Hut 8 (NASDAQ:HUT – Get Free Report) had its price objective decreased by research analysts at Wells Fargo & Company from $175.00 to $148.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would indicate a potential upside of 181.10% from the stock’s current price.
A number of other research analysts have also recently issued reports on HUT. Rosenblatt Securities lowered their price objective on Hut 8 from $124.00 to $100.00 and set a “buy” rating for the company in a research note on Thursday. Needham & Company LLC cut their target price on Hut 8 from $138.00 to $101.00 and set a “buy” rating on the stock in a research note on Thursday. UBS Group restated a “buy” rating on shares of Hut 8 in a report on Thursday, October 8th. Piper Sandler lowered their price target on Hut 8 from $143.00 to $123.00 and set an “overweight” rating for the company in a research report on Tuesday, October 20th. Finally, Keefe, Bruyette & Woods dropped their price target on shares of Hut 8 from $157.00 to $154.00 and set an “outperform” rating on the stock in a research note on Thursday, August 6th. Four research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $141.59.
Hut 8 Stock Up 14.6%
Shares of NASDAQ HUT traded up $6.70 on Thursday, reaching $52.65. 11,545,992 shares of the company’s stock traded hands, compared to its average volume of 6,542,872. The business’s 50 day simple moving average is $80.94 and its two-hundred day simple moving average is $82.18. Hut 8 has a 12 month low of $31.67 and a 12 month high of $140.80. The company has a market cap of $6.49 billion, a price-to-earnings ratio of -10.74 and a beta of 4.53. The company has a quick ratio of 19.35, a current ratio of 19.35 and a debt-to-equity ratio of 4.22.
Hut 8 (NASDAQ:HUT – Get Free Report) last issued its quarterly earnings results on Wednesday, November 4th. The company reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of ($0.72) by $1.70. The firm had revenue of $71.07 million for the quarter, compared to analysts’ expectations of $75.78 million. Hut 8 had a negative return on equity of 0.97% and a negative net margin of 188.59%. As a group, equities research analysts forecast that Hut 8 will post -2.93 EPS for the current fiscal year.
Insider Buying and Selling at Hut 8
In other news, Director Mayo Shattuck, III sold 20,000 shares of the business’s stock in a transaction on Thursday, September 24th. The stock was sold at an average price of $100.00, for a total value of $2,000,000.00. Following the completion of the transaction, the director owned 89,408 shares in the company, valued at $8,940,800. The trade was a 18.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Sean Glennan sold 6,445 shares of the company’s stock in a transaction on Monday, August 24th. The shares were sold at an average price of $78.76, for a total value of $507,608.20. Following the transaction, the chief financial officer directly owned 17,978 shares in the company, valued at approximately $1,415,947.28. The trade was a 26.39% decrease in their ownership of the stock. 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. 10.40% of the stock is owned by insiders.
Hedge Funds Weigh In On Hut 8
A number of hedge funds have recently bought and sold shares of the business. Arizona State Retirement System boosted its holdings in shares of Hut 8 by 0.5% during the 2nd quarter. Arizona State Retirement System now owns 27,320 shares of the company’s stock valued at $3,154,000 after acquiring an additional 125 shares during the last quarter. CoreCap Advisors LLC raised its holdings in shares of Hut 8 by 42.1% during the second quarter. CoreCap Advisors LLC now owns 540 shares of the company’s stock valued at $62,000 after purchasing an additional 160 shares during the last quarter. Arlington Trust Co LLC lifted its position in 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 purchasing an additional 175 shares during the period. Allworth Financial LP lifted its position in Hut 8 by 18.5% during the second quarter. Allworth Financial LP now owns 1,364 shares of the company’s stock valued at $157,000 after purchasing an additional 213 shares during the period. Finally, GAMMA Investing LLC boosted its holdings in Hut 8 by 35.0% in the second quarter. GAMMA Investing LLC now owns 1,057 shares of the company’s stock worth $122,000 after purchasing an additional 274 shares during the last quarter. Hedge funds and other institutional investors own 31.75% of the company’s stock.
Hut 8 News Roundup
Here are the key news stories impacting Hut 8 this week:
- Positive Sentiment: Investors are increasingly valuing crypto miners for their AI data-center potential, lifting the sector even as Bitcoin was flat; Hut 8 was among the gainers. Article: Riot Platforms Jumps as AI Data Center Bets Lift Bitcoin Miners
- Positive Sentiment: Hut 8’s Q3 call highlighted its AI growth plans, including $27 billion in data-center leases, $7.5 billion in project financing and plans to expand power capacity. The company also expects 700 megawatts at Beacon Point in Q1 2027 on a path toward a full gigawatt. Article: HUT Q3 Earnings Call Focuses on AI Expansion and Project Financing Article: Hut 8 Anticipates Beacon Point Energization and Expands Buyback
- Neutral Sentiment: B. Riley reaffirmed its Buy rating with a $132 target, trimmed slightly from $134. Wells Fargo, Needham and Cantor Fitzgerald also retained positive ratings despite lowering their targets. B. Riley Recommendations
- Negative Sentiment: Hut 8’s Q3 earnings missed estimates, and several firms cut price targets: Wells Fargo to $148, Needham to $101 and Cantor Fitzgerald to $127. The cuts may temper enthusiasm, though the firms maintained Overweight or Buy ratings. Cantor Fitzgerald Target Cut Wells Fargo Target Cut Needham Target Cut
Hut 8 Company Profile
Hut 8 Corp. is a North American energy infrastructure and computing company whose business includes digital asset mining, high-performance computing and data center operations. The company develops and manages power and infrastructure assets intended to support energy-intensive computing applications.
Hut 8’s activities have historically centered on Bitcoin mining, supported by company-operated data centers and specialized mining equipment. It also provides infrastructure for emerging computing applications, including artificial intelligence and other high-performance computing workloads, as it seeks to expand beyond cryptocurrency mining.
The company was established in Canada and expanded its operations in the United States through its combination with U.S.
Further Reading
- Five stocks we like better than Hut 8
- Dutch Bros Gave Wall Street What It Wanted, So Why Did the Stock Crater?
- Astera Labs Just Crushed Earnings—So Why Are Analysts Cutting Price Targets?
- Sandisk Shares Are Oversold: Bargain or Value Trap?
- IonQ’s Record Revenue Includes a Big SkyWater Boost: Does That Change the Story?
Receive News & Ratings for Hut 8 Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Hut 8 and related companies with MarketBeat.com's FREE daily email newsletter.
