Hut 8 (NASDAQ:HUT) Upgraded to Sell at Wall Street Zen

Wall Street Zen upgraded shares of Hut 8 (NASDAQ:HUT) from a strong sell rating to a sell rating in a report released on Saturday,Wall Street Zen reports.

Other analysts also recently issued reports about the stock. Cantor Fitzgerald dropped their price objective on shares of Hut 8 from $151.00 to $127.00 and set an “overweight” rating for the company in a report on Thursday. Maxim Group raised Hut 8 to a “strong-buy” rating in a research note on Wednesday, August 5th. Weiss Ratings downgraded Hut 8 from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, August 19th. Morgan Stanley raised their price target on Hut 8 from $273.00 to $275.00 and gave the company an “overweight” rating in a research report on Friday, October 9th. Finally, Benchmark lifted their price target on Hut 8 from $165.00 to $195.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd. Four investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Hut 8 has an average rating of “Buy” and an average target price of $141.59.

Hut 8 Trading Up 14.6%

Shares of HUT opened at $52.65 on Friday. Hut 8 has a 1-year low of $31.67 and a 1-year high of $140.80. The company has a market capitalization of $6.32 billion, a P/E ratio of -10.74 and a beta of 4.53. The company has a debt-to-equity ratio of 3.84, a current ratio of 9.48 and a quick ratio of 19.35. The firm’s 50 day simple moving average is $80.94 and its 200 day simple moving average is $82.18.

Hut 8 (NASDAQ:HUT) last released 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 business had revenue of $71.07 million during the quarter, compared to analysts’ expectations of $75.78 million. Hut 8 had a negative net margin of 169.76% and a negative return on equity of 9.68%. Sell-side analysts forecast that Hut 8 will post -1.33 earnings per share for the current fiscal year.

Insider Activity at Hut 8

In other news, 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 completion of the sale, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Mayo A. Shattuck III sold 20,000 shares of the stock in a transaction on Thursday, September 24th. The shares were sold at an average price of $100.00, for a total transaction of $2,000,000.00. Following the transaction, the director directly owned 89,408 shares in the company, valued at approximately $8,940,800. This represents a 18.28% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 10.40% of the company’s stock.

Institutional Trading of Hut 8

Several hedge funds have recently added to or reduced their stakes in HUT. Russell Investments Group Ltd. grew its stake in shares of Hut 8 by 43.1% during the third quarter. Russell Investments Group Ltd. now owns 93,341 shares of the company’s stock valued at $8,037,000 after buying an additional 28,102 shares during the last quarter. R Squared Ltd increased its holdings in shares of Hut 8 by 13.1% in the third quarter. R Squared Ltd now owns 3,256 shares of the company’s stock worth $280,000 after buying an additional 377 shares during the period. Fulcrum Asset Management LLP bought a new stake in shares of Hut 8 in the 3rd quarter valued at about $1,506,000. Allspring Global Investments Holdings LLC lifted its stake in shares of 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 acquiring an additional 27,898 shares during the last quarter. Finally, Pictet Asset Management Holding SA lifted its stake in shares of Hut 8 by 6.3% in the 3rd quarter. Pictet Asset Management Holding SA now owns 18,392 shares of the company’s stock valued at $1,584,000 after acquiring an additional 1,085 shares during the last quarter. 31.75% of the stock is owned by institutional investors.

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 is a North American energy and digital infrastructure company whose businesses include Bitcoin mining, data centers and computing services. It develops and operates facilities that support digital asset mining and other high-performance computing workloads.

The company’s services include infrastructure and managed services for Bitcoin mining, as well as data center capacity and computing solutions. Hut 8 also works on developing and operating energy infrastructure to support its facilities.

Hut 8 Corp was formed in 2023 through the merger of Canadian Bitcoin miner Hut 8 Mining Corp.