Hut 8 Sees Unusually High Options Volume (NASDAQ:HUT)

Hut 8 Corp. (NASDAQ:HUT) was the target of some unusual options trading activity on Wednesday. Stock traders acquired 19,472 call options on the stock. This is an increase of 56% compared to the typical volume of 12,450 call options.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on HUT. Needham & Company LLC upped their price target on shares of Hut 8 from $21.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $22.00 price objective on shares of Hut 8 in a report on Wednesday, August 21st. Craig Hallum lifted their target price on Hut 8 from $14.00 to $15.00 and gave the stock a “buy” rating in a report on Wednesday, October 2nd. Benchmark upped their price target on shares of Hut 8 from $17.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday. Finally, HC Wainwright reiterated a “buy” rating and issued a $13.50 price objective on shares of Hut 8 in a research note on Friday, September 20th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, Hut 8 currently has an average rating of “Buy” and a consensus target price of $22.08.

Hut 8 Trading Up 1.6 %

Shares of NASDAQ:HUT traded up $0.39 during trading on Thursday, reaching $25.17. 2,010,145 shares of the company traded hands, compared to its average volume of 5,070,463. Hut 8 has a 52 week low of $6.18 and a 52 week high of $28.47. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.68 and a current ratio of 1.68. The company’s 50 day moving average is $13.87 and its two-hundred day moving average is $12.74.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings results on Tuesday, August 13th. The company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.11. The company had revenue of $35.22 million during the quarter, compared to analyst estimates of $38.00 million. As a group, equities research analysts predict that Hut 8 will post -0.55 EPS for the current year.

Insider Activity at Hut 8

In related news, Director Joseph Flinn sold 7,618 shares of Hut 8 stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $11.74, for a total transaction of $89,435.32. Following the completion of the transaction, the director now owns 11,861 shares in the company, valued at approximately $139,248.14. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 12.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Hut 8

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Capital Performance Advisors LLP acquired a new position in shares of Hut 8 during the 3rd quarter worth $40,000. Amalgamated Bank acquired a new stake in Hut 8 in the second quarter valued at about $42,000. Intech Investment Management LLC bought a new position in Hut 8 in the third quarter valued at about $133,000. Victory Capital Management Inc. acquired a new position in Hut 8 during the second quarter worth about $154,000. Finally, Entropy Technologies LP bought a new position in shares of Hut 8 in the third quarter worth about $170,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.

Hut 8 Company Profile

Hut 8 Corp., together with its subsidiaries, acquires, builds, manages, and operates data centers for digital assets mining, computing, and artificial intelligence in the United States. It operates in four segments: Digital Assets Mining, Managed Services, High Performance Computing Colocation and Cloud, and Other.