Hut 8 Corp. HUT Shares Are Trading Higher: What's Happening?

Hut 8 Corp. HUT shares are trading higher Friday after the company released its September operational update. Here's a look at the details from the report.

Hut 8 Corp. (NASDAQ:HUT) shares are trading higher Friday after the company released its September operational update.

The Details: Hut 8 produced 85 Bitcoin (CRYPTO: BTC) in September, down from 87 Bitcoin in August, and increased its hashrate from 18.5 EH/s to 19.5 EH/s.

The company also brought 1,000 NVIDIA (NASDAQ:NVDA) H100 GPUs online and began generating revenue for its GPU-as-a-service subsidiary Highrise AI, Inc.

“We made significant strides in scaling our compute layer across Bitcoin mining and AI this month,” said Asher Genoot, CEO of Hut 8.

“In partnership with Bitmain, we launched a next-generation, DLC-cooled ASIC miner. We are targeting a 15 EH/s hosting deployment at our Vega site in the Texas Panhandle by H1 2025, which is expected to generate ~$135 million in annualized hosting revenue on a fully ramped basis. The agreement’s purchase option creates a clear path to 20 EH/s of self-mining capacity by allowing us to fully acquire the hosted machines for our fleet,” added Genoot.

What Else: Craig-Hallum analyst George Sutton maintained a Buy rating on Hut 8 stock and raised the price target from $14 to $15 on Wednesday.

According to data from Benzinga Pro, Hut 8 shares are trading above the stock’s 50-day moving average of $11.71 and have gained more than 30% over the past month.

HUT Price Action: Hut 8 shares are up 1.75% at $11.94 at the time of publication Friday.

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