Investors Purchase Large Volume of Hut 8 Call Options (NASDAQ:HUT)

Hut 8 Corp. (NASDAQ:HUT - Get Free Report) was the target of unusually large options trading on Friday. Traders purchased 26,897 call options on the stock. This represents an increase of 57% compared to the typical daily volume of 17,095 call options.

Hut 8 Stock Performance

HUT stock traded down $0.02 during mid-day trading on Monday, hitting $18.55. The stock had a trading volume of 5,931,697 shares, compared to its average volume of 5,919,781. 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 has a 52 week low of $8.73 and a 52 week high of $31.95. The firm has a fifty day simple moving average of $14.05 and a 200 day simple moving average of $18.35.

Hut 8 (NASDAQ:HUT - Get Free Report) last released its 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 business had revenue of $20.88 million for the quarter, compared to analysts' expectations of $33.68 million. On average, equities research analysts expect that Hut 8 will post -0.53 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on HUT shares. Citizens Jmp upgraded Hut 8 to a "strong-buy" rating and set a $25.00 target price on the stock in a report on Thursday, May 22nd. Cantor Fitzgerald reissued an "overweight" rating and issued a $30.00 price target on shares of Hut 8 in a research note on Friday, March 7th. Northland Securities started coverage on Hut 8 in a research note on Monday, April 21st. They issued an "outperform" rating and a $20.00 price target on the stock. Canaccord Genuity Group reissued a "buy" rating and issued a $32.00 price target on shares of Hut 8 in a research note on Monday, May 12th. Finally, HC Wainwright reissued a "buy" rating and issued a $25.00 price target on shares of Hut 8 in a research note on Friday, May 9th. Fifteen equities research 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.com, the stock currently has an average rating of "Buy" and an average target price of $25.76.

Insider Transactions at Hut 8

In other Hut 8 news, insider Victor Semah sold 11,363 shares of Hut 8 stock in a transaction dated 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 now directly owns 15,738 shares in the company, valued at approximately $203,807.10. The trade was a 41.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 11.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Hut 8

Several hedge funds have recently bought and sold shares of the company. Yaupon Capital Management LP bought a new position in Hut 8 in the 1st quarter valued at about $3,196,000. Arete Wealth Advisors LLC grew its holdings in shares of Hut 8 by 241.5% during the 1st quarter. Arete Wealth Advisors LLC now owns 67,432 shares of the company's stock valued at $784,000 after purchasing an additional 47,689 shares during the last quarter. Clearline Capital LP bought a new stake in shares of Hut 8 during the 1st quarter valued at approximately $386,000. Millennium Management LLC grew its holdings in shares of Hut 8 by 11.9% during the 1st quarter. Millennium Management LLC now owns 330,416 shares of the company's stock valued at $3,839,000 after purchasing an additional 35,120 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Hut 8 by 74.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,104,612 shares of the company's stock worth $12,835,000 after buying an additional 471,355 shares during the period. 31.75% of the stock is owned by institutional investors.

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.