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

Hut 8 Corp. (NASDAQ:HUT) was the target of unusually large options trading activity on Tuesday. Traders acquired 30,017 call options on the stock. This is an increase of approximately 76% compared to the typical volume of 17,046 call options.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on HUT. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 price target on shares of Hut 8 in a research note on Friday, March 7th. Keefe, Bruyette & Woods started coverage on Hut 8 in a report on Wednesday, January 8th. They issued an “outperform” rating for the company. Piper Sandler started coverage on Hut 8 in a research note on Tuesday, December 17th. They set an “overweight” rating and a $33.00 price target on the stock. HC Wainwright lowered their price objective on Hut 8 from $35.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, March 4th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $30.00 target price on shares of Hut 8 in a research report on Tuesday, March 4th. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $29.89.

Hut 8 Stock Up 14.6 %

Shares of NASDAQ:HUT traded up $1.70 during midday trading on Tuesday, reaching $13.32. The company’s stock had a trading volume of 9,944,741 shares, compared to its average volume of 5,176,593. The firm has a 50 day moving average price of $17.14 and a two-hundred day moving average price of $19.02. Hut 8 has a fifty-two week low of $6.95 and a fifty-two week high of $31.95. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35.

Institutional Trading of Hut 8

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted 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 acquiring an additional 245,113 shares in the last quarter. State Street Corp boosted its position in shares of Hut 8 by 12.6% during the 3rd quarter. State Street Corp now owns 2,740,769 shares of the company’s stock worth $33,602,000 after purchasing an additional 307,292 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Hut 8 by 21.1% during the 3rd quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company’s stock worth $26,902,000 after purchasing an additional 381,720 shares in the last quarter. Jericho Capital Asset Management L.P. acquired a new stake in shares of Hut 8 in the 4th quarter valued at about $37,400,000. Finally, BIT Capital GmbH increased its position in Hut 8 by 11.5% in the 4th quarter. BIT Capital GmbH now owns 1,818,456 shares of the company’s stock valued at $37,260,000 after buying an additional 187,773 shares in the last quarter. 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.