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

Hut 8 Corp. (NASDAQ:HUT) was the recipient of some unusual options trading on Wednesday. Investors bought 58,227 call options on the company. This represents an increase of approximately 88% compared to the typical daily volume of 30,937 call options.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on HUT shares. B. Riley reissued a “buy” rating on shares of Hut 8 in a research report on Wednesday. Canaccord Genuity Group lifted their price objective on shares of Hut 8 from $32.00 to $36.00 and gave the stock a “buy” rating in a report on Wednesday, August 20th. Piper Sandler set a $74.00 price objective on shares of Hut 8 and gave the stock an “overweight” rating in a report on Monday. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Hut 8 in a report on Wednesday, October 8th. Finally, BTIG Research boosted their price target on shares of Hut 8 from $33.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, October 14th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $38.41.

Hut 8 Price Performance

Shares of Hut 8 stock opened at $38.84 on Thursday. 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 company’s 50-day moving average price is $34.42 and its two-hundred day moving average price is $23.02. Hut 8 has a 52 week low of $10.04 and a 52 week high of $57.29.

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%. Equities research analysts expect that Hut 8 will post -0.53 EPS for the current fiscal year.

Insiders Place Their Bets

In other Hut 8 news, Director Joseph Flinn sold 8,500 shares of the stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $26.55, for a total transaction of $225,675.00. Following the sale, the director owned 9,791 shares in the company, valued at approximately $259,951.05. This represents a 46.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Sean Joseph Glennan sold 6,060 shares of the stock in a transaction 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 transaction, the chief financial officer directly owned 6,295 shares in the company, valued at approximately $139,056.55. This represents a 49.05% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 16,060 shares of company stock worth $399,485. 11.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Hut 8

Hedge funds have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC increased its holdings in Hut 8 by 116.4% in the second quarter. Nisa Investment Advisors LLC now owns 1,515 shares of the company’s stock worth $28,000 after buying an additional 815 shares during the last quarter. Advisors Asset Management Inc. boosted its position in Hut 8 by 68.4% during the second quarter. Advisors Asset Management Inc. now owns 1,613 shares of the company’s stock worth $30,000 after purchasing an additional 655 shares during the period. State of Wyoming bought a new stake in Hut 8 during the first quarter worth approximately $32,000. US Bancorp DE boosted its position in Hut 8 by 3,961.7% during the first quarter. US Bancorp DE now owns 3,290 shares of the company’s stock worth $38,000 after purchasing an additional 3,209 shares during the period. Finally, Russell Investments Group Ltd. boosted its position in shares of Hut 8 by 235.8% in the second quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock valued at $46,000 after acquiring an additional 1,719 shares during the period. Institutional investors and hedge funds own 31.75% of the company’s stock.

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.