-equity ratio of 4.22. Hut 8 has a fifty-two week low of $24.20 and a fifty-two week high of $140.80. The firm’s 50 day moving average price is $100.52 and its two-hundred day moving average price is $84.83. The stock has a market cap of $10.48 billion, a price-to-earnings ratio of -15.60 and a beta of 4.64.

Hut 8 (NASDAQ:HUT) last issued its earnings results on Wednesday, August 5th. The company reported ($1.27) EPS for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.72). Hut 8 had a negative net margin of 188.59% and a negative return on equity of 0.97%. The business had revenue of $72.66 million during the quarter, compared to analysts’ expectations of $79.37 million. During the same period in the prior year, the business posted $1.18 EPS. On average, analysts anticipate that Hut 8 will post -2.85 EPS for the current year.

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.