Hut 8 Corp. (NASDAQ:HUT - Get Free Report) was the recipient of some unusual options trading activity on Friday. Traders bought 26,897 call options on the company. This represents an increase of 57% compared to the typical daily volume of 17,095 call options.
Analysts Set New Price Targets
HUT has been the subject of a number of recent analyst reports. Cantor Fitzgerald reiterated an "overweight" rating and issued a $30.00 price target on shares of Hut 8 in a research report on Friday, March 7th. JMP Securities began coverage on Hut 8 in a research report on Thursday, May 22nd. They set a "market outperform" rating and a $25.00 price objective for the company. Maxim Group initiated coverage on shares of Hut 8 in a report on Thursday, May 1st. They issued a "buy" rating and a $20.00 price objective for the company. Rosenblatt Securities started coverage on shares of Hut 8 in a research report on Friday, March 7th. They issued a "buy" rating and a $23.00 price target on the stock. Finally, HC Wainwright restated a "buy" rating and set a $25.00 target price on shares of Hut 8 in a research note on Friday, May 9th. Sixteen investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $25.76.
Get Our Latest Research Report on Hut 8
Hut 8 Price Performance
HUT stock traded up $2.31 during midday trading on Friday, reaching $18.63. The company had a trading volume of 8,097,043 shares, compared to its average volume of 5,899,753. Hut 8 has a 1-year low of $8.73 and a 1-year high of $31.95. The stock has a 50 day moving average price of $13.84 and a 200-day moving average price of $18.52. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35.
Hut 8 (NASDAQ:HUT - Get Free Report) last issued its quarterly 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). The firm had revenue of $20.88 million for the quarter, compared to the consensus estimate of $33.68 million. Equities research analysts anticipate that Hut 8 will post -0.53 EPS for the current fiscal year.
Insider Buying and Selling at Hut 8
In related news, insider Victor Semah sold 11,363 shares of the stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $12.95, for a total value of $147,150.85. Following the sale, the insider now 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 11.20% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Hut 8
A number of large investors have recently modified their holdings of HUT. State of Wyoming bought a new position in Hut 8 in the 1st quarter valued at approximately $32,000. Optiver Holding B.V. bought a new position in shares of Hut 8 in the 4th quarter valued at $35,000. US Bancorp DE boosted its holdings 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 acquiring an additional 3,209 shares in the last quarter. Russell Investments Group Ltd. grew its position in Hut 8 by 832.4% during the 4th quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company's stock worth $42,000 after acquiring an additional 1,823 shares during the last quarter. Finally, Principal Securities Inc. bought a new stake in Hut 8 during the 4th quarter worth $45,000. Institutional investors and hedge funds own 31.75% of the company's stock.
About Hut 8
(
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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