Hut 8 (NASDAQ:HUT) Sets New 12-Month High on Analyst Upgrade

Shares of Hut 8 Corp. (NASDAQ:HUT) hit a new 52-week high during trading on Wednesday after Keefe, Bruyette & Woods raised their price target on the stock from $55.00 to $75.00. Keefe, Bruyette & Woods currently has an outperform rating on the stock. Hut 8 traded as high as $63.25 and last traded at $64.1680, with a volume of 89189 shares trading hands. The stock had previously closed at $61.84.

HUT has been the topic of several other reports. Citigroup restated an “outperform” rating on shares of Hut 8 in a research report on Tuesday, October 21st. BTIG Research reissued a “buy” rating and set a $55.00 price objective on shares of Hut 8 in a research report on Wednesday, December 17th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $65.00 price objective on shares of Hut 8 in a research note on Thursday, December 18th. Roth Mkm reissued a “buy” rating and set a $80.00 price objective on shares of Hut 8 in a research note on Tuesday. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Hut 8 in a research report on Monday, December 29th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Hut 8 has a consensus rating of “Buy” and a consensus target price of $59.12.

Institutional Investors Weigh In On Hut 8

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Millennium Management LLC lifted its position in shares of Hut 8 by 11.9% during the 1st quarter. Millennium Management LLC now owns 330,416 shares of the company’s stock valued at $3,839,000 after acquiring an additional 35,120 shares during the period. Total Wealth Planning & Management Inc. bought a new position in Hut 8 during the 2nd quarter valued at $327,000. Triton Wealth Management PLLC bought a new stake in Hut 8 during the second quarter worth approximately $362,000. Stratos Wealth Partners LTD. acquired a new stake in Hut 8 during the 2nd quarter valued at $222,000. Finally, West Tower Group LLC purchased a new position in shares of Hut 8 during the 2nd quarter valued at $223,000. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Hut 8 Stock Performance

The firm’s 50 day moving average is $48.67 and its 200-day moving average is $38.71. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.72 and a current ratio of 0.72. The firm has a market cap of $6.82 billion, a price-to-earnings ratio of -161.67 and a beta of 4.41.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings data on Tuesday, November 4th. The company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.09. Hut 8 had a net margin of 115.39% and a return on equity of 8.06%. The business had revenue of $80.72 million during the quarter, compared to analyst estimates of $64.70 million. Sell-side analysts anticipate that Hut 8 Corp. will post -0.53 earnings per share for the current fiscal year.

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.