Hut 8 (NASDAQ:HUT – Get Free Report) had its price objective cut by research analysts at Needham & Company LLC from $138.00 to $101.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC‘s price objective suggests a potential upside of 91.83% from the company’s current price.
HUT has been the topic of a number of other research reports. Freedom Broker raised Hut 8 to a “strong-buy” rating in a research note on Tuesday, August 18th. Rothschild & Co Redburn started coverage on Hut 8 in a research note on Monday, September 21st. They issued a “neutral” rating and a $96.00 target price for the company. Morgan Stanley lifted their price target on Hut 8 from $273.00 to $275.00 and gave the stock an “overweight” rating in a report on Friday, October 9th. Benchmark boosted their price target on shares of Hut 8 from $165.00 to $195.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Finally, Freedom Capital raised shares of Hut 8 to a “strong-buy” rating in a report on Tuesday, August 18th. Four research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $141.59.
View Our Latest Research Report on Hut 8
Hut 8 Price Performance
HUT traded up $6.70 during trading on Thursday, reaching $52.65. The company’s stock had a trading volume of 11,545,992 shares, compared to its average volume of 6,542,872. The company has a quick ratio of 19.35, a current ratio of 19.35 and a debt-to-equity ratio of 4.22. The firm has a fifty day simple moving average of $80.94 and a two-hundred day simple moving average of $82.18. Hut 8 has a 1 year low of $31.67 and a 1 year 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.
Hut 8 (NASDAQ:HUT – Get Free Report) last posted its quarterly earnings results on Wednesday, November 4th. The company reported $0.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.72) by $1.70. Hut 8 had a negative return on equity of 0.97% and a negative net margin of 188.59%. The business had revenue of $71.07 million during the quarter, compared to analyst estimates of $75.78 million. As a group, analysts anticipate that Hut 8 will post -2.93 EPS for the current year.
Insiders Place Their Bets
In other news, Director Mayo Shattuck, III sold 20,000 shares of the company’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 transaction, the director owned 89,408 shares of the company’s stock, valued at $8,940,800. This represents a 18.28% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Sean Glennan sold 6,445 shares of the stock in a transaction on Monday, August 24th. The stock was sold at an average price of $78.76, for a total value of $507,608.20. Following the transaction, the chief financial officer owned 17,978 shares of the company’s stock, valued at approximately $1,415,947.28. This represents a 26.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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.
Institutional Inflows and Outflows
Large investors have recently bought and sold shares of the stock. Russell Investments Group Ltd. raised its stake in shares of Hut 8 by 43.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 93,341 shares of the company’s stock valued at $8,037,000 after acquiring an additional 28,102 shares during the period. R Squared Ltd boosted its position in shares of Hut 8 by 13.1% during the 3rd quarter. R Squared Ltd now owns 3,256 shares of the company’s stock worth $280,000 after purchasing an additional 377 shares during the period. Fulcrum Asset Management LLP acquired a new stake in Hut 8 in the 3rd quarter valued at approximately $1,506,000. Allspring Global Investments Holdings LLC increased its holdings in Hut 8 by 56.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 77,689 shares of the company’s stock valued at $6,709,000 after purchasing an additional 27,898 shares during the last quarter. Finally, Pictet Asset Management Holding SA raised its position in Hut 8 by 6.3% in the third quarter. Pictet Asset Management Holding SA now owns 18,392 shares of the company’s stock valued at $1,584,000 after purchasing an additional 1,085 shares during the period. Institutional investors and hedge funds own 31.75% of the company’s stock.
More Hut 8 News
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
About Hut 8
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.
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