Hut 8 Target of Unusually High Options Trading (NASDAQ:HUT)

Hut 8 Corp. (NASDAQ:HUT) was the target of unusually large options trading activity on Monday. Stock investors bought 27,514 call options on the company. This represents an increase of 86% compared to the average daily volume of 14,807 call options.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on HUT. Piper Sandler initiated coverage on Hut 8 in a report on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 price target for the company. Cantor Fitzgerald initiated coverage on Hut 8 in a research note on Monday, December 9th. They issued an “overweight” rating and a $35.00 target price for the company. Needham & Company LLC increased their target price on Hut 8 from $32.00 to $38.00 and gave the stock a “buy” rating in a research report on Tuesday, December 17th. Benchmark upped their price objective on shares of Hut 8 from $17.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Finally, Canaccord Genuity Group raised their target price on shares of Hut 8 from $22.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Eight analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $31.88.

Hut 8 Price Performance

NASDAQ HUT opened at $26.67 on Tuesday. 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 1-year low of $6.18 and a 1-year high of $31.95. The business’s 50-day simple moving average is $23.82 and its 200-day simple moving average is $17.01.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Amalgamated Bank purchased a new stake in shares of Hut 8 in the second quarter worth about $42,000. Capital Performance Advisors LLP acquired a new position in Hut 8 during the 3rd quarter worth approximately $40,000. Victory Capital Management Inc. purchased a new position in Hut 8 in the 2nd quarter worth approximately $154,000. Intech Investment Management LLC acquired a new stake in Hut 8 in the third quarter valued at approximately $133,000. Finally, XTX Topco Ltd purchased a new stake in shares of Hut 8 during the third quarter valued at approximately $162,000. 31.75% of the stock is owned by institutional investors and hedge funds.

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.