HUT
The stock got smacked, then the analysts showed up
Hut 8 had a rough Thursday in regular trading, sinking 10.87% before bouncing a bit after hours. Then Roth Capital stepped in and reinstated coverage with a Buy rating and a $108 price target, which is roughly 36% above where the stock closed.
That’s not exactly a tiny vote of confidence. It’s more like the market got a bad haircut, and the analysts walked in saying, “Actually, you can still work this look.”
The real question: is the selloff overdone?
There’s some support for the bulls here. Canaccord Genuity also kept its Buy rating on Wednesday and slapped on a $130 target, implying about 63% upside from Thursday’s close. So the Street is basically saying Hut 8 still has runway, even after the latest bruising session.
But volume told a different story. More than 10.3 million shares traded Thursday, about 2.2 times the stock’s average. When a stock falls that hard on that much volume, it usually means real sellers, not just nervous keyboard tapping.
Earnings are the next shoe to drop
The company’s second quarter was already a miss: Hut 8 posted a loss of $1.27 per share on revenue of $74.93 million, both worse than expected. Now everyone’s looking ahead to the third-quarter 2026 results on Nov. 4.
Big picture: analyst upgrades can help reset sentiment, but the market usually wants receipts. If Hut 8 wants this bounce to stick, the upcoming earnings report is where the story either gets a sequel or gets cancelled.