What is the price target for HUT stock?

The 1-year base price target for HUT (Hut 8 Corp. Common Stock) is $105.00, implying +33.5% growth from the current price of $78.64. The 3-year base target is $150.00.

What are the key risks for HUT stock?

Execution risk on Q1 2027 energization: undefined. Class action / USBTC merger investigation: undefined. Trailing valuation disconnect: undefined

What is the market cap and P/E ratio of HUT?

Hut 8 Corp. Common Stock (HUT) has a market cap of $9.79B and a P/E ratio of N/A (loss-making). Revenue: Q2 2026: $74.9M (+81% YoY). EPS: Negative (Q2 2026).

Equity Research · Tuesday, September 1, 2026

HUTBuyOverweight

HUT Stock Analysis for September 2026

Q: Is HUT stock a buy or sell?

Based on our AI-driven analysis as of 2026-09-01, HUT (Hut 8 Corp. Common Stock) is rated "Buy". Hut 8 has executed a genuine transformation from a bitcoin miner into an AI data center landlord. The contracted portfolio now stands at 949 MW of IT capacity, ~$26.6B in aggregate base-term contract value, and >$1.75B of expected average annual NOI from investment-grade tenants (including a $9.8B 1

Q: What are the bull and bear cases for HUT?

Bull case (1Y: $105.00): Q1 2027 energization proceeds on schedule and Beacon Point Phase 2 leasing adds incremental backlog, validating the $1.75B NOI trajectory. The market pays up for contracted, investment-grade cash flows as they begin to show in reported financials, recovering a meaningful portion of the 44% drawdown from the high. Class action resolves without material damage. Bear case (1Y: $55.00): River Bend energization slips or AI capex digestion hits the sector; the class action escalates and the legacy mining engine weakens with BTC. The 24-26x P/S trailing multiple compresses hard and the stock retests the $40-50 zone as investors discount the backlog.

Hut 8 Corp. Common Stock

Price at Analysis

$78.64

1Y Target$105.00+33.5%

3Y Target$150.00+90.8%

1Y Price Target

$105.00

+33.5%

vs current price

Technical Setup

RSI 41 / bearish MACD

Support context: $24.20. Resistance context: $140.80.

Valuation Snapshot

P/E N/A (loss-making) / P/S ~24-26x (per cited reports)

Market cap $9.79B; revenue Q2 2026: $74.9M (+81% YoY).

Risk Watch

Execution risk on Q1 2027 energization

Review the full report for the primary downside scenario and risk factors.

01 · Summary

Executive Summary

Hut 8 has executed a genuine transformation from a bitcoin miner into an AI data center landlord. The contracted portfolio now stands at 949 MW of IT capacity, ~$26.6B in aggregate base-term contract value, and >$1.75B of expected average annual NOI from investment-grade tenants (including a $9.8B 15-year triple-net take-or-pay lease tied to Anthropic/Fluidstack at River Bend, plus Beacon Point Phase 2). Critically, $7.5B of fully amortizing, non-convertible, investment-grade project financing removes the dilution overhang that plagued the sector. Against a $9.79B market cap, $1.75B of contracted annual NOI implies a mid-single-digit multiple on stabilized NOI — cheap relative to hyperscaler-leased data center peers if execution holds.

02 · Scenario Modeling

Price Targets

1Y Base Target

$105.00+33.5%

3Y Base Target

$150.00+90.8%

1-Year scenario price targets · Dashed line = current price

02 · Scenario Modeling

Scenario Analysis

Scenario	1Y Target	1Y Growth	3Y Target	3Y Growth
↑↑Hyper Bull	$180.00	+128.9%	$280.00	+256.1%
↑Bull	$105.00	+33.5%	$150.00	+90.7%
→Neutral	$80.00	+1.7%	$95.00	+20.8%
↓Bear	$55.00	-30.1%	$45.00	-42.8%
↓↓Hyper Bear	$30.00	-61.9%	$20.00	-74.6%

↑↑Hyper Bull

1Y$180

3Y$280

1Y %+128.9%

3Y %+256.1%

↑Bull

1Y$105

3Y$150

1Y %+33.5%

3Y %+90.7%

→Neutral

1Y$80

3Y$95

1Y %+1.7%

3Y %+20.8%

↓Bear

1Y$55

3Y$45

1Y %-30.1%

3Y %-42.8%

↓↓Hyper Bear

1Y$30

3Y$20

1Y %-61.9%

3Y %-74.6%

Hyper Bull — River Bend energizes on time in Q1 2027, Tranche 2 fully leases, and pipeline converts, pushing NOI above $2B annually. The market re-rates HUT as a contracted infrastructure compounder at 8-9x NOI on a $10B+ equity value, with the Seeking Alpha $280 target validated. Requires flawless execution and a sustained AI capex cycle.

Bull — Q1 2027 energization proceeds on schedule and Beacon Point Phase 2 leasing adds incremental backlog, validating the $1.75B NOI trajectory. The market pays up for contracted, investment-grade cash flows as they begin to show in reported financials, recovering a meaningful portion of the 44% drawdown from the high. Class action resolves without material damage.

