Hut 8 (NASDAQ:HUT) Now Covered by Analysts at HC Wainwright

HC Wainwright initiated coverage on shares of Hut 8 (NASDAQ:HUT) in a research note issued to investors on Monday, Marketbeat reports. The firm issued a buy rating and a $80.00 target price on the stock.

Other equities research analysts also recently issued reports about the stock. Weiss Ratings reiterated a “hold (c-)” rating on shares of Hut 8 in a report on Monday, December 29th. JMP Securities increased their price target on Hut 8 from $25.00 to $65.00 and gave the stock a “market outperform” rating in a research note on Tuesday, October 21st. Craig Hallum reaffirmed a “buy” rating and issued a $80.00 price objective on shares of Hut 8 in a research report on Thursday, December 18th. Canaccord Genuity Group upped their target price on Hut 8 from $54.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, December 18th. Finally, Piper Sandler reissued an “overweight” rating on shares of Hut 8 in a research note on Thursday, December 18th. Two investment 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, the company currently has a consensus rating of “Buy” and an average target price of $62.35.

Hut 8 Trading Up 0.6%

Shares of HUT opened at $56.18 on Monday. 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 has a 1-year low of $10.04 and a 1-year high of $66.07. The stock has a market cap of $6.07 billion, a price-to-earnings ratio of -144.05 and a beta of 4.42. The firm has a 50 day simple moving average of $50.54 and a 200-day simple moving average of $39.77.

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

Institutional Investors Weigh In On Hut 8

Several large investors have recently made changes to their positions in the business. Rhumbline Advisers raised its position in shares of Hut 8 by 19.4% in the 2nd quarter. Rhumbline Advisers now owns 146,356 shares of the company’s stock valued at $2,722,000 after purchasing an additional 23,753 shares in the last quarter. Zweig DiMenna Associates LLC bought a new stake in shares of Hut 8 in the second quarter worth $3,688,000. Tobam raised its holdings in Hut 8 by 48.9% in the second quarter. Tobam now owns 34,945 shares of the company’s stock valued at $650,000 after acquiring an additional 11,482 shares in the last quarter. Paradiem LLC bought a new position in Hut 8 during the 3rd quarter valued at $1,652,000. Finally, Steadview Capital Management LLC acquired a new position in Hut 8 during the 3rd quarter worth $985,000. 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.