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

Hut 8 Corp. (NASDAQ:HUT) was the recipient of unusually large options trading on Tuesday. Stock investors purchased 35,063 call options on the company. This is an increase of 45% compared to the average volume of 24,158 call options.

Insider Buying and Selling

In other news, CFO Sean Joseph Glennan sold 6,060 shares of Hut 8 stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $22.09, for a total value of $133,865.40. Following the sale, the chief financial officer directly owned 6,295 shares of the company’s stock, valued at $139,056.55. The trade was a 49.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Joseph Flinn sold 8,500 shares of Hut 8 stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $26.55, for a total value of $225,675.00. Following the completion of the sale, the director directly owned 9,791 shares in the company, valued at $259,951.05. This represents a 46.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 27,129 shares of company stock worth $574,044 over the last ninety days. Corporate insiders own 11.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Tactive Advisors LLC acquired a new position in Hut 8 during the 2nd quarter worth $1,225,000. Vident Advisory LLC grew its stake in Hut 8 by 1.5% during the 2nd quarter. Vident Advisory LLC now owns 501,053 shares of the company’s stock worth $9,319,000 after purchasing an additional 7,564 shares in the last quarter. Moore Capital Management LP acquired a new position in Hut 8 during the 2nd quarter worth $9,159,000. BNP Paribas Financial Markets grew its stake in Hut 8 by 3,160.4% during the 2nd quarter. BNP Paribas Financial Markets now owns 150,108 shares of the company’s stock worth $2,792,000 after purchasing an additional 145,504 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its position in shares of Hut 8 by 1,043.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 2,486,814 shares of the company’s stock worth $46,255,000 after acquiring an additional 2,269,237 shares in the last quarter. 31.75% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

HUT has been the topic of a number of research analyst reports. JMP Securities started coverage on Hut 8 in a research note on Thursday, May 22nd. They issued a “market outperform” rating and a $25.00 price target on the stock. Rosenblatt Securities reduced their price objective on Hut 8 from $24.00 to $23.00 and set a “buy” rating on the stock in a research report on Monday, August 11th. Northland Securities set a $26.00 price objective on Hut 8 in a research report on Friday, July 11th. BTIG Research lifted their price objective on Hut 8 from $25.00 to $33.00 and gave the stock a “buy” rating in a research report on Tuesday, September 9th. Finally, Citigroup started coverage on Hut 8 in a research report on Thursday, May 22nd. They set an “outperform” rating on the stock. Three investment analysts have rated the stock with a Strong Buy rating and sixteen have given a Buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $29.88.

Hut 8 Price Performance

HUT opened at $35.03 on Wednesday. Hut 8 has a 12 month low of $10.04 and a 12 month high of $35.65. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.81 and a quick ratio of 1.81. The business has a fifty day moving average price of $23.79 and a 200 day moving average price of $17.91.

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

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.