Traders Purchase High Volume of Call Options on Hut 8 (NASDAQ:HUT)

Hut 8 Corp. (NASDAQ:HUT) saw unusually large options trading on Friday. Stock traders bought 39,355 call options on the stock. This represents an increase of 52% compared to the average volume of 25,893 call options.

Analyst Ratings Changes

A number of brokerages have recently issued reports on HUT. Canaccord Genuity Group lifted their price target on Hut 8 from $32.00 to $36.00 and gave the company a “buy” rating in a report on Wednesday, August 20th. BTIG Research lifted their price target on Hut 8 from $25.00 to $33.00 and gave the company a “buy” rating in a report on Tuesday, September 9th. Northland Securities set a $26.00 price target on Hut 8 in a report on Friday, July 11th. Roth Capital reiterated a “buy” rating and issued a $60.00 price target (up from $31.00) on shares of Hut 8 in a report on Monday, September 15th. Finally, Maxim Group lifted their price target on Hut 8 from $23.00 to $30.00 and gave the company a “buy” rating in a report on Monday, August 11th. Three analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, Hut 8 has an average rating of “Buy” and an average price target of $29.88.

Hut 8 Trading Up 2.7%

Hut 8 stock opened at $40.10 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.81 and a quick ratio of 1.81. Hut 8 has a 1-year low of $10.04 and a 1-year high of $41.64. The business has a fifty day moving average price of $27.69 and a 200-day moving average price of $20.05.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.01. The firm had revenue of $41.72 million during the quarter, compared to analysts’ expectations of $49.10 million. Hut 8 had a return on equity of 8.73% and a net margin of 112.81%. As a group, equities analysts anticipate that Hut 8 will post -0.53 EPS for the current year.

Insider Buying and Selling at Hut 8

In other Hut 8 news, CFO Sean Joseph Glennan sold 6,060 shares of the firm’s stock in a transaction on Monday, August 25th. The stock was sold at an average price of $22.09, for a total transaction of $133,865.40. Following the transaction, the chief financial officer directly owned 6,295 shares in the company, valued at $139,056.55. This trade represents a 49.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Joseph Flinn sold 8,500 shares of the firm’s stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $26.55, for a total value of $225,675.00. Following the transaction, the director owned 9,791 shares in the company, valued at $259,951.05. The trade was a 46.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 16,060 shares of company stock worth $399,485 over the last 90 days. 11.20% of the stock is currently owned by company insiders.

Institutional Trading of Hut 8

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Advisors Asset Management Inc. lifted its position in Hut 8 by 68.4% during the 2nd quarter. Advisors Asset Management Inc. now owns 1,613 shares of the company’s stock worth $30,000 after acquiring an additional 655 shares during the period. Main Management ETF Advisors LLC lifted its position in Hut 8 by 1.7% during the 2nd quarter. Main Management ETF Advisors LLC now owns 44,713 shares of the company’s stock worth $832,000 after acquiring an additional 732 shares during the period. Intech Investment Management LLC lifted its position in Hut 8 by 1.1% during the 2nd quarter. Intech Investment Management LLC now owns 66,957 shares of the company’s stock worth $1,245,000 after acquiring an additional 734 shares during the period. Nisa Investment Advisors LLC lifted its position in Hut 8 by 116.4% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,515 shares of the company’s stock worth $28,000 after acquiring an additional 815 shares during the period. Finally, Victory Capital Management Inc. lifted its position in Hut 8 by 7.9% during the 1st quarter. Victory Capital Management Inc. now owns 11,127 shares of the company’s stock worth $129,000 after acquiring an additional 819 shares during the period. Institutional investors and hedge funds 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.