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

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

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Benchmark upped their price objective on shares of Hut 8 from $17.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Needham & Company LLC raised their price target on Hut 8 from $32.00 to $38.00 and gave the stock a “buy” rating in a research report on Tuesday, December 17th. Cantor Fitzgerald assumed coverage on Hut 8 in a research note on Monday, December 9th. They issued an “overweight” rating and a $35.00 price objective for the company. Canaccord Genuity Group increased their target price on Hut 8 from $22.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Finally, Craig Hallum increased their price target on shares of Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $31.88.

Institutional Investors Weigh In On Hut 8

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Capital Performance Advisors LLP acquired a new stake in Hut 8 in the 3rd quarter valued at about $40,000. Amalgamated Bank purchased a new position in shares of Hut 8 during the 2nd quarter worth approximately $42,000. Intech Investment Management LLC acquired a new position in shares of Hut 8 during the 3rd quarter worth approximately $133,000. Victory Capital Management Inc. acquired a new stake in Hut 8 during the 2nd quarter valued at $154,000. Finally, XTX Topco Ltd purchased a new position in Hut 8 during the third quarter worth $162,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.

Hut 8 Stock Performance

Shares of NASDAQ HUT opened at $26.67 on Tuesday. Hut 8 has a 52 week low of $6.18 and a 52 week high of $31.95. The firm has a 50-day moving average price of $23.82 and a 200 day moving average price of $17.01. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35.

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.