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

Hut 8 Corp. (NASDAQ:HUT) shares gapped up before the market opened 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.

A number of other equities analysts also recently commented on the company. Rosenblatt Securities reissued a “buy” rating and set a $65.00 price objective on shares of Hut 8 in a research report on Thursday, December 18th. Citigroup reissued an “outperform” rating on shares of Hut 8 in a report on Tuesday, October 21st. Needham & Company LLC restated a “buy” rating and issued a $60.00 price target on shares of Hut 8 in a research note on Friday, January 16th. JMP Securities upped their price objective on Hut 8 from $25.00 to $65.00 and gave the stock a “market outperform” rating in a research report on Tuesday, October 21st. Finally, Roth Mkm reiterated a “buy” rating and issued a $80.00 price objective on shares of Hut 8 in a report on Tuesday. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $59.12.

Institutional Trading of Hut 8

Several institutional investors and hedge funds have recently added to or reduced their stakes in HUT. Nisa Investment Advisors LLC grew its stake in shares of Hut 8 by 1.6% in the 4th 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 during the last quarter. CWM LLC grew its position in 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 last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake 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 during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Hut 8 by 1.7% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,685 shares of the company’s stock valued at $996,000 after buying an additional 362 shares during the period. Finally, Arizona State Retirement System raised its position 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 last quarter. 31.75% of the stock is owned by hedge funds and other institutional investors.

Hut 8 Price Performance

The company has a market cap of $6.68 billion, a price-to-earnings ratio of -158.56 and a beta of 4.41. The company’s 50 day moving average price is $48.67 and its 200 day moving average price is $38.71. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.14.

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, topping the consensus estimate of ($0.16) by $0.09. Hut 8 had a net margin of 115.39% and a return on equity of 8.06%. The firm had revenue of $80.72 million during the quarter, compared to analysts’ expectations of $64.70 million. Equities research analysts forecast that Hut 8 Corp. will post -0.53 earnings per share for the current 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.