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

Hut 8 Corp. (NASDAQ:HUT) was the target of some unusual options trading activity on Tuesday. Traders purchased 121,874 call options on the stock. This is an increase of 204% compared to the average volume of 40,139 call options.

Analysts Set New Price Targets

HUT has been the subject of a number of research reports. Benchmark boosted their target price on shares of Hut 8 from $36.00 to $78.00 and gave the stock a “buy” rating in a research note on Tuesday, October 28th. Rosenblatt Securities reiterated a “buy” rating and set a $65.00 price objective on shares of Hut 8 in a research note on Wednesday, November 5th. Canaccord Genuity Group raised their target price on Hut 8 from $36.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, November 5th. BTIG Research reaffirmed a “buy” rating and issued a $55.00 price target on shares of Hut 8 in a research note on Thursday, November 6th. Finally, JMP Securities increased their price objective on Hut 8 from $25.00 to $65.00 and gave the company a “market outperform” rating in a research note on Tuesday, October 21st. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $48.80.

Hut 8 Price Performance

HUT stock traded up $1.41 during trading on Tuesday, hitting $36.85. The company had a trading volume of 4,490,148 shares, compared to its average volume of 6,138,982. The business has a 50 day moving average of $44.01 and a 200 day moving average of $31.09. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $3.98 billion, a price-to-earnings ratio of -94.49 and a beta of 4.42. Hut 8 has a fifty-two week low of $10.04 and a fifty-two week high of $57.29.

Hut 8 (NASDAQ:HUT) last released its earnings results on Tuesday, November 4th. The company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.16) by $0.09. Hut 8 had a net margin of 115.39% and a return on equity of 8.06%. The business had revenue of $80.72 million during the quarter, compared to analyst estimates of $64.70 million. As a group, research analysts predict that Hut 8 will post -0.53 earnings per share for the current year.

Hedge Funds Weigh In On Hut 8

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC grew its holdings in Hut 8 by 116.4% during the second quarter. Nisa Investment Advisors LLC now owns 1,515 shares of the company’s stock valued at $28,000 after purchasing an additional 815 shares during the last quarter. Advisors Asset Management Inc. lifted its stake 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 valued at $30,000 after buying an additional 655 shares during the period. NewEdge Advisors LLC grew its holdings in shares of Hut 8 by 67.2% during the 3rd quarter. NewEdge Advisors LLC now owns 2,257 shares of the company’s stock worth $79,000 after purchasing an additional 907 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in Hut 8 by 235.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock valued at $46,000 after buying an additional 1,719 shares during the period. Finally, State of Wyoming acquired a new position in Hut 8 in the first quarter worth about $32,000. 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.