Key Takeaways
- Hut 8 stock fell 5% in the past week, mostly after a record Binance hack and a tech selloff that also hit Coinbase, IREN and Cipher Digital.
- B. Riley cut its target to $134 and KBW to $92, and both kept bullish ratings.
- Analysts expect revenue to nearly double in 2027 as Hut 8’s AI leases come online.
- KBW’s $92 looks like the more realistic bar, and even that sits well above the stock.
Hut 8 (HUT) lost 5% in the past week, and it had company: Coinbase (COIN), IREN (IREN) and Cipher Digital (CIFR) fell about as hard. With third-quarter results due before the open on Wednesday, Nov. 4, analysts are cutting their targets almost as fast as the stock falls.
A hack and a tech selloff hit the whole group
Hackers took $6.36 billion from Binance on the evening of Oct. 29, the largest crypto theft on record, according to TRM Labs. Crypto stocks fell before Friday’s open, and an AI and tech selloff took the Nasdaq 100 down 3% that day. That hit both of Hut 8’s businesses at once.
Coinbase fell 10% on the same hit to sentiment, though it’s also a rival exchange: Binance said it saw $3.64 billion of net outflows once it reopened withdrawals on Sunday. Will any of that money land at Coinbase?
IREN fell 11% and Cipher Digital 5%, and both share Hut 8’s mix of bitcoin mining and AI hosting. Investors will want the same lease updates from both.
TIKR tracks 23 analysts on Hut 8. How many say “Buy”?
See the full breakdown of Buy, Hold, and Sell ratings on Hut 8, along with Wall Street’s revenue and earnings estimates, all in one place. More than 500,000 investors use TIKR to research stocks like this one. See Hut 8’s Analyst Ratings
Hut 8 has to keep its leases on track
Hut 8’s Aug. 4 second-quarter release showed 949 MW of contracted IT capacity at Beacon Point and River Bend, with about $26.6 billion of expected contract value. Analysts expect revenue to nearly double in 2027 and more than double again in 2028:
At Monday’s close, Hut 8 traded at 20x forward sales, against a 25x average over the past year and 42x at its June peak:
Analysts keep cutting, and keep buying
B. Riley’s Nick Giles cut his target to $134 from $163 on Friday, keeping a Buy. KBW’s Stephen Glagola cut to $92 from $154 before Monday’s open, keeping Outperform.
The 23 analysts covering Hut 8 still have an average target of $148, nearly three times Monday’s close:
I’d use KBW’s $92 as the bar. Getting to B. Riley’s $134 means paying up again for revenue that mostly arrives in 2028 and later, while targets are still falling. But $92 is still 67% above Monday’s close, so the selloff looks like an opportunity for patient investors.
Of course, that holds only if management confirms on Wednesday that both campuses are on schedule. Any slip, and I’d expect the targets to keep falling.
So what is Hut 8 stock actually worth?
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Disclaimer:
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