Stock Traders Buy High Volume of Call Options on Hut 8 Mining (NASDAQ:HUT)

Hut 8 Mining Corp. (NASDAQ:HUT) saw unusually large options trading on Tuesday. Traders bought 19,249 call options on the company. This is an increase of approximately 27% compared to the average daily volume of 15,116 call options.

Analysts Set New Price Targets

HUT has been the subject of a number of research analyst reports. HC Wainwright boosted their price target on Hut 8 Mining from $1.60 to $2.75 and gave the stock a “neutral” rating in a report on Tuesday, August 15th. Canaccord Genuity Group boosted their price objective on Hut 8 Mining from $3.00 to $3.50 and gave the stock a “buy” rating in a research report on Tuesday, August 15th.

Hut 8 Mining Stock Performance

Shares of HUT stock opened at $2.66 on Wednesday. Hut 8 Mining has a twelve month low of $0.78 and a twelve month high of $4.55. The company has a debt-to-equity ratio of 0.06, a quick ratio of 6.96 and a current ratio of 6.96. The stock’s fifty day simple moving average is $3.18 and its 200 day simple moving average is $2.31.

Hut 8 Mining (NASDAQ:HUT) last released its quarterly earnings results on Monday, August 14th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). Hut 8 Mining had a negative net margin of 121.54% and a negative return on equity of 23.18%. The company had revenue of $14.28 million during the quarter, compared to the consensus estimate of $15.98 million. During the same quarter last year, the firm posted ($0.12) EPS. On average, sell-side analysts predict that Hut 8 Mining will post -0.38 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Hut 8 Mining

A number of institutional investors have recently made changes to their positions in HUT. Quantbot Technologies LP bought a new stake in shares of Hut 8 Mining during the 1st quarter valued at about $28,000. Citigroup Inc. boosted its position in shares of Hut 8 Mining by 1,045.6% during the 1st quarter. Citigroup Inc. now owns 8,592 shares of the company’s stock valued at $47,000 after purchasing an additional 7,842 shares in the last quarter. D.A. Davidson & CO. bought a new stake in shares of Hut 8 Mining during the 1st quarter valued at about $59,000. Private Advisor Group LLC bought a new stake in shares of Hut 8 Mining during the 2nd quarter valued at about $39,000. Finally, IFP Advisors Inc boosted its position in shares of Hut 8 Mining by 36.3% during the 2nd quarter. IFP Advisors Inc now owns 12,950 shares of the company’s stock valued at $40,000 after purchasing an additional 3,450 shares in the last quarter. Institutional investors own 11.80% of the company’s stock.

Hut 8 Mining Company Profile

Hut 8 Mining Corp. operates as a cryptocurrency mining company in North America. It provides computing power to the mining pools in exchange for digital assets. The company serve commercial customers across various industries, including financial, healthcare, government, and those in the growing digital asset, Blockchain, gaming, virtual effects, and Web 3.0 space.