BTIG Research Boosts Hut 8 (NASDAQ:HUT) Price Target to $90.00

Hut 8 (NASDAQ:HUT) had its price target increased by stock analysts at BTIG Research from $55.00 to $90.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. BTIG Research’s price objective suggests a potential upside of 14.26% from the stock’s current price.

HUT has been the topic of a number of other research reports. Needham & Company LLC lifted their price target on shares of Hut 8 from $60.00 to $66.00 and gave the company a “buy” rating in a research report on Thursday, February 26th. Wall Street Zen downgraded shares of Hut 8 from a “hold” rating to a “sell” rating in a research note on Saturday, February 28th. Rosenblatt Securities restated a “buy” rating and issued a $65.00 price objective on shares of Hut 8 in a research note on Thursday, February 26th. Cantor Fitzgerald raised their price objective on shares of Hut 8 from $68.00 to $80.00 and gave the stock an “overweight” rating in a research note on Thursday, April 9th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Hut 8 from $55.00 to $75.00 and gave the stock a “moderate buy” rating in a research note on Tuesday, January 27th. Sixteen investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $76.38.

Hut 8 Trading Down 2.4%

NASDAQ:HUT opened at $78.77 on Friday. Hut 8 has a 12 month low of $11.86 and a 12 month high of $83.18. The firm has a market cap of $8.73 billion, a price-to-earnings ratio of -33.95 and a beta of 4.38. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.12. The company’s 50 day moving average is $56.16 and its 200-day moving average is $51.18.

Insider Buying and Selling at Hut 8

In other news, insider Victor Semah sold 5,498 shares of the business’s stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $49.05, for a total value of $269,676.90. Following the sale, the insider owned 24,796 shares in the company, valued at approximately $1,216,243.80. The trade was a 18.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Sean Joseph Glennan sold 4,625 shares of the business’s stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $49.05, for a total transaction of $226,856.25. Following the completion of the sale, the chief financial officer owned 12,068 shares in the company, valued at $591,935.40. This represents a 27.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 11.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Hut 8

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Hut 8 by 3.2% in the fourth quarter. Vanguard Group Inc. now owns 7,978,357 shares of the company’s stock valued at $366,526,000 after buying an additional 250,320 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Hut 8 by 4,669,387.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 4,062,454 shares of the company’s stock valued at $186,629,000 after buying an additional 4,062,367 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in shares of Hut 8 by 20.3% in the third 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. SRS Investment Management LLC bought a new position in shares of Hut 8 in the fourth quarter valued at about $131,838,000. Finally, Sachem Head Capital Management LP bought a new position in shares of Hut 8 in the fourth quarter valued at about $129,780,000. Institutional investors and hedge funds own 31.75% of the company’s stock.

About Hut 8

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.