Hut 8 (NASDAQ:HUT) Shares Gap Up After Analyst Upgrade

Hut 8 Corp. (NASDAQ:HUT) shares gapped up prior to trading on Tuesday after Keefe, Bruyette & Woods raised their price target on the stock from $55.00 to $75.00. The stock had previously closed at $56.39, but opened at $60.00. Keefe, Bruyette & Woods currently has an outperform rating on the stock. Hut 8 shares last traded at $57.0070, with a volume of 1,007,280 shares trading hands.

A number of other research analysts have also recently commented on HUT. BTIG Research reissued a “buy” rating and issued a $55.00 target price on shares of Hut 8 in a report on Wednesday, December 17th. Rosenblatt Securities restated a “buy” rating and issued a $65.00 target price on shares of Hut 8 in a research report on Thursday, December 18th. Northland Securities set a $58.00 target price on shares of Hut 8 in a research note on Wednesday, November 5th. Wall Street Zen cut Hut 8 from a “hold” rating to a “sell” rating in a research note on Friday. Finally, Citigroup reissued an “outperform” rating on shares of Hut 8 in a report on Tuesday, October 21st. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Hut 8 presently has an average rating of “Buy” and a consensus target price of $59.12.

Hedge Funds Weigh In On Hut 8

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Nisa Investment Advisors LLC increased its stake in Hut 8 by 1.6% in the fourth quarter. Nisa Investment Advisors LLC now owns 15,969 shares of the company’s stock valued at $734,000 after purchasing an additional 254 shares in the last quarter. CWM LLC grew its stake in shares of Hut 8 by 37.4% in the 4th quarter. CWM LLC now owns 1,106 shares of the company’s stock valued at $51,000 after buying an additional 301 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Hut 8 by 3.5% in the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 9,500 shares of the company’s stock valued at $331,000 after buying an additional 321 shares in the last quarter. Arizona State Retirement System raised its stake in Hut 8 by 1.9% during the 3rd quarter. Arizona State Retirement System now owns 29,290 shares of the company’s stock worth $1,020,000 after buying an additional 542 shares during the period. Finally, GAMMA Investing LLC bought a new position in Hut 8 in the fourth quarter worth approximately $30,000. 31.75% of the stock is owned by institutional investors and hedge funds.

Hut 8 Trading Up 1.7%

The firm has a market cap of $6.20 billion, a P/E ratio of -146.91 and a beta of 4.41. The firm has a fifty day simple moving average of $48.21 and a 200-day simple moving average of $38.43. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.72 and a quick ratio of 0.72.

Hut 8 (NASDAQ:HUT) last posted its earnings results on Tuesday, November 4th. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.16) by $0.09. The company had revenue of $80.72 million during the quarter, compared to the consensus estimate of $64.70 million. Hut 8 had a net margin of 115.39% and a return on equity of 8.06%. On average, equities research analysts expect that Hut 8 Corp. will post -0.53 earnings per share 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.