Hut 8 (HUT)

• Market cap: $2.22B
• 1 day: -0.50%
• 5 days: -16.65%
• 1 month: -3.19%
• 3 months: 112.00%
• 6 months: 82.01%
• Year to date: 87.94%
• 1 year: 94.90%
• 5 years: 125.31%
• 10 years: 125.31%
• Sector: Financials
• Industry: Finance Services

About: Hut 8 Corp is engaged in the mining of digital assets with an operational focus on utilizing specialized equipment to solve complex computational problems to validate transactions on the Bitcoin blockchain and receiving Bitcoin in return for successful services. The company has four reportable business segments: Digital Assets Mining, Managed Services, High Performance Computing -Colocation and Cloud, and Other. It derives maximum revenue from Digital Assets Mining segment.

Employees: 219

Fund manager confidence

Based on 2024 Q3 regulatory filings by fund managers ($100M+ AUM)

88% more first-time investments, than exits

New positions opened: 47 | Existing positions closed: 25

56% more call options, than puts

Call options by funds: $71M | Put options by funds: $45.4M

19% more repeat investments, than reductions

Existing positions increased: 43 | Existing positions reduced: 36

17% more funds holding

Funds holding: 133 [Q2] → 155 (+22) [Q3]

1.39% more ownership

Funds ownership: 47.32% [Q2] → 48.71% (+1.39%) [Q3]

15% less capital invested

Capital invested by funds: $641M [Q2] → $547M (-$93.7M) [Q3]

Research analyst outlook

8 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $32 35% upside
• Avg. target: $34 44% upside
• High target: $38 60% upside

8 analyst ratings

• positive: 8 100%
• neutral: 0 0%
• negative: 0 0%

Piper Sandler Patrick Moley 78% 1-year accuracy 31 / 40 met price target	39% upside $33	Overweight Initiated	17 Dec 2024
Needham John Todaro 89% 1-year accuracy 54 / 61 met price target	60% upside $38	Buy Maintained	17 Dec 2024
Cantor Fitzgerald Brett Knoblauch 70% 1-year accuracy 54 / 77 met price target	48% upside $35	Overweight Reiterated	12 Dec 2024
Jones Trading Stephen Glagola 0% 1-year accuracy 0 / 3 met price target	52% upside $36	Buy Initiated	12 Dec 2024
Canaccord Genuity Joseph Vafi 70% 1-year accuracy 58 / 83 met price target	35% upside $32	Buy Maintained	14 Nov 2024