Hut 8 Sees Unusually Large Options Volume (NASDAQ:HUT)

Hut 8 Corp. (NASDAQ:HUT) was the recipient of some unusual options trading on Thursday. Traders bought 16,869 call options on the stock. This is an increase of approximately 37% compared to the average daily volume of 12,269 call options.

Hut 8 Stock Up 9.3 %

HUT opened at $30.24 on Friday. Hut 8 has a 52 week low of $6.18 and a 52 week high of $31.95. The business has a fifty day simple moving average of $18.94 and a 200-day simple moving average of $14.80. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Benchmark increased their price target on Hut 8 from $17.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Craig Hallum raised their target price on Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Stifel Nicolaus raised their target price on Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a research note on Wednesday, October 30th. Needham & Company LLC raised their target price on Hut 8 from $21.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Finally, HC Wainwright raised their price target on Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $30.17.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Amalgamated Bank purchased a new stake in Hut 8 during the 2nd quarter worth about $42,000. Capital Performance Advisors LLP acquired a new stake in shares of Hut 8 during the third quarter worth about $40,000. Victory Capital Management Inc. acquired a new stake in shares of Hut 8 during the second quarter worth about $154,000. Intech Investment Management LLC acquired a new stake in shares of Hut 8 during the third quarter worth about $133,000. Finally, XTX Topco Ltd acquired a new stake in shares of Hut 8 during the third quarter worth about $162,000. 31.75% of the stock is currently owned by hedge funds and other institutional investors.

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.