Wall Street Zen Upgrades Hut 8 (NASDAQ:HUT) to “Hold”

Hut 8 (NASDAQ:HUT) was upgraded by Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Saturday.

Other research analysts also recently issued reports about the company. Northland Securities set a $58.00 target price on Hut 8 in a research note on Wednesday, November 5th. Roth Mkm reissued a “buy” rating and issued a $80.00 price target on shares of Hut 8 in a report on Tuesday. B. Riley upped their price objective on shares of Hut 8 from $61.00 to $76.00 and gave the company a “buy” rating in a report on Friday, January 9th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $65.00 price objective on shares of Hut 8 in a research report on Thursday, December 18th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $60.00 target price on shares of Hut 8 in a research note on Friday, January 16th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, Hut 8 presently has a consensus rating of “Buy” and an average target price of $59.12.

Hut 8 Stock Down 9.3%

Shares of Hut 8 stock opened at $55.83 on Friday. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.14. The company has a market cap of $6.03 billion, a P/E ratio of -143.15 and a beta of 4.41. The firm’s 50 day moving average price is $50.20 and its 200-day moving average price is $39.28. Hut 8 has a 52-week low of $10.04 and a 52-week high of $66.07.

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

Institutional Trading of Hut 8

Several large investors have recently made changes to their positions in HUT. Vanguard Group Inc. raised its holdings in shares of Hut 8 by 3.2% during the fourth quarter. Vanguard Group Inc. now owns 7,978,357 shares of the company’s stock worth $366,526,000 after purchasing an additional 250,320 shares during the last quarter. Ameriprise Financial Inc. raised its stake in shares of Hut 8 by 20.3% during the 3rd quarter. Ameriprise Financial Inc. now owns 2,991,466 shares of the company’s stock valued at $104,133,000 after buying an additional 504,652 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Hut 8 by 13.7% during the 2nd quarter. Geode Capital Management LLC now owns 2,563,091 shares of the company’s stock valued at $47,679,000 after buying an additional 309,113 shares during the last quarter. Value Aligned Research Advisors LLC lifted its holdings in shares of Hut 8 by 110.2% in the 3rd quarter. Value Aligned Research Advisors LLC now owns 1,948,995 shares of the company’s stock valued at $67,845,000 after buying an additional 1,021,955 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Hut 8 by 45.5% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,555,800 shares of the company’s stock worth $54,156,000 after buying an additional 486,721 shares during the last quarter. 31.75% of the stock is owned by hedge funds and other institutional investors.

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.