Hut 8 (NASDAQ:HUT) Trading 7.9% Higher – Still a Buy?

Hut 8 Corp. (NASDAQ:HUT)’s stock price traded up 7.9% on Friday . The company traded as high as $55.70 and last traded at $55.0040. 1,278,139 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 5,484,581 shares. The stock had previously closed at $50.97.

Wall Street Analysts Forecast Growth

HUT has been the subject of a number of research analyst reports. Roth Mkm reiterated a “buy” rating and issued a $80.00 price target on shares of Hut 8 in a research note on Tuesday, January 27th. Canaccord Genuity Group lifted their target price on shares of Hut 8 from $54.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, December 18th. Wall Street Zen raised Hut 8 from a “sell” rating to a “hold” rating in a report on Saturday, January 31st. BTIG Research restated a “buy” rating and issued a $55.00 price target on shares of Hut 8 in a research note on Wednesday, December 17th. Finally, Keefe, Bruyette & Woods upped their price objective on Hut 8 from $55.00 to $75.00 and gave the company a “moderate buy” rating in a research report on Tuesday, January 27th. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, Hut 8 currently has an average rating of “Buy” and a consensus price target of $62.35.

Hut 8 Price Performance

The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $5.82 billion, a PE ratio of -138.13 and a beta of 4.42. The firm has a 50 day moving average price of $52.62 and a 200 day moving average price of $41.68.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Millennium Management LLC raised its stake in Hut 8 by 11.9% during the 1st quarter. Millennium Management LLC now owns 330,416 shares of the company’s stock worth $3,839,000 after acquiring an additional 35,120 shares during the period. Stratos Wealth Partners LTD. bought a new stake in shares of Hut 8 during the 2nd quarter valued at $222,000. West Tower Group LLC purchased a new position in shares of Hut 8 during the 2nd quarter valued at $223,000. FNY Investment Advisers LLC bought a new position in Hut 8 in the 2nd quarter worth $99,000. Finally, Nisa Investment Advisors LLC increased its stake in Hut 8 by 116.4% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,515 shares of the company’s stock worth $28,000 after buying an additional 815 shares in 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.