UBS Initiates Coverage of Hut 8 with Buy
Fintel reports that on September 23, 2026, UBS initiated coverage of Hut 8 (NASDAQGS:HUT) (XTRA:V71) with a Buy recommendation.
Hut 8 Corp., based in Canada, operates primarily in the cryptocurrency mining industry. The company is one of North America's largest innovation-focused digital asset miners, specializing in Bitcoin. Unlike traditional mines, Hut 8 employs specialized data centers across Alberta and Ontario to manage high-volume transactions on the blockchain, leveraging proprietary technology and strategic partnerships to maximize operational efficiencies. Key projects include securing and raising data center capacities to amplify their computational power, contributing to a more robust digital asset infrastructure.
Prior to the rating action, the stock closed at $106.61 on September 22, 2026. This latest close represents a one-week price change of +22.41% from the baseline close of $87.09 on September 15, 2026. Over a one-month period, the stock recorded a price change of +31.85% from the baseline close of $80.86 on August 21, 2026.
The initiation by UBS on September 23, 2026, follows other recent analyst actions. On September 21, 2026, Rothschild & Co initiated coverage of Hut 8 with a Neutral rating. Prior to that, Wells Fargo initiated coverage with an Overweight rating on September 17, 2026.
In its latest earnings report from November 13, 2024, Hut 8 reported an actual EPS of -0.21, compared to the estimated EPS of -0.2803. The company's actual revenue was $43,735,000.00, which exceeded the estimated revenue of $38,444,842.00.
Separately from the rating action by UBS, historical consensus data from December 23, 2024, showed a current consensus target mean of $21.31 and a median of $23.44, representing an implied change of -80.01%. This mean target was a revision of +14.41% from the prior consensus target mean of $18.63 on December 3, 2024. During the recommendation period of January 1, 2025, the aggregate recommendation breakdown showed 1 strong buy, 9 buy, 1 hold, 0 sell, and 0 strong sell ratings, resulting in 90.9% positive, 9.1% hold, and 0.0% negative recommendations. This compared to the December 1, 2024 period, which had 1 strong buy, 8 buy, 1 hold, 0 sell, and 0 strong sell ratings, representing 90.0% positive, 10.0% hold, and 0.0% negative recommendations.
Recent analyst actions
| Date | Analyst | Prior | Latest recommendation | Action |
|---|---|---|---|---|
| September 23, 2026 | UBS | Buy | initiated coverage | |
| September 21, 2026 | Rothschild & Co | Neutral | initiated coverage | |
| September 17, 2026 | Wells Fargo | Overweight | initiated coverage |
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This story originally appeared on Fintel.