Traders Buy Large Volume of Hut 8 Call Options (NASDAQ:HUT)

Hut 8 Corp. (NASDAQ:HUT) was the recipient of unusually large options trading on Tuesday. Stock investors bought 30,017 call options on the company. This is an increase of 76% compared to the typical volume of 17,046 call options.

Wall Street Analysts Forecast Growth

HUT has been the subject of a number of analyst reports. Benchmark reissued a “buy” rating and issued a $41.00 price target on shares of Hut 8 in a research report on Tuesday, January 7th. Rosenblatt Securities assumed coverage on shares of Hut 8 in a research report on Friday, March 7th. They set a “buy” rating and a $23.00 price target on the stock. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $32.00 price objective on shares of Hut 8 in a research report on Tuesday, March 4th. Keefe, Bruyette & Woods started coverage on shares of Hut 8 in a research report on Wednesday, January 8th. They set an “outperform” rating on the stock. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $30.00 target price on shares of Hut 8 in a report on Tuesday, March 4th. Ten investment analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $29.89.

Hut 8 Trading Up 14.6 %

Hut 8 stock opened at $13.32 on Wednesday. The business’s 50 day simple moving average is $16.89 and its 200 day simple moving average is $19.03. Hut 8 has a 12 month low of $6.95 and a 12 month high of $31.95. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in Hut 8 by 3.9% in the 4th quarter. Vanguard Group Inc. now owns 6,459,385 shares of the company’s stock worth $132,352,000 after buying an additional 245,113 shares during the period. State Street Corp grew 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 valued at $33,602,000 after purchasing an additional 307,292 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Hut 8 by 21.1% in the third quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company’s stock worth $26,902,000 after buying an additional 381,720 shares in the last quarter. Jericho Capital Asset Management L.P. purchased a new stake in shares of Hut 8 in the fourth quarter worth $37,400,000. Finally, BIT Capital GmbH boosted its stake in Hut 8 by 11.5% during the fourth 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 during the period. Hedge funds and other institutional investors 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.