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

Hut 8 Corp. (NASDAQ:HUT) was the recipient of unusually large options trading activity on Wednesday. Stock traders purchased 19,472 call options on the stock. This represents an increase of 56% compared to the average daily volume of 12,450 call options.

Hut 8 Price Performance

Shares of HUT opened at $23.14 on Friday. Hut 8 has a 1-year low of $6.18 and a 1-year high of $28.47. The firm has a 50-day simple moving average of $13.87 and a two-hundred day simple moving average of $12.74. 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 announced its quarterly earnings results on Tuesday, August 13th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.11. The company had revenue of $35.22 million for the quarter, compared to analyst estimates of $38.00 million. On average, analysts anticipate that Hut 8 will post -0.55 EPS for the current year.

Institutional Investors Weigh In On Hut 8

A number of institutional investors have recently made changes to their positions in the stock. Capital Performance Advisors LLP acquired a new position in shares of Hut 8 in the third quarter valued at approximately $40,000. Amalgamated Bank acquired a new position in shares of Hut 8 in the second quarter valued at approximately $42,000. Intech Investment Management LLC acquired a new position in shares of Hut 8 in the third quarter valued at approximately $133,000. Victory Capital Management Inc. acquired a new position in shares of Hut 8 in the second quarter valued at approximately $154,000. Finally, Entropy Technologies LP acquired a new position in shares of Hut 8 in the third quarter valued at approximately $170,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on HUT shares. HC Wainwright raised their price objective on shares of Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday. Craig Hallum raised their price objective on shares of Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday. Benchmark raised their price objective on shares of Hut 8 from $17.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday. Canaccord Genuity Group raised their price objective on shares of Hut 8 from $22.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Needham & Company LLC raised their price objective on shares of Hut 8 from $21.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Hut 8 currently has an average rating of “Buy” and an average price target of $30.17.

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.