Hut 8 (NASDAQ:HUT) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Hut 8 (NASDAQ:HUT) in a research report released on Friday morning,Benzinga reports. Needham & Company LLC currently has a $60.00 price target on the stock.

A number of other equities analysts have also weighed in on HUT. Piper Sandler reiterated an “overweight” rating on shares of Hut 8 in a research report on Thursday, December 18th. Wall Street Zen upgraded shares of Hut 8 from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Cantor Fitzgerald boosted their price target on shares of Hut 8 from $24.00 to $64.00 and gave the company an “overweight” rating in a report on Tuesday, November 4th. Roth Capital reaffirmed a “buy” rating on shares of Hut 8 in a research note on Tuesday, December 23rd. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Hut 8 in a research note on Monday, December 29th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, Hut 8 has an average rating of “Buy” and an average target price of $56.76.

Hut 8 Stock Up 4.1%

HUT stock opened at $59.65 on Friday. The firm has a market cap of $6.44 billion, a PE ratio of -152.95 and a beta of 4.41. Hut 8 has a 12 month low of $10.04 and a 12 month high of $62.91. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.72 and a quick ratio of 0.72. The firm has a 50 day simple moving average of $46.14 and a 200 day simple moving average of $36.66.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings results on Tuesday, November 4th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.16) by $0.09. Hut 8 had a return on equity of 8.06% and a net margin of 115.39%.The company had revenue of $80.72 million for the quarter, compared to analysts’ expectations of $64.70 million. Equities research analysts forecast that Hut 8 will post -0.53 earnings per share for the current fiscal year.

Institutional Trading of Hut 8

A number of institutional investors have recently bought and sold shares of the company. Nisa Investment Advisors LLC increased its position 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 purchasing an additional 815 shares during the last quarter. Advisors Asset Management Inc. raised its stake in shares of Hut 8 by 68.4% in the 2nd quarter. Advisors Asset Management Inc. now owns 1,613 shares of the company’s stock valued at $30,000 after acquiring an additional 655 shares in the last quarter. GAMMA Investing LLC acquired a new stake in Hut 8 in the 4th quarter worth approximately $30,000. Russell Investments Group Ltd. boosted its position in Hut 8 by 235.8% during the second quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock worth $46,000 after purchasing an additional 1,719 shares during the period. Finally, NewEdge Advisors LLC grew its holdings in Hut 8 by 67.2% during the third quarter. NewEdge Advisors LLC now owns 2,257 shares of the company’s stock valued at $79,000 after purchasing an additional 907 shares during the last quarter. 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.