Neutral — Execution progresses but slowly; reported earnings remain noisy and mining-dependent through 2027, keeping the trailing multiple uninvestable for many. The stock chops sideways as the market waits for NOI to actually print before re-rating.

Bear — River Bend energization slips or AI capex digestion hits the sector; the class action escalates and the legacy mining engine weakens with BTC. The 24-26x P/S trailing multiple compresses hard and the stock retests the $40-50 zone as investors discount the backlog.

Hyper Bear — A broad AI infrastructure bust combined with a construction failure at River Bend renders the $26.6B backlog partially renegotiable or stranded; project debt covenants pressure equity. The stock returns toward its pre-pivot range as the transformation narrative collapses.

03 · Fundamentals

Key Financial Metrics

Earnings Per Share (EPS): Negative (Q2 2026)
Beta: High (crypto/AI infrastructure proxy, est. >2.0)
Revenue: Q2 2026: $74.9M (+81% YoY)
P/E Ratio: N/A (loss-making)
P/S Ratio: ~24-26x (per cited reports)
Market Cap: $9.79B
Net Income: Q2 2026 net loss (missed consensus, smaller than prior year)
Short Interest: Elevated (sector-wide shorting of neoclouds; exact % not disclosed)
52-Week Low: $24.20
52-Week High: $140.80

02 · Scenario Modeling

Technical Overview

Quant overlays derived from the existing 1Y OHLCV series: trend stack, sigma bands, regression fit, drawdown regime, and a composite signal model.

RSI (14)

41.1

Momentum Stack

1M -26.6% / 3M -36.4%

Volatility Regime

90.9% 20D vol

Regression Fit

-27.0% vs trend

Close20D MA50D MA200D MABollinger (20, 2σ)Regression channel centerline

Drawdown Curve

Distance from rolling peak, useful for regime stress and recovery speed.

-40.3%

Trend Regime

neutral

Mixed stack

Composite Signal

neutral

Neutral (-1)

Mean Reversion

neutral

-1.12 sigma

Breakout Status

neutral

Inside channel

Range Percentile

neutral

47th pct

Volume Impulse

neutral

0.89x 20D avg

Quant Dashboard

A compact read on trend persistence, stretch, realized risk, and breakout behavior.

1M Return: -26.6%
6M Return: +49.2%
1Y Return: N/A
ATR (14): $7.65
20D Vol: 90.9%
60D Vol: 103.3%
Regression R²: 0.72
Price Z-Score: -1.12
52W High: $140.80
52W Low: $24.20
Range Position: 47th pct
Latest Volume: 4.4M

04 · Research

Micro Analysis

The company's fundamentals have inflected: Q2 2026 revenue of $74.9M (+81% YoY) still reflects the legacy mining business, but the forward economics are now dominated by contracted AI data center leases. The stock's 44% drawdown from its $140.80 high despite these contract wins suggests the market is discounting execution risk (Q1 2027 River Bend energization) and the class-action overhang rather than the contracted cash flows themselves.

Contracted backlog quality

949 MW contracted, $26.6B base-term value, $1.75B+ expected average annual NOI, all behind high-investment-grade tenants on 15-year triple-net take-or-pay leases. This is revenue visibility most neoclouds lack.

Non-dilutive financing secured

$7.5B of fully amortizing, non-convertible, investment-grade project financing closed across two offerings — a structural de-risking versus the convertible-note dilution model used by peers like CoreWeave and earlier miners.

Current earnings still lag the story

Q2 2026 revenue of $74.9M (+81% YoY) missed consensus and the company remains loss-making; the $1.75B NOI is forward-looking and dependent on Q1 2027 energization and Phase 2 leasing at River Bend/Beacon Point.

Valuation tension

P/S of ~24-26x on current (mining-heavy) revenue looks rich, and Ardsley cut its stake 55% citing valuation. But on contracted NOI, the $9.79B market cap implies ~5.6x NOI — the disconnect is between trailing and forward economics.

Governance/legal overhang

Bragar Eagel & Squire investigation over alleged misstatements tied to the USBTC merger drove a 23.3% decline; a legacy-era issue but a real sentiment drag and potential settlement cost.

04 · Research

Macro Analysis

The AI power infrastructure trade remains the strongest structural theme in markets — Goldman projects data center power consumption up 165% by 2030. Power-constrained sites with grid interconnects are scarce assets, and take-or-pay leases shift demand risk to investment-grade tenants. The main macro risks are rate sensitivity (heavy project debt), an AI capex digestion cycle, and bitcoin price volatility affecting the legacy mining cash flows that fund the pivot.

Structural power scarcity

Data center power demand projected to surge 165% by 2030 (Goldman Sachs); gigawatt-scale energized capacity is the bottleneck, favoring owners of powered land like Hut 8.

Interest rate environment

Treasury yields easing after debt buyback expansion, but inflation above Fed comfort zone keeps a 'pivot freeze' in place. With $7.5B of amortizing project debt, rate spikes compress equity returns.

AI capex cycle risk

Neocloud/data center valuations are hostage to hyperscaler and AI lab capex continuity; a digestion phase would hit uncontracted capacity hardest, though HUT's take-or-pay structure buffers contracted MW.

