Hut 8 Target of Unusually Large Options Trading (NASDAQ:HUT)

Hut 8 Corp. (NASDAQ:HUT) was the recipient of some unusual options trading on Friday. Stock investors bought 39,355 call options on the company. This represents an increase of approximately 52% compared to the average volume of 25,893 call options.

Hut 8 Price Performance

HUT opened at $40.10 on Friday. 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 company’s 50 day simple moving average is $27.69 and its 200-day simple moving average is $20.00. Hut 8 has a one year low of $10.04 and a one year high of $41.64.

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

Wall Street Analysts Forecast Growth

HUT has been the subject of a number of analyst reports. BTIG Research boosted their price objective on shares of Hut 8 from $25.00 to $33.00 and gave the stock a “buy” rating in a research note on Tuesday, September 9th. Northland Securities set a $26.00 price objective on Hut 8 in a report on Friday, July 11th. Maxim Group upped their target price on shares of Hut 8 from $23.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, August 11th. Canaccord Genuity Group upped their price target on Hut 8 from $32.00 to $36.00 and gave the company a “buy” rating in a research report on Wednesday, August 20th. Finally, Rosenblatt Securities cut their price target on shares of Hut 8 from $24.00 to $23.00 and set a “buy” rating for the company in a report on Monday, August 11th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $29.88.

Insider Activity

In other news, CFO Sean Joseph Glennan sold 6,060 shares of the firm’s stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $22.09, for a total transaction of $133,865.40. Following the completion of the sale, the chief financial officer directly owned 6,295 shares of the company’s stock, valued at $139,056.55. This trade represents a 49.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Joseph Flinn sold 8,500 shares of Hut 8 stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $26.55, for a total value of $225,675.00. Following the sale, the director owned 9,791 shares of the company’s stock, valued at approximately $259,951.05. This represents a 46.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 16,060 shares of company stock worth $399,485. Insiders own 11.20% of the company’s stock.

Institutional Trading of Hut 8

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Advisors Asset Management Inc. lifted its position in Hut 8 by 68.4% during the 2nd quarter. Advisors Asset Management Inc. now owns 1,613 shares of the company’s stock valued at $30,000 after purchasing an additional 655 shares during the period. Main Management ETF Advisors LLC raised its stake in shares of Hut 8 by 1.7% during the second quarter. Main Management ETF Advisors LLC now owns 44,713 shares of the company’s stock worth $832,000 after buying an additional 732 shares during the last quarter. Intech Investment Management LLC lifted its holdings in Hut 8 by 1.1% in the second quarter. Intech Investment Management LLC now owns 66,957 shares of the company’s stock valued at $1,245,000 after buying an additional 734 shares during the period. Nisa Investment Advisors LLC boosted its stake in Hut 8 by 116.4% in the second quarter. Nisa Investment Advisors LLC now owns 1,515 shares of the company’s stock valued at $28,000 after acquiring an additional 815 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its stake in Hut 8 by 7.9% in the first quarter. Victory Capital Management Inc. now owns 11,127 shares of the company’s stock valued at $129,000 after acquiring an additional 819 shares during the last quarter. 31.75% of the stock is owned by institutional investors.

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.