Shares of Hut 8 Corp. (NASDAQ:HUT – Get Free Report) were up 1.6% during trading on Wednesday . The stock traded as high as $83.00 and last traded at $82.08. Approximately 5,486,077 shares were traded during trading, an increase of 14% from the average daily volume of 4,824,047 shares. The stock had previously closed at $80.79.
Wall Street Analyst Weigh In
Several brokerages have issued reports on HUT. B. Riley Financial lifted their target price on shares of Hut 8 from $130.00 to $163.00 and gave the stock a “buy” rating in a report on Monday, August 3rd. Keefe, Bruyette & Woods reduced their price target on shares of Hut 8 from $157.00 to $154.00 and set an “outperform” rating for the company in a research report on Thursday, August 6th. Benchmark upped their price objective on Hut 8 from $165.00 to $195.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Northland Securities set a $120.00 price objective on Hut 8 in a report on Thursday, May 7th. Finally, Maxim Group upgraded shares of Hut 8 to a “strong-buy” rating in a research note on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Hut 8 currently has an average rating of “Buy” and an average price target of $144.89.
Read Our Latest Research Report on Hut 8
Hut 8 Stock Performance
Hut 8 (NASDAQ:HUT – Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported ($1.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.55) by ($0.72). Hut 8 had a negative return on equity of 0.97% and a negative net margin of 188.59%.The firm had revenue of $72.66 million during the quarter, compared to analysts’ expectations of $79.37 million. During the same period in the prior year, the company posted $1.18 earnings per share. Equities research analysts forecast that Hut 8 Corp. will post -2.85 EPS for the current year.
Insiders Place Their Bets
In related news, insider Victor Semah sold 10,000 shares of Hut 8 stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $125.00, for a total transaction of $1,250,000.00. Following the transaction, the insider owned 31,378 shares in the company, valued at approximately $3,922,250. The trade was a 24.17% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Joseph Flinn sold 30,500 shares of the company’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $116.21, for a total transaction of $3,544,405.00. Following the completion of the transaction, the director directly owned 18,238 shares of the company’s stock, valued at $2,119,437.98. This represents a 62.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 68,219 shares of company stock worth $7,720,152 over the last three months. 10.40% of the stock is currently owned by company insiders.
Institutional Trading of Hut 8
Several institutional investors and hedge funds have recently added to or reduced their stakes in HUT. Arlington Trust Co LLC boosted its stake in Hut 8 by 175.0% in the 2nd quarter. Arlington Trust Co LLC now owns 275 shares of the company’s stock worth $32,000 after purchasing an additional 175 shares during the period. CoreCap Advisors LLC lifted its holdings in shares of Hut 8 by 42.1% in the second quarter. CoreCap Advisors LLC now owns 540 shares of the company’s stock worth $62,000 after buying an additional 160 shares in the last quarter. Imprint Wealth LLC bought a new position in shares of Hut 8 during the fourth quarter worth $38,000. Harbor Investment Advisory LLC purchased a new position in Hut 8 during the first quarter valued at $47,000. Finally, Meeder Asset Management Inc. purchased a new position in Hut 8 during the second quarter valued at $119,000. Institutional investors 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.
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