Bitcoin price dependence

Q2 compute revenue ($72.5M) is still largely mining-driven (935 BTC mined); a BTC drawdown weakens the self-funding engine for the AI buildout until data center revenue ramps in 2027.

05 · Growth

Untapped Revenue Opportunities

River Bend Tranche 2/3 expansion

high

Beacon Point Phase 2 commercialization

high

Legacy mining + GPU-as-a-Service cash flows

medium

Pipeline optionality beyond 949 MW

medium

06 · Catalysts

Headwinds & Tailwinds

↓ Headwinds

Execution risk on Q1 2027 energization

high

Class action / USBTC merger investigation

medium

Trailing valuation disconnect

medium

Institutional distribution

medium

Bitcoin volatility

medium

↑ Tailwinds

Investment-grade take-or-pay contracts

high

$7.5B non-convertible project financing

high

AI power demand supercycle

high

Nvidia-linked demand signals

medium

07 · TL;DR

Analysis Summary

Ticker: HUT
Company: Hut 8 Corp. Common Stock
Analysis Date: 2026-09-01
Price at Analysis: $78.64
Rating: Buy
1Y Price Target: $105.00
3Y Price Target: $150.00
Market Cap: $9.79B
P/E Ratio: N/A (loss-making)

This analysis was generated on 2026-09-01 when HUT was trading at $78.64. The base-case 1-year price target is $105.00 (+33.5% implied return). Scenario range: $30.00 (hyper bear) to $180.00 (hyper bull).

Disclaimer: This report is generated by an AI model and is for informational purposes only. It does not constitute financial advice, investment recommendations, or an offer to buy or sell securities. Past performance is not indicative of future results. Always conduct your own research and consult a licensed financial advisor before making investment decisions.

Executive Summary

Scenario Analysis

Scenario	1Y Target	1Y Growth	3Y Target	3Y Growth
↑↑Hyper Bull	$180.00	+128.9%	$280.00	+256.1%
↑Bull	$105.00	+33.5%	$150.00	+90.7%
→Neutral	$80.00	+1.7%	$95.00	+20.8%
↓Bear	$55.00	-30.1%	$45.00	-42.8%
↓↓Hyper Bear	$30.00	-61.9%	$20.00	-74.6%

↑↑Hyper Bull

1Y$180

3Y$280

1Y %+128.9%

3Y %+256.1%

↑Bull

1Y$105

3Y$150

1Y %+33.5%

3Y %+90.7%

→Neutral

1Y$80

3Y$95

1Y %+1.7%

3Y %+20.8%

↓Bear

1Y$55

3Y$45

1Y %-30.1%

3Y %-42.8%

↓↓Hyper Bear

1Y$30

3Y$20

1Y %-61.9%

3Y %-74.6%

Key Financial Metrics

Earnings Per Share (EPS)

Negative (Q2 2026)

Beta

High (crypto/AI infrastructure proxy, est. >2.0)

Revenue

Q2 2026: $74.9M (+81% YoY)

P/E Ratio

N/A (loss-making)

P/S Ratio

~24-26x (per cited reports)

Market Cap

$9.79B

Net Income

Q2 2026 net loss (missed consensus, smaller than prior year)

Short Interest

Elevated (sector-wide shorting of neoclouds; exact % not disclosed)

52-Week Low

$24.20

52-Week High

$140.80

Micro Analysis

Contracted backlog quality

Non-dilutive financing secured

Current earnings still lag the story

Valuation tension

Governance/legal overhang

Bragar Eagel & Squire investigation over alleged misstatements tied to the USBTC merger drove a 23.3% decline; a legacy-era issue but a real sentiment drag and potential settlement cost.

Macro Analysis

Structural power scarcity

Data center power demand projected to surge 165% by 2030 (Goldman Sachs); gigawatt-scale energized capacity is the bottleneck, favoring owners of powered land like Hut 8.

Interest rate environment

Treasury yields easing after debt buyback expansion, but inflation above Fed comfort zone keeps a 'pivot freeze' in place. With $7.5B of amortizing project debt, rate spikes compress equity returns.

AI capex cycle risk

Bitcoin price dependence

Q2 compute revenue ($72.5M) is still largely mining-driven (935 BTC mined); a BTC drawdown weakens the self-funding engine for the AI buildout until data center revenue ramps in 2027.

Headwinds & Tailwinds

↓ Headwinds

Execution risk on Q1 2027 energization

high

Class action / USBTC merger investigation

medium

Trailing valuation disconnect

medium

Institutional distribution

medium

Bitcoin volatility

medium

↑ Tailwinds

Investment-grade take-or-pay contracts

high

$7.5B non-convertible project financing

high

AI power demand supercycle

high

Nvidia-linked demand signals

medium

Analysis Summary

Ticker: HUT
Company: Hut 8 Corp. Common Stock
Analysis Date: 2026-09-01
Price at Analysis: $78.64
Rating: Buy
1Y Price Target: $105.00
3Y Price Target: $150.00
Market Cap: $9.79B
P/E Ratio: N/A (loss-making)