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

Hut 8 Corp. (NASDAQ:HUT) was the recipient of some unusual options trading on Monday. Investors purchased 27,514 call options on the company. This is an increase of 86% compared to the average volume of 14,807 call options.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. JAT Capital Mgmt LP bought a new stake in shares of Hut 8 during the 3rd quarter valued at $32,260,000. D1 Capital Partners L.P. bought a new stake in Hut 8 during the second quarter valued at about $17,388,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Hut 8 in the third quarter valued at about $9,997,000. Geode Capital Management LLC boosted its stake 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 acquiring an additional 381,720 shares during the period. Finally, State Street Corp grew its position in shares of Hut 8 by 12.6% during the third quarter. State Street Corp now owns 2,740,769 shares of the company’s stock worth $33,602,000 after purchasing an additional 307,292 shares in the last quarter. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. HC Wainwright raised their price target on shares of Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Canaccord Genuity Group boosted their price target on Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Needham & Company LLC upped their price target on Hut 8 from $32.00 to $38.00 and gave the company a “buy” rating in a research report on Tuesday, December 17th. Benchmark reiterated a “buy” rating and issued a $41.00 price objective on shares of Hut 8 in a research report on Tuesday. Finally, Stifel Nicolaus upped their target price on Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a report on Wednesday, October 30th. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $33.00.

Hut 8 Stock Down 6.8 %

Shares of HUT opened at $24.85 on Wednesday. The firm has a fifty day simple moving average of $23.82 and a two-hundred day simple moving average of $17.01. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35. Hut 8 has a 1-year low of $6.18 and a 1-year high of $31.95.

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.