Hut 8 (NASDAQ:HUT) Stock Picked Up by Analysts at UBS Group

Research analysts at UBS Group began coverage on shares of Hut 8 (NASDAQ:HUT) in a research report issued on Wednesday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $143.00 price target on the stock. UBS Group’s price objective would indicate a potential upside of 40.83% from the stock’s current price.

A number of other research analysts also recently issued reports on HUT. BTIG Research boosted their price target on Hut 8 from $115.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. Compass Point set a $195.00 price objective on Hut 8 in a report on Wednesday, July 22nd. B. Riley Financial lifted their price objective on Hut 8 from $130.00 to $163.00 and gave the stock a “buy” rating in a research report on Monday, August 3rd. Rosenblatt Securities reissued a “buy” rating and set a $124.00 target price on shares of Hut 8 in a research note on Wednesday, August 5th. Finally, Benchmark upped their target price on Hut 8 from $165.00 to $195.00 and gave the company a “buy” rating in a report on Wednesday, July 22nd. Four analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Hut 8 has a consensus rating of “Buy” and an average price target of $143.95.

Hut 8 Trading Down 0.9%

Hut 8 stock traded down $0.92 during mid-day trading on Wednesday, hitting $101.54. The company’s stock had a trading volume of 2,489,590 shares, compared to its average volume of 4,820,277. The company has a debt-to-equity ratio of 4.22, a current ratio of 19.35 and a quick ratio of 19.35. The stock has a market cap of $12.52 billion, a price-to-earnings ratio of -18.63 and a beta of 4.51. The business has a 50 day moving average price of $93.27 and a 200-day moving average price of $90.18. Hut 8 has a 12 month low of $31.67 and a 12 month high of $140.80.

Hut 8 (NASDAQ:HUT) last issued its earnings results on Wednesday, August 5th. The company reported ($1.27) earnings per share for the quarter, missing the consensus estimate of ($0.55) by ($0.72). The company had revenue of $74.93 million for the quarter, compared to analysts’ expectations of $79.37 million. Hut 8 had a negative net margin of 188.59% and a negative return on equity of 0.97%. During the same quarter in the prior year, the company earned $1.18 earnings per share. As a group, analysts forecast that Hut 8 will post -2.85 EPS for the current year.

Insider Buying and Selling

In other news, CFO Sean Glennan sold 6,445 shares of the business’s stock in a transaction on Monday, August 24th. The shares were sold at an average price of $78.76, for a total transaction of $507,608.20. Following the sale, the chief financial officer owned 17,978 shares in the company, valued at approximately $1,415,947.28. The trade was a 26.39% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Canada Pension Plan Investment Board purchased a new position in Hut 8 during the second quarter valued at $45,301,000. Dimensional Fund Advisors LP grew its stake in shares of Hut 8 by 11.1% in the first quarter. Dimensional Fund Advisors LP now owns 207,619 shares of the company’s stock worth $9,717,000 after acquiring an additional 20,813 shares during the last quarter. Dayah Capital LLC grew its stake in shares of Hut 8 by 12.6% in the first quarter. Dayah Capital LLC now owns 217,920 shares of the company’s stock worth $10,223,000 after acquiring an additional 24,456 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Hut 8 during the first quarter valued at $4,358,000. Finally, Troluce Capital Advisors LLC bought a new position in shares of Hut 8 during the first quarter valued at $7,036,000. 31.75% of the stock is currently owned by institutional investors.

Key Hut 8 News

Here are the key news stories impacting Hut 8 this week:

• Positive Sentiment: UBS upgraded Hut 8 to “Strong Buy” and initiated coverage with a Buy rating. The bank’s view reflects optimism that bitcoin miners can repurpose their power and data-center assets for higher-growth AI workloads. Hut 8 Stock Receives A Strong Buy Rating From Swiss Bank UBS
• Positive Sentiment: Hut 8 reportedly won a $140 million bid for Poolin’s Texas data centers. The assets could expand Hut 8’s power capacity and strengthen its positioning in AI and high-performance computing. The transaction remains subject to a September 29 court hearing, but the deal gives investors a tangible growth opportunity. Hut 8 wins bidding for Poolin’s Texas data centers
• Positive Sentiment: Coverage continues to highlight Hut 8’s $140 million push into AI infrastructure. The strategic pivot may help diversify revenue beyond cryptocurrency mining and could command a higher valuation if the new capacity attracts AI customers. Hut 8 Makes $140M Push Into AI Infrastructure

Hut 8 Company Profile

Hut 8 Corp. (NASDAQ:HUT) is a North American energy infrastructure and digital asset mining company. The company develops and operates data centers, power-generation resources and other infrastructure that support energy-intensive computing applications, including Bitcoin mining.

Hut 8 also provides services related to digital asset mining and data center operations, while pursuing opportunities in high-performance computing and artificial intelligence infrastructure. Its business is supported by a portfolio of power and data center sites in the United States and Canada.

The company was formed through the combination of Canadian Bitcoin miner Hut 8 Mining Corp.