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

Hut 8 Corp. (NASDAQ:HUT - Get Free Report) was the target of some unusual options trading on Monday. Stock traders acquired 20,334 call options on the stock. This represents an increase of approximately 22% compared to the typical volume of 16,712 call options.

Hut 8 Stock Up 9.9%

Hut 8 stock traded up $1.55 during mid-day trading on Friday, hitting $17.13. The company's stock had a trading volume of 10,986,080 shares, compared to its average volume of 5,680,232. Hut 8 has a 1 year low of $8.53 and a 1 year high of $31.95. The stock's fifty day moving average is $12.80 and its two-hundred day moving average is $18.92. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35.

Hut 8 (NASDAQ:HUT - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.18) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.06). The firm had revenue of $20.88 million during the quarter, compared to analyst estimates of $33.68 million. Sell-side analysts expect that Hut 8 will post -0.53 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on HUT shares. Maxim Group began coverage on Hut 8 in a research note on Thursday, May 1st. They issued a "buy" rating and a $20.00 price objective for the company. Cantor Fitzgerald reissued an "overweight" rating and set a $30.00 price target on shares of Hut 8 in a research note on Friday, March 7th. Rosenblatt Securities initiated coverage on Hut 8 in a research note on Friday, March 7th. They set a "buy" rating and a $23.00 price target for the company. UBS Group set a $33.00 target price on Hut 8 in a research report on Wednesday, April 2nd. Finally, HC Wainwright reaffirmed a "buy" rating and set a $25.00 target price on shares of Hut 8 in a research report on Friday, May 9th. Thirteen investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, Hut 8 presently has an average rating of "Buy" and a consensus target price of $25.93.

Insider Buying and Selling at Hut 8

In other news, insider Victor Semah sold 11,363 shares of the firm's stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $12.95, for a total value of $147,150.85. Following the completion of the sale, the insider now directly owns 15,738 shares of the company's stock, valued at $203,807.10. This trade represents a 41.93% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 11.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Hut 8

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Hut 8 by 3.9% during the fourth quarter. Vanguard Group Inc. now owns 6,459,385 shares of the company's stock worth $132,352,000 after buying an additional 245,113 shares during the last quarter. ExodusPoint Capital Management LP purchased a new position in shares of Hut 8 during the fourth quarter worth about $1,180,000. Jericho Capital Asset Management L.P. purchased a new position in shares of Hut 8 during the fourth quarter worth about $37,400,000. JPMorgan Chase & Co. grew its holdings in shares of Hut 8 by 23.1% during the fourth quarter. JPMorgan Chase & Co. now owns 322,927 shares of the company's stock worth $6,617,000 after buying an additional 60,542 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Hut 8 by 9.4% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 891,830 shares of the company's stock worth $18,242,000 after buying an additional 76,299 shares during the last quarter. Hedge funds and other institutional investors own 31.75% of the company's stock.

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.