Hut 8 (NASDAQ:HUT) Stock Sees Unusually High Call Option Buying

Hut 8 Corp. (NASDAQ:HUT) was the target of some unusual options trading on Thursday. Traders bought 36,529 call options on the stock. This is an increase of 78% compared to the average daily volume of 20,574 call options.

Insider Activity at Hut 8

In related news, Director Mayo A. Shattuck III sold 20,000 shares of the company’s stock in a transaction on Thursday, September 24th. The stock was sold at an average price of $100.00, for a total transaction of $2,000,000.00. Following the transaction, the director owned 89,408 shares of the company’s stock, valued at $8,940,800. This represents a 18.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Sean Glennan sold 6,445 shares of the stock in a transaction on Monday, August 24th. The stock was sold at an average price of $78.76, for a total value of $507,608.20. Following the completion of the transaction, the chief financial officer owned 17,978 shares of the company’s stock, valued at $1,415,947.28. The trade was a 26.39% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 10.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of HUT. Strong Retirement Solutions LLC purchased a new stake in Hut 8 in the 3rd quarter valued at approximately $2,377,000. Two Seas Capital LP increased its position in Hut 8 by 120.1% during the third quarter. Two Seas Capital LP now owns 347,942 shares of the company’s stock worth $29,958,000 after buying an additional 189,860 shares in the last quarter. Van Hulzen Asset Management LLC acquired a new position in shares of Hut 8 in the second quarter worth $225,000. WINTON GROUP Ltd purchased a new stake in shares of Hut 8 in the second quarter valued at $8,162,000. Finally, Engineers Gate Manager LP acquired a new stake in shares of Hut 8 during the second quarter valued at $275,000. 31.75% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have commented on HUT shares. B. Riley Financial boosted their target price on shares of Hut 8 from $130.00 to $163.00 and gave the stock a “buy” rating in a research report on Monday, August 3rd. Rosenblatt Securities reiterated a “buy” rating and issued a $124.00 price target on shares of Hut 8 in a report on Wednesday, August 5th. Weiss Ratings cut shares of Hut 8 from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, August 19th. Canaccord Genuity Group reissued a “buy” rating and set a $130.00 price objective on shares of Hut 8 in a report on Wednesday. Finally, Freedom Broker upgraded shares of Hut 8 to a “strong-buy” rating in a research report on Tuesday, August 18th. Three investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $145.23.

Hut 8 Price Performance

Shares of Hut 8 stock traded down $9.54 on Thursday, hitting $79.75. The company’s stock had a trading volume of 4,006,976 shares, compared to its average volume of 4,809,281. Hut 8 has a 52-week low of $31.67 and a 52-week high of $140.80. The company has a quick ratio of 19.35, a current ratio of 19.35 and a debt-to-equity ratio of 4.22. The firm has a fifty day moving average price of $91.11 and a 200-day moving average price of $93.14. The company has a market capitalization of $9.83 billion, a P/E ratio of -14.63 and a beta of 4.62.

Hut 8 (NASDAQ:HUT) last posted its earnings results on Wednesday, August 5th. The company reported ($1.27) earnings per share for the quarter, missing the consensus estimate of ($0.55) by ($0.72). The business had revenue of $74.93 million for the quarter, compared to analysts’ expectations of $79.37 million. Hut 8 had a negative net margin of 188.59% and a negative return on equity of 0.97%. During the same quarter last year, the business posted $1.18 earnings per share. On average, equities research analysts expect that Hut 8 will post -2.98 earnings per share for the current fiscal year.

Hut 8 Company Profile

Hut 8 Corp. (NASDAQ: HUT) is a North American energy infrastructure and digital asset mining company. Its operations include cryptocurrency mining, with a primary focus on Bitcoin, as well as the development and management of data center infrastructure supported by its energy resources.

The company owns and operates mining and data center facilities in the United States and Canada. In addition to self-mining digital assets, Hut 8 has pursued opportunities in high-performance computing and artificial intelligence infrastructure, using its power capacity, data center sites and related development capabilities to support evolving computing demand.

Hut 8 was originally established as Hut 8 Mining Corp., a Canadian cryptocurrency mining company.