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

Hut 8 Corp. (NASDAQ:HUT) was the recipient of unusually large options trading activity 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.

Hut 8 Stock Performance

Shares of Hut 8 stock traded up $2.19 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. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35. Hut 8 has a one year low of $6.18 and a one year high of $31.95. The stock’s 50-day simple moving average is $23.63 and its two-hundred day simple moving average is $16.88.

Institutional Trading of Hut 8

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Amalgamated Bank purchased a new stake in Hut 8 in the second quarter worth $42,000. Capital Performance Advisors LLP purchased a new position in Hut 8 during the third quarter valued at $40,000. Victory Capital Management Inc. purchased a new position in Hut 8 during the second quarter valued at $154,000. Intech Investment Management LLC purchased a new position in Hut 8 during the third quarter valued at $133,000. Finally, XTX Topco Ltd purchased a new position in Hut 8 during the third quarter valued at $162,000. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on HUT shares. Canaccord Genuity Group raised their target price 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. Needham & Company LLC increased their price target 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. Benchmark increased their price target on shares of Hut 8 from $17.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Piper Sandler started coverage on shares of Hut 8 in a research report on Tuesday, December 17th. They set an “overweight” rating and a $33.00 price target on the stock. Finally, Craig Hallum increased their price target 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. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $31.88.

Hut 8 Company Profile

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.