Hut 8 (NASDAQ:HUT) Price Target Raised to $130.00
by Doug Wharley · The Cerbat GemHut 8 (NASDAQ:HUT – Get Free Report) had its price target hoisted by research analysts at Canaccord Genuity Group from $70.00 to $130.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 28.48% from the company’s previous close.
HUT has been the subject of a number of other research reports. Weiss Ratings downgraded shares of Hut 8 from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, March 2nd. Arete Research started coverage on shares of Hut 8 in a research note on Monday, March 23rd. They set a “buy” rating and a $136.00 price objective on the stock. Roth Mkm reaffirmed a “buy” rating and set a $80.00 price target on shares of Hut 8 in a research note on Tuesday, January 27th. Northland Securities set a $120.00 price objective on shares of Hut 8 in a research report on Thursday. Finally, Rosenblatt Securities restated a “buy” rating and issued a $65.00 target price 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 stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $96.25.
Read Our Latest Research Report on HUT
Hut 8 Stock Down 7.1%
Shares of HUT traded down $7.76 during midday trading on Thursday, hitting $101.18. The company had a trading volume of 9,272,313 shares, compared to its average volume of 5,075,006. 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 52 week low of $12.81 and a 52 week high of $111.33. The company’s 50 day moving average price is $59.84 and its 200 day moving average price is $52.89. The stock has a market cap of $11.39 billion, a price-to-earnings ratio of -43.61 and a beta of 4.48.
Insider Activity
In related news, CFO Sean Joseph Glennan sold 4,625 shares of the business’s stock in a transaction that occurred on 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 owned 12,068 shares of the company’s stock, valued at approximately $591,935.40. The trade was a 27.71% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Victor Semah sold 10,518 shares of the business’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $76.83, for a total transaction of $808,097.94. Following the completion of the sale, the insider directly owned 41,378 shares of the company’s stock, valued at $3,179,071.74. This represents a 20.27% decrease in their ownership of the stock. 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. Over the last quarter, insiders have sold 20,641 shares of company stock valued at $1,304,631. 11.20% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Harvest Portfolios Group Inc. increased its holdings in shares of Hut 8 by 75.3% during the 3rd quarter. Harvest Portfolios Group Inc. now owns 85,093 shares of the company’s stock worth $2,962,000 after purchasing an additional 36,543 shares during the period. Steadview Capital Management LLC bought a new position in shares of Hut 8 during the 3rd quarter worth approximately $985,000. Y Intercept Hong Kong Ltd raised its stake in Hut 8 by 26.6% during the third quarter. Y Intercept Hong Kong Ltd now owns 131,110 shares of the company’s stock worth $4,564,000 after acquiring an additional 27,568 shares in the last quarter. Zweig DiMenna Associates LLC lifted its holdings in shares of Hut 8 by 256.5% during the third quarter. Zweig DiMenna Associates LLC now owns 707,000 shares of the company’s stock valued at $24,611,000 after acquiring an additional 508,700 shares during the period. Finally, WINTON GROUP Ltd bought a new position in shares of Hut 8 during the third quarter valued at $1,385,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.
Key Hut 8 News
Here are the key news stories impacting Hut 8 this week:
- Positive Sentiment: Signed a 15‑year, 352 MW, triple‑net lease for Beacon Point in Texas with a base‑term contract value of $9.8B (expands Hut 8’s contracted AI capacity and validates its pivot to hyperscale AI infrastructure). PR Newswire: Beacon Point Lease
- Positive Sentiment: Multiple brokerages raised price targets and ratings this week (Canaccord to $130, Citizens Jmp to $140, Needham to $128, Piper Sandler to $127, BTIG to $115), signaling strong sell‑side conviction that Hut 8’s AI/data‑center pivot materially increases long‑term value. Canaccord PT Raise
- Positive Sentiment: Closed a $3.25B offering of fully amortizing, investment‑grade senior secured notes to fund River Bend — non‑dilutive, high loan‑to‑cost project financing that supports aggressive buildout without equity issuance. PR Newswire: Q1 Results / Financing
- Neutral Sentiment: CEO Asher Genoot appeared on TV outlining strong demand, available power capacity and the thesis that investor skepticism about the crypto→AI story is ending — supportive for sentiment but not new contract evidence. CEO Interview
- Neutral Sentiment: Q1 showed revenues more than triple year‑over‑year (revenue beat) but the company reported a large EPS loss, leaving fundamentals mixed as investors weigh growth vs. near‑term profitability. Q1 Press Release / Slide Deck
- Negative Sentiment: After Wednesday’s ~30–35% rally on the lease and upgrades, today’s decline appears driven by profit‑taking and position‑sizing (heavy volume) as traders lock gains and re‑price risk amid the company’s still‑negative EPS. Benzinga: Stock Pullback
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.