Investors Purchase 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. Investors acquired 19,472 call options on the stock. This is an increase of approximately 56% compared to the typical volume of 12,450 call options.

Hut 8 Price Performance

Shares of NASDAQ HUT opened at $23.14 on Friday. The company’s fifty day moving average price is $13.87 and its 200 day moving average price 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 debt-to-equity ratio of 0.43, a current ratio of 1.68 and a quick ratio of 1.68.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings data on Tuesday, August 13th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.11. The company had revenue of $35.22 million for the quarter, compared to analysts’ expectations of $38.00 million. Equities analysts forecast that Hut 8 will post -0.55 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Hut 8

Several hedge funds and other institutional investors have recently added to or reduced their stakes in HUT. D1 Capital Partners L.P. purchased a new position in shares of Hut 8 in the second quarter worth about $17,388,000. Vanguard Group Inc. lifted its stake in shares of Hut 8 by 8,329.2% in the first quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock worth $30,770,000 after buying an additional 2,754,037 shares in the last quarter. Millennium Management LLC lifted its stake in shares of Hut 8 by 46.4% in the second quarter. Millennium Management LLC now owns 649,518 shares of the company’s stock worth $9,733,000 after buying an additional 205,836 shares in the last quarter. Swiss National Bank lifted its stake in shares of Hut 8 by 61.6% in the first quarter. Swiss National Bank now owns 141,940 shares of the company’s stock worth $1,567,000 after buying an additional 54,100 shares in the last quarter. Finally, Ninepoint Partners LP purchased a new position in shares of Hut 8 in the second quarter worth about $720,000. 31.75% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

HUT has been the subject of a number of analyst reports. Canaccord Genuity Group increased their target price on shares of Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday. Craig Hallum upped their price target on shares of Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday. Benchmark upped their price target on shares of Hut 8 from $17.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday. HC Wainwright upped their price target on shares of Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Stifel Nicolaus upped their price target on shares of Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a research note on Wednesday, October 30th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus 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.