Traders Purchase Large Volume of Hut 8 Call Options (NASDAQ:HUT)

Hut 8 Corp. (NASDAQ:HUT) was the recipient of unusually large options trading activity on Monday. Stock investors acquired 27,514 call options on the company. This represents an increase of approximately 86% compared to the typical volume of 14,807 call options.

Hedge Funds Weigh In On Hut 8

Several institutional investors have recently bought and sold shares of HUT. Foundations Investment Advisors LLC lifted its position in shares of Hut 8 by 2.1% during the third quarter. Foundations Investment Advisors LLC now owns 49,755 shares of the company’s stock valued at $610,000 after buying an additional 1,027 shares during the last quarter. AM Investment Strategies LLC raised its stake in shares of Hut 8 by 3.6% during the 3rd quarter. AM Investment Strategies LLC now owns 44,000 shares of the company’s stock worth $539,000 after acquiring an additional 1,521 shares in the last quarter. Amalgamated Bank purchased a new stake in Hut 8 during the second quarter valued at approximately $42,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Hut 8 by 27.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,223 shares of the company’s stock valued at $213,000 after acquiring an additional 3,105 shares in the last quarter. Finally, Capital Performance Advisors LLP purchased a new position in Hut 8 in the third quarter worth $40,000. 31.75% of the stock is owned by hedge funds and other institutional investors.

Hut 8 Price Performance

HUT stock opened at $24.85 on Wednesday. Hut 8 has a 1-year low of $6.18 and a 1-year high of $31.95. The business has a 50-day moving average price of $23.82 and a 200 day moving average price of $17.01. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Canaccord Genuity Group lifted their target price on Hut 8 from $22.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Craig Hallum lifted their price objective on Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Piper Sandler started coverage on Hut 8 in a research report on Tuesday, December 17th. They set an “overweight” rating and a $33.00 target price for the company. HC Wainwright boosted their price target on shares of Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Finally, Needham & Company LLC increased their price objective on shares of Hut 8 from $32.00 to $38.00 and gave the company a “buy” rating in a research report on Tuesday, December 17th. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $33.00.

About Hut 8

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.