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

Hut 8 Corp. (NASDAQ:HUT - Get Free Report) saw some unusual options trading on Tuesday. Investors acquired 30,017 call options on the company. This represents an increase of approximately 76% compared to the typical daily volume of 17,046 call options.

Hedge Funds Weigh In On Hut 8

Several large investors have recently made changes to their positions in HUT. Nisa Investment Advisors LLC lifted its stake in Hut 8 by 77.9% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company's stock worth $26,000 after purchasing an additional 545 shares in the last quarter. Summit Investment Advisors Inc. boosted its holdings in Hut 8 by 7.9% during the 4th quarter. Summit Investment Advisors Inc. now owns 8,475 shares of the company's stock valued at $174,000 after acquiring an additional 618 shares during the period. Arizona State Retirement System grew its position in Hut 8 by 2.8% in the 4th quarter. Arizona State Retirement System now owns 23,764 shares of the company's stock valued at $487,000 after acquiring an additional 637 shares in the last quarter. Foundations Investment Advisors LLC grew its position in Hut 8 by 1.9% in the 4th quarter. Foundations Investment Advisors LLC now owns 50,687 shares of the company's stock valued at $1,039,000 after acquiring an additional 932 shares in the last quarter. Finally, R Squared Ltd purchased a new stake in Hut 8 during the fourth quarter worth about $26,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

HUT has been the subject of a number of research reports. HC Wainwright dropped their target price on shares of Hut 8 from $35.00 to $30.00 and set a "buy" rating for the company in a report on Tuesday, March 4th. Needham & Company LLC restated a "buy" rating and issued a $30.00 price target on shares of Hut 8 in a research report on Tuesday, March 4th. Keefe, Bruyette & Woods assumed coverage on Hut 8 in a report on Wednesday, January 8th. They issued an "outperform" rating for the company. Rosenblatt Securities began coverage on Hut 8 in a report on Friday, March 7th. They set a "buy" rating and a $23.00 price target on the stock. Finally, Benchmark dropped their price objective on shares of Hut 8 from $41.00 to $33.00 and set a "buy" rating for the company in a report on Wednesday. Ten analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $29.00.

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Hut 8 Price Performance

NASDAQ HUT traded down $0.52 during trading hours on Friday, reaching $11.39. The company had a trading volume of 7,136,893 shares, compared to its average volume of 5,222,379. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35. The stock has a 50-day moving average of $16.08 and a 200 day moving average of $19.00. Hut 8 has a 1-year low of $6.95 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.