Hut 8 Corp. (NASDAQ:HUT - Get Free Report) was the target of unusually large options trading activity on Monday. Investors purchased 20,334 call options on the company. This is an increase of approximately 22% compared to the typical daily volume of 16,712 call options.
Hut 8 Stock Down 2.2%
NASDAQ HUT traded down $0.37 during mid-day trading on Wednesday, reaching $16.13. The stock had a trading volume of 7,606,312 shares, compared to its average volume of 5,643,025. Hut 8 has a 1 year low of $8.09 and a 1 year high of $31.95. The company has a fifty day moving average price of $12.56 and a 200 day moving average price of $18.95. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00.
Hut 8 (NASDAQ:HUT - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.18) EPS for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.06). The firm had revenue of $20.88 million for the quarter, compared to analysts' expectations of $33.68 million. Analysts anticipate that Hut 8 will post -0.53 EPS for the current year.
Insiders Place Their Bets
In other Hut 8 news, insider Victor Semah sold 11,363 shares of the 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 owns 15,738 shares in the company, valued at approximately $203,807.10. This trade represents a 41.93% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 12.00% of the company's stock.
Institutional Investors Weigh In On Hut 8
A number of hedge funds have recently added to or reduced their stakes in HUT. R Squared Ltd bought a new stake in shares of Hut 8 in the fourth quarter worth $26,000. Nisa Investment Advisors LLC boosted its position in Hut 8 by 77.9% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company's stock worth $26,000 after purchasing an additional 545 shares during the last quarter. Optiver Holding B.V. bought a new stake in shares of Hut 8 during the 4th quarter valued at about $35,000. US Bancorp DE increased its position in shares of Hut 8 by 3,961.7% during the 1st quarter. US Bancorp DE now owns 3,290 shares of the company's stock valued at $38,000 after purchasing an additional 3,209 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its stake in shares of Hut 8 by 832.4% in the 4th quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company's stock worth $42,000 after purchasing an additional 1,823 shares during the period. 31.75% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of brokerages have issued reports on HUT. Northland Capmk raised shares of Hut 8 to a "strong-buy" rating in a research report on Monday, April 21st. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $32.00 price target on shares of Hut 8 in a research note on Monday. Needham & Company LLC reissued a "buy" rating and set a $21.00 price objective on shares of Hut 8 in a research report on Friday, May 9th. Benchmark dropped their target price on shares of Hut 8 from $41.00 to $33.00 and set a "buy" rating on the stock in a report on Wednesday, April 2nd. Finally, BTIG Research started coverage on shares of Hut 8 in a research note on Monday, April 14th. They issued a "buy" rating and a $18.00 price target for the company. Fourteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $25.93.
Check Out Our Latest Stock Analysis on Hut 8
Hut 8 Company Profile
(
Get Free Report)
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.
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