Hut 8 (NASDAQ:HUT) Reaches New 12-Month High After Analyst Upgrade

Hut 8 Corp. (NASDAQ:HUT) shares hit a new 52-week high during trading on Wednesday after Keefe, Bruyette & Woods raised their price target on the stock from $55.00 to $75.00. Keefe, Bruyette & Woods currently has an outperform rating on the stock. Hut 8 traded as high as $63.25 and last traded at $64.1680, with a volume of 89189 shares. The stock had previously closed at $61.84.

Several other analysts have also recently commented on HUT. B. Riley increased their target price on Hut 8 from $61.00 to $76.00 and gave the stock a “buy” rating in a report on Friday, January 9th. Craig Hallum reiterated a “buy” rating and set a $80.00 price target on shares of Hut 8 in a research report on Thursday, December 18th. Benchmark restated a “buy” rating on shares of Hut 8 in a research report on Wednesday, December 17th. Northland Securities set a $58.00 target price on shares of Hut 8 in a research report on Wednesday, November 5th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Hut 8 in a research note on Monday, December 29th. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Hut 8 has a consensus rating of “Buy” and an average target price of $59.12.

Institutional Investors Weigh In On Hut 8

A number of institutional investors have recently made changes to their positions in HUT. M&T Bank Corp bought a new stake in Hut 8 in the fourth quarter valued at about $854,000. Universal Beteiligungs und Servicegesellschaft mbH raised its position in shares of Hut 8 by 17.3% in the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 218,561 shares of the company’s stock valued at $10,046,000 after acquiring an additional 32,177 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of 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 acquiring an additional 362 shares during the period. CWM LLC boosted its stake in Hut 8 by 37.4% during the 4th quarter. CWM LLC now owns 1,106 shares of the company’s stock worth $51,000 after acquiring an additional 301 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its holdings in Hut 8 by 1,578.3% during the fourth quarter. Farther Finance Advisors LLC now owns 1,393 shares of the company’s stock valued at $64,000 after purchasing an additional 1,310 shares during the period. 31.75% of the stock is owned by institutional investors and hedge funds.

Hut 8 Price Performance

The company’s 50 day simple moving average is $49.21 and its 200 day simple moving average is $38.89. The stock has a market cap of $6.98 billion, a P/E ratio of -165.64 and a beta of 4.41. 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 announced 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 net margin of 115.39% and a return on equity of 8.06%. The company had revenue of $80.72 million during the quarter, compared to analyst estimates of $64.70 million. As a group, equities 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.