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

Hut 8 Corp. (NASDAQ:HUT) saw some unusual options trading activity on Monday. Stock traders purchased 27,514 call options on the company. This represents an increase of approximately 86% compared to the typical daily volume of 14,807 call options.

Institutional Trading of Hut 8

Several institutional investors have recently made changes to their positions in HUT. Capital Performance Advisors LLP bought a new position in Hut 8 during the third quarter valued at about $40,000. Amalgamated Bank purchased a new stake in Hut 8 during the second quarter valued at about $42,000. Intech Investment Management LLC purchased a new stake in Hut 8 during the third quarter valued at about $133,000. Victory Capital Management Inc. purchased a new stake in Hut 8 during the second quarter valued at about $154,000. Finally, XTX Topco Ltd purchased a new stake in Hut 8 during the third quarter valued at about $162,000. Institutional investors own 31.75% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Piper Sandler assumed coverage on shares of Hut 8 in a research report on Tuesday, December 17th. They set an “overweight” rating and a $33.00 target price on the stock. Needham & Company LLC boosted their target price on shares of Hut 8 from $32.00 to $38.00 and gave the company a “buy” rating in a research report on Tuesday, December 17th. Craig Hallum boosted their target price on shares of Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. HC Wainwright boosted their price target on shares of Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Finally, Canaccord Genuity Group boosted their price target on shares of Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $31.88.

Hut 8 Stock Performance

Shares of NASDAQ HUT traded up $2.19 during trading on Monday, hitting $26.35. The stock had a trading volume of 4,200,660 shares, compared to its average volume of 4,449,555. Hut 8 has a 12 month low of $6.18 and a 12 month high of $31.95. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00. The firm has a fifty day moving average of $23.63 and a two-hundred day moving average of $16.88.

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.