Hut 8 (NASDAQ:HUT) Trading Up 6.4% – Here’s Why

Hut 8 Corp. (NASDAQ:HUT)’s share price traded up 6.4% during trading on Tuesday . The stock traded as high as $100.45 and last traded at $99.49. 5,631,863 shares were traded during mid-day trading, an increase of 17% from the average session volume of 4,828,216 shares. The stock had previously closed at $93.54.

Wall Street Analyst Weigh In

Several brokerages have commented on HUT. Piper Sandler boosted their price target on shares of Hut 8 from $127.00 to $143.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. Benchmark increased their price objective on shares of Hut 8 from $165.00 to $195.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. BTIG Research lifted their price objective on shares of Hut 8 from $115.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. Maxim Group upgraded shares of Hut 8 to a “strong-buy” rating in a report on Wednesday, August 5th. Finally, Wall Street Zen downgraded shares of Hut 8 from a “sell” rating to a “strong sell” rating in a report on Saturday, August 1st. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $144.89.

Hut 8 Trading Up 6.4%

The stock has a fifty day moving average of $94.79 and a 200-day moving average of $86.58. The company has a debt-to-equity ratio of 4.22, a quick ratio of 19.35 and a current ratio of 19.35. The company has a market cap of $12.26 billion, a PE ratio of -18.26 and a beta of 4.51.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($1.27) earnings per share (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 firm had revenue of $74.93 million during the quarter, compared to analysts’ expectations of $79.37 million. During the same quarter in the previous year, the firm posted $1.18 EPS. Sell-side analysts anticipate that Hut 8 Corp. will post -2.85 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Victor Semah sold 10,000 shares of the stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $125.00, for a total value of $1,250,000.00. Following the transaction, the insider directly owned 31,378 shares of the company’s stock, valued at approximately $3,922,250. This represents a 24.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Sean Glennan sold 6,445 shares of the firm’s stock in a transaction on Monday, August 24th. The stock was sold at an average price of $78.76, for a total transaction of $507,608.20. Following the transaction, 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. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 54,664 shares of company stock valued at $6,212,160. 10.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Hut 8

Hedge funds and other institutional investors have recently made changes to their positions in the company. Arlington Trust Co LLC grew its position in shares of Hut 8 by 175.0% in the second quarter. Arlington Trust Co LLC now owns 275 shares of the company’s stock valued at $32,000 after purchasing an additional 175 shares during the period. Parkside Financial Bank & Trust grew its holdings in Hut 8 by 258.5% in the 2nd quarter. Parkside Financial Bank & Trust now owns 380 shares of the company’s stock valued at $44,000 after buying an additional 274 shares in the last quarter. CoreCap Advisors LLC raised its holdings in shares of Hut 8 by 42.1% during the 2nd quarter. CoreCap Advisors LLC now owns 540 shares of the company’s stock worth $62,000 after acquiring an additional 160 shares during the period. Imprint Wealth LLC acquired a new position in shares of Hut 8 during the 4th quarter valued at about $38,000. Finally, Harbor Investment Advisory LLC acquired a new position in shares of Hut 8 during the 1st quarter valued at about $47,000. Institutional investors and hedge funds 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.