TLDR
- Hut 8 (HUT) rose 14.58% to $52.65 on Friday, November 6, after a 23% drop on earnings day.
- A second 352-megawatt lease at Beacon Point lifts expected AI contract value to about $26.6 billion.
- Q3 revenue was $71.1 million, down 15% from a year ago.
- B. Riley kept its Buy rating but cut its target to $132, and Wells Fargo, Rosenblatt and Needham also cut theirs.
- HUT still sits roughly 63% below its 52-week high.
Hut 8 (HUT) stock bounced hard on Friday, climbing $6.70 to close at $52.65. That’s a gain of 14.58%.
The stock traded between $47.02 and $53.45 during the session. About 11.55 million shares changed hands.
It was a welcome breather after a rough week. The stock fell 23.23% on November 4, the day Hut 8 reported third-quarter results.
$HUT 8 Q3’26 EARNINGS HIGHLIGHTS
🔹 Revenue: $71.1M (Est. $75.9M) 🔴; -15% YoY
🔹 Net Income: $189.5M
🔹 Adjusted EBITDA: $33.0M; +8% YoYSegment Net Revenue:
🔹 Power: $1.3M
🔹 Digital Infrastructure: $1.4M; -73% YoY
🔹 Compute: $68.4M; -2% YoYAnnouncements:
🔹 Beacon Point… pic.twitter.com/nTBKDV2pJK— Wall St Engine (@wallstengine) November 4, 2026
On that same day, the company announced a second 352-megawatt lease at its Beacon Point AI data center campus. That pushes expected base-term contract value across its AI portfolio to about $26.6 billion.
Hut 8 also added 1,300 megawatts of energy capacity under exclusivity, bringing the total to 3,180 megawatts. That gives it more room to build.
What Hut 8 Said About Timing and Funding
One catch: the $26.6 billion is expected contract value over the long term. It is not revenue the company has already booked.
Management said the first data hall deliveries are targeted for the second quarter of 2027 at River Bend. Beacon Point Phase 1 is set for the third quarter of 2027.
Hut 8 also lined up a $1.07 billion revolving credit facility. The company says this helps fund its buildout without leaning too hard on new stock sales.
The latest numbers were mixed. Third-quarter revenue came in at about $71.1 million, down roughly 15% from a year earlier.
Net income, though, was about $131.1 million.
Analysts Trim Targets but Stay Positive
Several banks lowered their price targets after the report. Most kept a positive view anyway.
B. Riley cut its target from $134 to $132 on November 6 and kept its Buy rating. That target sits about 151% above Friday’s close.
Wells Fargo lowered its target from $175 to $148. Rosenblatt went from $124 to $100, and Needham from $138 to $101.
Across 23 analysts, the average 12-month target is $134.04. That is roughly 155% above the current price.
On the charts, HUT is still trading below its major moving averages. Its 50-day average sits near $80.94.
Immediate support is near $47, with stronger support around $42.20. Resistance starts at $53.45, then runs from $56.98 to $63.75.
Hut 8 also disclosed $250 million in stock buybacks, paid for with Bitcoin sales. It raised its total repurchase authorization to $1 billion.
