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

Hut 8 Corp. (NASDAQ:HUT - Get Free Report) saw unusually large options trading on Wednesday. Stock traders acquired 44,767 call options on the company. This is an increase of approximately 144% compared to the average volume of 18,359 call options.

Hut 8 Trading Up 4.3%

Shares of Hut 8 stock traded up $0.91 during trading on Thursday, hitting $21.99. 6,783,639 shares of the company were exchanged, compared to its average volume of 5,823,037. The firm's fifty day moving average price is $16.18 and its 200 day moving average price is $17.40. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.26 and a quick ratio of 1.26. Hut 8 has a 1-year low of $8.73 and a 1-year high of $31.95.

Hut 8 (NASDAQ:HUT - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.18) earnings per share (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 the consensus estimate of $33.68 million. Hut 8 had a positive return on equity of 13.00% and a negative net margin of 39.92%. Sell-side analysts anticipate that Hut 8 will post -0.53 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Institutional Trading of Hut 8

Several hedge funds and other institutional investors have recently modified their holdings of HUT. Vanguard Group Inc. grew its stake in 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 in the last quarter. Northern Trust Corp increased its position in Hut 8 by 4.1% in the 4th quarter. Northern Trust Corp now owns 717,575 shares of the company's stock valued at $14,703,000 after acquiring an additional 28,462 shares during the period. ExodusPoint Capital Management LP bought a new position in Hut 8 during the 4th quarter worth $1,180,000. Jericho Capital Asset Management L.P. bought a new position in shares of Hut 8 during the fourth quarter worth about $37,400,000. Finally, JPMorgan Chase & Co. lifted its position in shares of Hut 8 by 23.1% in the 4th quarter. JPMorgan Chase & Co. now owns 322,927 shares of the company's stock worth $6,617,000 after purchasing an additional 60,542 shares during the period. Institutional investors own 31.75% of the company's stock.

Wall Street Analyst Weigh In

HUT has been the topic of several research reports. Citizens Jmp raised shares of Hut 8 to a "strong-buy" rating and set a $25.00 price objective on the stock in a research report on Thursday, May 22nd. Rosenblatt Securities assumed coverage on Hut 8 in a research report on Friday, March 7th. They set a "buy" rating and a $23.00 target price on the stock. Northland Securities assumed coverage on Hut 8 in a research note on Monday, April 21st. They issued an "outperform" rating and a $20.00 target price on the stock. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $30.00 target price on shares of Hut 8 in a research note on Friday, March 7th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $25.00 price objective on shares of Hut 8 in a research note on Friday, May 9th. Fifteen research analysts have rated the stock with a buy rating and four have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $25.76.

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.