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

Hut 8 Corp. (NASDAQ:HUT) was the recipient of some unusual options trading activity on Wednesday. Stock traders acquired 19,472 call options on the company. This is an increase of 56% compared to the typical daily volume of 12,450 call options.

Analyst Upgrades and Downgrades

HUT has been the subject of a number of research analyst reports. Stifel Nicolaus lifted 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 note on Wednesday, October 30th. Benchmark reaffirmed a “buy” rating and set a $17.00 price target on shares of Hut 8 in a report on Monday, October 7th. HC Wainwright reissued a “buy” rating and issued a $13.50 target price on shares of Hut 8 in a report on Friday, September 20th. Needham & Company LLC boosted their price target on shares of Hut 8 from $15.00 to $16.50 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $22.00 price target on shares of Hut 8 in a research report on Wednesday, August 21st. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $17.00.

Insider Buying and Selling at Hut 8

In related news, Director Joseph Flinn sold 7,618 shares of the firm’s stock in a transaction dated 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 sale, the director now owns 11,861 shares in the company, valued at approximately $139,248.14. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 12.00% of the company’s stock.

Institutional Investors Weigh In On Hut 8

A number of institutional investors have recently modified their holdings of the stock. BNP Paribas Financial Markets raised its holdings in Hut 8 by 24.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 18,520 shares of the company’s stock worth $227,000 after acquiring an additional 3,653 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Hut 8 by 31.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 833,165 shares of the company’s stock valued at $10,215,000 after acquiring an additional 197,074 shares in the last quarter. Intech Investment Management LLC acquired a new stake in shares of Hut 8 during the 3rd quarter valued at about $133,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Hut 8 in the third quarter valued at about $9,997,000. Finally, Entropy Technologies LP bought a new position in shares of Hut 8 in the third quarter worth about $170,000. Institutional investors and hedge funds own 31.75% of the company’s stock.

Hut 8 Stock Up 3.9 %

NASDAQ:HUT traded up $0.92 on Wednesday, reaching $24.78. The stock had a trading volume of 17,934,550 shares, compared to its average volume of 5,084,081. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.68 and a current ratio of 1.68. The company has a 50-day moving average of $13.87 and a 200 day moving average of $12.74. Hut 8 has a 12-month low of $6.18 and a 12-month high of $28.47.

Hut 8 (NASDAQ:HUT) last announced its quarterly earnings results on Tuesday, August 13th. The company reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.09) by $0.11. The firm had revenue of $35.22 million during the quarter, compared to analyst estimates of $38.00 million. Equities research analysts expect that Hut 8 will post -0.55 EPS for the current fiscal year.

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.