Hut 8 (NASDAQ:HUT – Get Free Report) was upgraded by Freedom Capital to a “strong-buy” rating in a report released on Tuesday,Zacks.com reports.
Several other equities analysts also recently weighed in on HUT. Citizens Jmp increased their price target on shares of Hut 8 from $100.00 to $140.00 and gave the stock a “market outperform” rating in a report on Thursday, May 7th. Keefe, Bruyette & Woods dropped their price objective on shares of Hut 8 from $157.00 to $154.00 and set an “outperform” rating on the stock in a report on Thursday, August 6th. Maxim Group upgraded shares of Hut 8 to a “strong-buy” rating in a research note on Wednesday, August 5th. Benchmark raised their target price on shares of Hut 8 from $165.00 to $195.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. Finally, Weiss Ratings lowered shares of Hut 8 from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $144.89.
Get Our Latest Analysis on Hut 8
Hut 8 Stock Up 8.0%
Hut 8 (NASDAQ:HUT – Get Free Report) last announced its quarterly earnings data 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 quarter in the previous year, the business earned $1.18 earnings per share. Equities analysts anticipate that Hut 8 will post -2.85 EPS for the current year.
Insider Activity at Hut 8
In other news, Director Joseph Flinn sold 7,719 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $117.91, for a total transaction of $910,147.29. Following the sale, the director owned 10,519 shares of the company’s stock, valued at $1,240,295.29. This trade represents a 42.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Victor Semah sold 10,000 shares of Hut 8 stock in a transaction that occurred 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 directly owned 31,378 shares of the company’s stock, valued at approximately $3,922,250. This trade represents a 24.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 48,219 shares of company stock worth $5,704,552. Insiders own 10.40% of the company’s stock.
Institutional Inflows and Outflows
A number of large investors have recently modified their holdings of the company. CoreCap Advisors LLC boosted its holdings in Hut 8 by 42.1% in the 2nd quarter. CoreCap Advisors LLC now owns 540 shares of the company’s stock worth $62,000 after buying an additional 160 shares during the last quarter. Arlington Trust Co LLC raised its holdings in shares of Hut 8 by 175.0% during the second quarter. Arlington Trust Co LLC now owns 275 shares of the company’s stock valued at $32,000 after acquiring an additional 175 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Hut 8 by 35.0% in the second quarter. GAMMA Investing LLC now owns 1,057 shares of the company’s stock valued at $122,000 after acquiring an additional 274 shares in the last quarter. CWM LLC lifted its position in shares of Hut 8 by 37.4% in the fourth quarter. CWM LLC now owns 1,106 shares of the company’s stock valued at $51,000 after acquiring an additional 301 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Hut 8 by 1.7% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,685 shares of the company’s stock worth $996,000 after acquiring an additional 362 shares during the last quarter. 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.
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