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

Hut 8 Corp. (NASDAQ:HUT) saw some unusual options trading activity on Wednesday. Stock traders acquired 19,472 call options on the stock. This represents an increase of approximately 56% compared to the average daily volume of 12,450 call options.

Analysts Set New Price Targets

HUT has been the topic of several research analyst reports. Needham & Company LLC increased their price objective on shares of Hut 8 from $15.00 to $16.50 and gave the company a “buy” rating in a research report on Tuesday, September 24th. Craig Hallum increased their price objective on shares of Hut 8 from $14.00 to $15.00 and gave the company a “buy” rating in a research report on Wednesday, October 2nd. Canaccord Genuity Group reaffirmed a “buy” rating and set a $22.00 price target on shares of Hut 8 in a research report on Wednesday, August 21st. Stifel Nicolaus raised their price target on shares of Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a research report on Wednesday, October 30th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $13.50 price target on shares of Hut 8 in a research report on Friday, September 20th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $17.00.

Hut 8 Stock Up 3.9 %

Shares of HUT traded up $0.92 during mid-day trading on Wednesday, reaching $24.78. The company had a trading volume of 17,934,550 shares, compared to its average volume of 5,084,081. The company’s 50 day simple moving average is $13.87 and its 200 day simple moving average is $12.74. Hut 8 has a 1-year low of $6.18 and a 1-year high of $28.47. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 0.43.

Hut 8 (NASDAQ:HUT) last posted its earnings results on Tuesday, August 13th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.09) by $0.11. The business had revenue of $35.22 million for the quarter, compared to analyst estimates of $38.00 million. On average, sell-side analysts forecast that Hut 8 will post -0.55 EPS for the current fiscal year.

Insider Activity

In related news, Director Joseph Flinn sold 7,618 shares of the stock in a transaction on Friday, August 16th. The shares were sold at an average price of $11.74, for a total transaction of $89,435.32. Following the completion of the transaction, the director now owns 11,861 shares in the company, valued at approximately $139,248.14. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 12.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Capital Performance Advisors LLP bought a new stake in shares of Hut 8 in the 3rd quarter valued at $40,000. Amalgamated Bank bought a new stake in shares of Hut 8 in the 2nd quarter valued at $42,000. Intech Investment Management LLC bought a new stake in shares of Hut 8 in the 3rd quarter valued at $133,000. Victory Capital Management Inc. acquired a new stake in Hut 8 in the 2nd quarter valued at $154,000. Finally, Entropy Technologies LP acquired a new stake in Hut 8 in the 3rd quarter valued at $170,000. Institutional investors 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.