Investors Purchase High Volume of Hut 8 Call Options (NASDAQ:HUT)

Hut 8 Corp. (NASDAQ:HUT) was the recipient of some unusual options trading activity on Tuesday. Stock investors acquired 49,483 call options on the stock. Thisisanincreaseofapproximately141% compared to the typical daily volume of 20,526 call options.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Northland Securities set a $26.00 price target on Hut 8 in a report on Friday, July 11th. Needham & Company LLC reiterated a “buy” rating and set a $21.00 price target on shares of Hut 8 in a report on Friday, May 9th. Maxim Group increased their price target on Hut 8 from $23.00 to $30.00 and gave the company a “buy” rating in a report on Monday, August 11th. Citigroup assumed coverage on Hut 8 in a report on Thursday, May 22nd. They set an “outperform” rating on the stock. Finally, HC Wainwright reiterated a “buy” rating and set a $25.00 price target on shares of Hut 8 in a report on Friday, May 9th. Four research analysts have rated the stock with a Strong Buy rating and fifteen have issued a Buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $26.94.

Hut 8 Stock Performance

HUT opened at $25.91 on Wednesday. Hut 8 has a fifty-two week low of $8.73 and a fifty-two week high of $31.95. The company has a current ratio of 1.81, a quick ratio of 1.81 and a debt-to-equity ratio of 0.19. The firm’s fifty day moving average price is $20.79 and its two-hundred day moving average price is $16.82.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.01. Hut 8 had a net margin of 112.81% and a return on equity of 8.73%. The firm had revenue of $41.72 million for the quarter, compared to the consensus estimate of $49.10 million. On average, equities analysts anticipate that Hut 8 will post -0.53 EPS for the current year.

Insider Activity at Hut 8

In other Hut 8 news, CFO Sean Joseph Glennan sold 6,060 shares of the stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $22.09, for a total transaction of $133,865.40. Following the transaction, the chief financial officer owned 6,295 shares in the company, valued at $139,056.55. This trade represents a 49.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Joseph Flinn sold 11,069 shares of the stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $15.77, for a total value of $174,558.13. Following the transaction, the director owned 19,791 shares in the company, valued at approximately $312,104.07. This trade represents a 35.87% decrease in their position. The disclosure for this sale can be found here. Company insiders own 11.20% of the company’s stock.

Institutional Investors Weigh In On Hut 8

Institutional investors have recently bought and sold shares of the business. Northern Trust Corp boosted its stake in Hut 8 by 4.1% during the fourth quarter. Northern Trust Corp now owns 717,575 shares of the company’s stock worth $14,703,000 after buying an additional 28,462 shares in the last quarter. Jericho Capital Asset Management L.P. acquired a new stake in Hut 8 during the fourth quarter worth $37,400,000. Teacher Retirement System of Texas acquired a new stake in Hut 8 during the first quarter worth $143,000. Bank of America Corp DE boosted its stake in Hut 8 by 16.8% during the fourth quarter. Bank of America Corp DE now owns 146,500 shares of the company’s stock worth $3,002,000 after buying an additional 21,058 shares in the last quarter. Finally, Thomist Capital Management LP acquired a new stake in Hut 8 during the fourth quarter worth $502,000. Institutional investors and hedge funds own 31.75% of the company’s stock.

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.