Investors Purchase High Volume of Call Options on Hut 8 (NASDAQ:HUT)

Hut 8 Corp. (NASDAQ:HUT) was the target of unusually large options trading on Thursday. Investors purchased 36,977 call options on the stock. This represents an increase of approximately 52% compared to the average daily volume of 24,329 call options.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on HUT shares. Needham & Company LLC started coverage on Hut 8 in a research note on Monday, March 18th. They issued a “buy” rating and a $12.00 price objective for the company. Stifel Nicolaus increased their price target on Hut 8 from $3.25 to $15.00 and gave the stock a “speculative buy” rating in a research note on Monday, January 8th. HC Wainwright increased their price target on Hut 8 from $7.00 to $9.00 and gave the stock a “sell” rating in a research note on Thursday. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $3.50 price target on shares of Hut 8 in a research note on Thursday.

Hut 8 Stock Performance

Hut 8 stock traded up $1.18 during mid-day trading on Thursday, reaching $11.04. 16,211,941 shares of the stock traded hands, compared to its average volume of 5,783,621. The stock has a market capitalization of $489.62 million, a PE ratio of -4.25 and a beta of 3.86. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.61 and a quick ratio of 4.61. Hut 8 has a 12-month low of $6.18 and a 12-month high of $22.75. The business’s 50-day moving average is $8.18 and its 200-day moving average is $6.43.

Institutional Trading of Hut 8

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Envestnet Asset Management Inc. boosted its stake in Hut 8 by 22.8% during the first quarter. Envestnet Asset Management Inc. now owns 66,187 shares of the company’s stock valued at $365,000 after buying an additional 12,275 shares during the last quarter. HighTower Advisors LLC lifted its stake in shares of Hut 8 by 10.6% in the 1st quarter. HighTower Advisors LLC now owns 58,146 shares of the company’s stock valued at $324,000 after purchasing an additional 5,556 shares during the last quarter. Citigroup Inc. lifted its stake in shares of Hut 8 by 1,045.6% in the 1st quarter. Citigroup Inc. now owns 8,592 shares of the company’s stock valued at $47,000 after purchasing an additional 7,842 shares during the last quarter. D.A. Davidson & CO. bought a new stake in shares of Hut 8 during the 1st quarter worth approximately $59,000. Finally, Vontobel Holding Ltd. bought a new stake in shares of Hut 8 during the 1st quarter worth approximately $74,000. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Hut 8 Company Profile

Hut 8 Corp. provides digital asset mining and high-performance computing infrastructure solutions in Canada. It operates computing infrastructure sites mines Bitcoin, as well as delivers cloud, colocation, and computing services to enterprise customers. The company was founded in 2017 and is based in Miami, Florida.