BTIG Research Boosts Hut 8 (NASDAQ:HUT) Price Target to $90.00
by Michael Walen · The Markets DailyHut 8 (NASDAQ:HUT – Get Free Report) had its price objective lifted by investment analysts at BTIG Research from $55.00 to $90.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. BTIG Research’s target price points to a potential upside of 14.26% from the stock’s current price.
A number of other research analysts have also recently issued reports on HUT. Needham & Company LLC lifted their price target on Hut 8 from $60.00 to $66.00 and gave the company a “buy” rating in a report on Thursday, February 26th. B. Riley Financial lifted their price target on Hut 8 from $61.00 to $76.00 and gave the company a “buy” rating in a report on Friday, January 9th. Rosenblatt Securities reissued a “buy” rating and set a $65.00 price objective on shares of Hut 8 in a report on Thursday, February 26th. Wall Street Zen cut Hut 8 from a “hold” rating to a “sell” rating in a report on Saturday, February 28th. Finally, Cantor Fitzgerald boosted their price objective on Hut 8 from $68.00 to $80.00 and gave the stock an “overweight” rating in a report on Thursday, April 9th. Sixteen equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $76.38.
Read Our Latest Report on Hut 8
Hut 8 Stock Performance
Hut 8 stock opened at $78.77 on Friday. The stock has a 50-day simple moving average of $56.16 and a 200 day simple moving average of $51.18. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.12. Hut 8 has a 12-month low of $11.86 and a 12-month high of $83.18. The stock has a market capitalization of $8.73 billion, a price-to-earnings ratio of -33.95 and a beta of 4.38.
Insider Transactions at Hut 8
In other news, CFO Sean Joseph Glennan sold 4,625 shares of the company’s stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $49.05, for a total value of $226,856.25. Following the completion of the sale, the chief financial officer directly owned 12,068 shares of the company’s stock, valued at $591,935.40. This represents a 27.71% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Victor Semah sold 5,498 shares of the company’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $49.05, for a total value of $269,676.90. Following the completion of the sale, the insider directly owned 24,796 shares of the company’s stock, valued at approximately $1,216,243.80. This trade represents a 18.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 11.20% of the company’s stock.
Institutional Trading of Hut 8
A number of institutional investors and hedge funds have recently modified their holdings of HUT. Northwestern Mutual Wealth Management Co. increased its stake in shares of Hut 8 by 4,669,387.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 4,062,454 shares of the company’s stock valued at $186,629,000 after acquiring an additional 4,062,367 shares during the last quarter. SRS Investment Management LLC bought a new stake in shares of Hut 8 in the 4th quarter valued at about $131,838,000. Sachem Head Capital Management LP bought a new stake in shares of Hut 8 in the 4th quarter valued at about $129,780,000. Ameriprise Financial Inc. increased its stake in shares of Hut 8 by 1,043.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 2,486,814 shares of the company’s stock valued at $46,255,000 after acquiring an additional 2,269,237 shares during the last quarter. Finally, Oasis Management Co Ltd. increased its stake in shares of Hut 8 by 231.5% in the 4th quarter. Oasis Management Co Ltd. now owns 2,307,683 shares of the company’s stock valued at $106,015,000 after acquiring an additional 1,611,653 shares during the last quarter. 31.75% of the stock is owned by institutional investors.
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.