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

Hut 8 Corp. (NASDAQ:HUT) was the target of some unusual options trading activity on Tuesday. Traders acquired 30,017 call options on the stock. This is an increase of approximately 76% compared to the typical volume of 17,046 call options.

Wall Street Analysts Forecast Growth

HUT has been the topic of several analyst reports. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $32.00 target price on shares of Hut 8 in a report on Tuesday, March 4th. Keefe, Bruyette & Woods initiated coverage on shares of Hut 8 in a research note on Wednesday, January 8th. They set an “outperform” rating for the company. Benchmark cut their price objective on shares of Hut 8 from $41.00 to $33.00 and set a “buy” rating for the company in a research report on Wednesday. HC Wainwright reduced their price target on Hut 8 from $35.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday, March 4th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 target price on shares of Hut 8 in a report on Friday, March 7th. Ten investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $29.00.

Hedge Funds Weigh In On Hut 8

Several hedge funds have recently bought and sold shares of HUT. Neo Ivy Capital Management acquired a new stake in shares of Hut 8 in the fourth quarter worth $252,000. Two Seas Capital LP lifted its position in shares of Hut 8 by 132.7% during the 4th quarter. Two Seas Capital LP now owns 476,808 shares of the company’s stock worth $9,770,000 after purchasing an additional 271,892 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Hut 8 by 25.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 167,469 shares of the company’s stock valued at $3,431,000 after purchasing an additional 33,713 shares during the period. Voloridge Investment Management LLC acquired a new stake in Hut 8 in the 4th quarter valued at approximately $24,170,000. Finally, Vennlight Capital Management LP bought a new position in Hut 8 in the 4th quarter worth approximately $2,414,000. 31.75% of the stock is owned by institutional investors and hedge funds.

Hut 8 Trading Up 0.5 %

Shares of HUT stock opened at $13.39 on Thursday. Hut 8 has a 1-year low of $6.95 and a 1-year high of $31.95. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35. The stock’s fifty day simple moving average is $16.64 and its 200-day simple moving average is $18.99.

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.