Hut 8 (HUT) shares rebounded 14.58% to close at $52.65 on Friday, November 6, 2026, after falling 23.23% on November 4 following its third-quarter earnings release. The stock gained $6.70 on the day and traded between $47.02 and $53.45, with about 11.55 million shares changing hands.
The latest quarterly results were mixed. Revenue came in at $71.1 million, down roughly 15% year over year and below the estimated $75.9 million. Net income was reported at about $131.1 million. Adjusted EBITDA rose 8% year over year to $33.0 million. Compute revenue fell 2% year over year to $68.4 million, while digital infrastructure revenue dropped 73% year over year to $1.4 million.
The rebound was driven by a second 352-megawatt lease at Hut 8’s Beacon Point AI data center campus. The new lease lifts expected base-term contract value across its AI portfolio to roughly $26.6 billion. Hut 8 also added 1,300 megawatts of energy capacity under exclusivity, bringing its total to 3,180 megawatts. Management said first data hall deliveries at River Bend are targeted for the second quarter of 2027, while Beacon Point Phase 1 is set for the third quarter of 2027.
To support the buildout, Hut 8 lined up a $1.07 billion revolving credit facility, which management said reduces the need for new stock sales. The company also disclosed $250 million in stock buybacks paid for with Bitcoin sales and raised its total repurchase authorization to $1 billion.
Analysts trimmed price targets but remained mostly positive. B. Riley cut its target from $134 to $132 and kept a Buy rating; Wells Fargo lowered its target from $175 to $148; Rosenblatt went from $124 to $100; and Needham reduced from $138 to $101. The average 12-month target among 23 analysts is about $134.04, roughly 155% above Friday’s close. HUT still trades below its 50-day moving average near $80.94 and remains about 63% below its 52-week high.
