Investors Buy High Volume of Call Options on Hut 8 (NASDAQ:HUT)

Hut 8 Corp. (NASDAQ:HUT) saw unusually large options trading on Tuesday. Traders acquired 25,995 call options on the stock. This represents an increase of approximately 25% compared to the average daily volume of 20,724 call options.

Hut 8 Price Performance

NASDAQ:HUT traded down $7.69 during midday trading on Tuesday, hitting $104.39. The company had a trading volume of 4,019,059 shares, compared to its average volume of 4,802,554. The company has a market capitalization of $11.75 billion, a PE ratio of -34.78 and a beta of 4.64. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.12. Hut 8 has a 52-week low of $18.68 and a 52-week high of $140.80. The stock’s fifty day moving average price is $111.97 and its 200-day moving average price is $81.33.

Hut 8 (NASDAQ:HUT) last released its quarterly earnings results on Tuesday, August 4th. The company reported ($1.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.72). Hut 8 had a negative net margin of 109.77% and a negative return on equity of 0.35%. The firm had revenue of $72.66 million for the quarter, compared to analysts’ expectations of $79.37 million. During the same quarter in the previous year, the business earned $1.18 EPS. As a group, research analysts expect that Hut 8 will post -2.52 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Northland Securities set a $120.00 price target on Hut 8 in a research report on Thursday, May 7th. Needham & Company LLC raised their target price on Hut 8 from $128.00 to $145.00 and gave the stock a “buy” rating in a research note on Monday, July 20th. Compass Point set a $195.00 price target on Hut 8 in a research report on Wednesday, July 22nd. Loop Capital set a $226.00 price target on shares of Hut 8 in a report on Monday, June 22nd. Finally, Citigroup restated an “outperform” rating on shares of Hut 8 in a research report on Tuesday, April 28th. Eighteen equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $138.85.

Insider Transactions at Hut 8

In related news, Director Rick Rickertsen sold 17,491 shares of the firm’s stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $110.00, for a total value of $1,924,010.00. Following the completion of the transaction, the director directly owned 17,491 shares of the company’s stock, valued at approximately $1,924,010. This trade represents a 50.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Amy Marie Wilkinson sold 20,000 shares of Hut 8 stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $100.78, for a total transaction of $2,015,600.00. Following the completion of the transaction, the director owned 262,136 shares of the company’s stock, valued at $26,418,066.08. This represents a 7.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 102,206 shares of company stock worth $11,376,242. Insiders own 10.40% of the company’s stock.

Hedge Funds Weigh In On Hut 8

A number of large investors have recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. raised its position in Hut 8 by 4,669,387.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 4,062,454 shares of the company’s stock valued at $186,629,000 after purchasing an additional 4,062,367 shares during the last quarter. Handelsbanken Fonder AB purchased a new stake in Hut 8 in the 4th quarter worth approximately $1,153,000. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Hut 8 in the 1st quarter worth approximately $4,358,000. Dayah Capital LLC grew its position in shares of Hut 8 by 12.6% in the 1st quarter. Dayah Capital LLC now owns 217,920 shares of the company’s stock worth $10,223,000 after buying an additional 24,456 shares during the last quarter. Finally, Steadview Capital Management LLC increased its stake in shares of Hut 8 by 1,425.3% during the fourth quarter. Steadview Capital Management LLC now owns 431,655 shares of the company’s stock valued at $19,830,000 after buying an additional 403,355 shares during the period. 31.75% of the stock is owned by hedge funds and other institutional investors.

About Hut 8

Hut 8 Corp., trading on the Nasdaq under the symbol HUT, is a North American digital infrastructure company specializing in cryptocurrency mining and high?performance computing. Founded in 2017 and headquartered in Toronto, Canada, Hut 8 operates purpose?built data centers that house fleets of specialized ASIC and GPU servers. Through its flagship mining facilities in Alberta and Ontario, the company leverages low?cost, low?carbon power sources—such as hydroelectric and natural gas—to support sustainable bitcoin production.