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

Hut 8 Corp. (NASDAQ:HUT) saw unusually large options trading activity on Tuesday. Stock investors purchased 121,874 call options on the stock. This represents an increase of approximately 204% compared to the average daily volume of 40,139 call options.

Institutional Investors Weigh In On Hut 8

Hedge funds have recently added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Hut 8 by 3.5% during the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 9,500 shares of the company’s stock valued at $331,000 after purchasing an additional 321 shares during the last quarter. Arizona State Retirement System increased its holdings in shares of Hut 8 by 1.9% in the third quarter. Arizona State Retirement System now owns 29,290 shares of the company’s stock worth $1,020,000 after buying an additional 542 shares during the period. Advisors Asset Management Inc. grew its holdings in shares of Hut 8 by 68.4% in 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 last quarter. 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 valued at $832,000 after acquiring an additional 732 shares during the last quarter. Finally, Intech Investment Management LLC increased its holdings in Hut 8 by 1.1% during the 2nd quarter. Intech Investment Management LLC now owns 66,957 shares of the company’s stock valued at $1,245,000 after purchasing an additional 734 shares during the period. Institutional investors own 31.75% of the company’s stock.

Hut 8 Trading Up 4.0%

Shares of Hut 8 stock opened at $36.85 on Wednesday. The company’s 50-day moving average price is $43.91 and its 200-day moving average price is $31.24. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.14. Hut 8 has a 12-month low of $10.04 and a 12-month high of $57.29. The company has a market cap of $3.98 billion, a price-to-earnings ratio of -94.49 and a beta of 4.41.

Hut 8 (NASDAQ:HUT) last announced its earnings results on Tuesday, November 4th. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.09. The business had revenue of $80.72 million for the quarter, compared to analyst estimates of $64.70 million. Hut 8 had a return on equity of 8.06% and a net margin of 115.39%. On average, equities analysts expect that Hut 8 will post -0.53 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently commented on HUT. Benchmark upped their price objective on Hut 8 from $36.00 to $78.00 and gave the company a “buy” rating in a research note on Tuesday, October 28th. BTIG Research reaffirmed a “buy” rating and set a $55.00 price target on shares of Hut 8 in a research report on Thursday, November 6th. Citigroup reissued an “outperform” rating on shares of Hut 8 in a report on Tuesday, October 21st. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Hut 8 in a report on Monday. Finally, JMP Securities lifted their target price on shares of Hut 8 from $25.00 to $65.00 and gave the stock a “market outperform” rating in a research note on Tuesday, October 21st. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $48.80.

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.