Stock Traders Buy High Volume of Call Options on Hut 8 (NASDAQ:HUT)

Hut 8 Corp. (NASDAQ:HUT) was the target of some unusual options trading on Wednesday. Stock traders acquired 44,767 call options on the stock. This represents an increase of approximately 144% compared to the average volume of 18,359 call options.

Hut 8 Stock Up 14.1%

Shares of HUT stock opened at $21.08 on Thursday. Hut 8 has a 52-week low of $8.73 and a 52-week high of $31.95. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.27. The firm’s 50 day moving average price is $16.18 and its two-hundred day moving average price is $17.40.

Hut 8 (NASDAQ:HUT) last released its earnings results on Thursday, May 8th. The company reported ($0.18) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.06). Hut 8 had a negative net margin of 39.92% and a positive return on equity of 13.00%. The business had revenue of $20.88 million during the quarter, compared to the consensus estimate of $33.68 million. As a group, equities analysts forecast that Hut 8 will post -0.53 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on HUT. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 price objective on shares of Hut 8 in a research report on Friday, March 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $21.00 price objective on shares of Hut 8 in a research report on Friday, May 9th. BTIG Research initiated coverage on Hut 8 in a report on Monday, April 14th. They issued a “buy” rating and a $18.00 target price for the company. Rosenblatt Securities assumed coverage on Hut 8 in a report on Friday, March 7th. They issued a “buy” rating and a $23.00 target price for the company. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $32.00 price objective on shares of Hut 8 in a research note on Monday, May 12th. Fifteen analysts have rated the stock with a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat, Hut 8 has an average rating of “Buy” and an average target price of $25.76.

Insider Activity at Hut 8

In related news, insider Victor Semah sold 11,363 shares of Hut 8 stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $12.95, for a total transaction of $147,150.85. Following the transaction, the insider owned 15,738 shares in the company, valued at approximately $203,807.10. This trade represents a 41.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Joseph Flinn sold 11,069 shares of Hut 8 stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $15.77, for a total value of $174,558.13. Following the transaction, the director owned 19,791 shares in the company, valued at approximately $312,104.07. The trade was a 35.87% decrease in their position. The disclosure for this sale can be found here. Company insiders own 11.20% of the company’s stock.

Institutional Trading of Hut 8

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Jericho Capital Asset Management L.P. acquired a new position in Hut 8 during the 4th quarter worth approximately $37,400,000. D. E. Shaw & Co. Inc. bought a new stake in shares of Hut 8 in the 4th quarter valued at $27,115,000. Voloridge Investment Management LLC bought a new position in Hut 8 during the fourth quarter worth $24,170,000. Arrowstreet Capital Limited Partnership bought a new position in Hut 8 during the fourth quarter worth $23,009,000. Finally, Invesco Ltd. boosted its stake in Hut 8 by 1,408.8% during the fourth quarter. Invesco Ltd. now owns 936,650 shares of the company’s stock worth $19,192,000 after acquiring an additional 874,572 shares in the last quarter. Institutional investors and hedge funds 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.