Hut 8 Target of Unusually High Options Trading (NASDAQ:HUT)

Hut 8 Corp. (NASDAQ:HUT) saw some unusual options trading on Tuesday. Traders purchased 49,483 call options on the stock. Thisisanincreaseofapproximately141% compared to the typical volume of 20,526 call options.

Hut 8 Trading Up 12.1%

Shares of NASDAQ HUT traded up $2.84 during midday trading on Tuesday, hitting $26.29. 4,336,568 shares of the stock traded hands, compared to its average volume of 5,616,241. The firm has a 50-day moving average of $20.61 and a two-hundred day moving average of $16.76. 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 one year low of $8.73 and a one year high of $31.95.

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

Insider Buying and Selling at Hut 8

In other Hut 8 news, CFO Sean Joseph Glennan sold 6,060 shares of Hut 8 stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $22.09, for a total transaction of $133,865.40. Following the completion of the sale, the chief financial officer owned 6,295 shares of the company’s stock, valued at $139,056.55. The trade was a 49.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Joseph Flinn sold 11,069 shares of Hut 8 stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $15.77, for a total value of $174,558.13. Following the sale, the director directly 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 disclosure for this sale can be found here. 11.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Nisa Investment Advisors LLC lifted its holdings in shares of Hut 8 by 116.4% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,515 shares of the company’s stock valued at $28,000 after acquiring an additional 815 shares during the last quarter. Advisors Asset Management Inc. lifted its stake in Hut 8 by 68.4% in the second quarter. Advisors Asset Management Inc. now owns 1,613 shares of the company’s stock worth $30,000 after purchasing an additional 655 shares during the last quarter. Optiver Holding B.V. bought a new stake in Hut 8 in the fourth quarter worth about $35,000. Russell Investments Group Ltd. lifted its stake in Hut 8 by 832.4% in the fourth quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company’s stock worth $42,000 after purchasing an additional 1,823 shares during the last quarter. Finally, State of Wyoming bought a new stake in Hut 8 in the first quarter worth about $32,000. Institutional investors own 31.75% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on HUT shares. Rosenblatt Securities lowered their target price on Hut 8 from $24.00 to $23.00 and set a “buy” rating for the company in a research note on Monday, August 11th. Roth Capital assumed coverage on Hut 8 in a report on Friday, June 6th. They set a “buy” rating and a $25.00 target price on the stock. JMP Securities assumed coverage on Hut 8 in a report on Thursday, May 22nd. They set a “market outperform” rating and a $25.00 target price on the stock. Needham & Company LLC reiterated a “buy” rating and set a $21.00 target price on shares of Hut 8 in a report on Friday, May 9th. Finally, Maxim Group upped their price target on Hut 8 from $23.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, August 11th. Four analysts have rated the stock with a Strong Buy rating and fifteen have issued a Buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $26.94.

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.