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

Hut 8 Corp. (NASDAQ:HUT) saw unusually large options trading on Tuesday. Investors purchased 30,017 call options on the company. This is an increase of 76% compared to the average daily volume of 17,046 call options.

Institutional Trading of Hut 8

Hedge funds and other institutional investors have recently made changes to their positions in the business. Paloma Partners Management Co acquired a new position in shares of Hut 8 during the 3rd quarter worth approximately $834,000. State Street Corp grew its position in shares of Hut 8 by 12.6% in the third 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 during the last quarter. MetLife Investment Management LLC increased its stake in shares of Hut 8 by 129.1% during the third quarter. MetLife Investment Management LLC now owns 46,719 shares of the company’s stock worth $573,000 after purchasing an additional 26,324 shares during the period. Geode Capital Management LLC increased its stake in shares of Hut 8 by 21.1% during the third quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company’s stock worth $26,902,000 after purchasing an additional 381,720 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Hut 8 by 9.4% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 891,830 shares of the company’s stock worth $18,242,000 after purchasing an additional 76,299 shares during the last quarter. 31.75% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

HUT has been the subject of several research analyst reports. Canaccord Genuity Group restated a “buy” rating and issued a $32.00 target price on shares of Hut 8 in a report on Tuesday, March 4th. HC Wainwright lowered their target price on Hut 8 from $35.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday, March 4th. Benchmark reiterated a “buy” rating and set a $41.00 target price on shares of Hut 8 in a report on Tuesday, January 7th. Piper Sandler assumed coverage on shares of Hut 8 in a report on Tuesday, December 17th. They set an “overweight” rating and a $33.00 price target for the company. Finally, Rosenblatt Securities started coverage on Hut 8 in a research note on Friday, March 7th. They issued a “buy” rating and a $23.00 price target on the stock. Ten investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Hut 8 currently has a consensus rating of “Buy” and a consensus target price of $29.89.

Hut 8 Price Performance

Shares of HUT traded up $1.70 during mid-day trading on Tuesday, hitting $13.32. 9,944,741 shares of the company traded hands, compared to its average volume of 5,176,593. The business has a 50-day moving average of $17.14 and a 200 day moving average of $19.02. Hut 8 has a one year low of $6.95 and a one year high of $31.95. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00.

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.