Hut 8 (NASDAQ:HUT) Shares Gap Up Following Analyst Upgrade

Shares of Hut 8 Corp. (NASDAQ:HUT) gapped up prior to trading on Wednesday after Piper Sandler raised their price target on the stock from $93.00 to $127.00. The stock had previously closed at $80.51, but opened at $101.57. Piper Sandler currently has an overweight rating on the stock. Hut 8 shares last traded at $101.4250, with a volume of 5,915,703 shares traded.

Several other analysts have also recently commented on HUT. Cantor Fitzgerald lifted their target price on shares of Hut 8 from $68.00 to $80.00 and gave the stock an “overweight” rating in a research note on Thursday, April 9th. Citigroup reiterated an “outperform” rating on shares of Hut 8 in a report on Tuesday, April 28th. Keefe, Bruyette & Woods lifted their price target on shares of Hut 8 from $55.00 to $75.00 and gave the company a “moderate buy” rating in a report on Tuesday, January 27th. Weiss Ratings lowered shares of Hut 8 from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday, March 2nd. Finally, HC Wainwright reiterated a “buy” rating and issued a $80.00 price target on shares of Hut 8 in a report on Thursday, February 26th. Sixteen equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, Hut 8 currently has an average rating of “Moderate Buy” and an average target price of $80.06.

Insiders Place Their Bets

In related news, CFO Sean Joseph Glennan sold 4,625 shares of Hut 8 stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $49.05, for a total transaction of $226,856.25. Following the transaction, the chief financial officer owned 12,068 shares in the company, valued at approximately $591,935.40. The trade was a 27.71% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Victor Semah sold 10,518 shares of Hut 8 stock in a transaction on Monday, May 4th. The shares were sold at an average price of $76.83, for a total transaction of $808,097.94. Following the transaction, the insider owned 41,378 shares in the company, valued at $3,179,071.74. The trade was a 20.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 20,641 shares of company stock worth $1,304,631. 11.20% of the stock is owned by company insiders.

Key Stories Impacting Hut 8

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

• Positive Sentiment: Hut 8 signed a 15?year, 352 MW triple?net AI data center lease at its Beacon Point campus with a high?investment?grade tenant, creating $9.8B of base?term contract value and demonstrating demand for its Nvidia?spec infrastructure. Hut 8 Commercializes First Phase of 1 GW Beacon Point AI Data Center Campus…
• Positive Sentiment: Management closed a $3.25B offering of fully amortizing, investment?grade senior secured notes to finance the River Bend campus — described as non?dilutive and non?recourse to Hut 8 — which de?risks near?term buildout and shows access to institutional construction capital markets. Hut 8 Reports First Quarter 2026 Results
• Positive Sentiment: Quarterly revenue materially exceeded estimates (reported ~ $139M vs. consensus ~ $77M), underpinning the company’s AI data?center growth narrative despite mixed profitability metrics. Hut 8 Q1 2026 Press Release / Slide Deck
• Neutral Sentiment: Hut 8 secured a $200M, 364?day bitcoin?backed facility with FalconX at a lower rate (7%), and unencumbered ~3,300 BTC — a liquidity boost that also reduces prior counterparty concentration. Hut 8 Taps Falconx for $200M Facility…
• Neutral Sentiment: Insider selling (Victor Semah sold shares under a pre?arranged 10b5?1 plan to cover taxes) is disclosed but appears routine and not a sign of strategic concern. SEC Form 4 — Insider Sale
• Negative Sentiment: Profitability metrics remain weak: some filings show a large EPS miss versus certain consensus figures (company reported negative EPS and wide negative net margin), which could concern investors who focus on near?term earnings. Hut 8 (HUT) Reports Q1 Loss, Lags Revenue Estimates

Hedge Funds Weigh In On Hut 8

Several hedge funds and other institutional investors have recently made changes to their positions in HUT. Millennium Management LLC lifted its holdings in shares of Hut 8 by 11.9% during the 1st quarter. Millennium Management LLC now owns 330,416 shares of the company’s stock valued at $3,839,000 after acquiring an additional 35,120 shares in the last quarter. Prudential Financial Inc. acquired a new position in shares of Hut 8 during the 2nd quarter valued at $216,000. Russell Investments Group Ltd. lifted its holdings in Hut 8 by 235.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock worth $46,000 after buying an additional 1,719 shares in the last quarter. New York State Common Retirement Fund lifted its holdings in Hut 8 by 19.9% in the 2nd quarter. New York State Common Retirement Fund now owns 32,540 shares of the company’s stock worth $605,000 after buying an additional 5,400 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in Hut 8 by 13.2% in the 2nd quarter. Invesco Ltd. now owns 1,067,985 shares of the company’s stock worth $19,865,000 after buying an additional 124,439 shares in the last quarter. Institutional investors and hedge funds own 31.75% of the company’s stock.

Hut 8 Price Performance

The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.09 and a current ratio of 1.09. The stock has a market cap of $12.23 billion, a price-to-earnings ratio of -46.83 and a beta of 4.48. The business’s fifty day simple moving average is $58.74 and its 200 day simple moving average is $52.47.

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.