On May 23, 2023 at 10:31:13 ET an unusually large $225.00K block of Put contracts in Hut 8 Mining (HUT) was bought, with a strike price of $4.00 / share, expiring in 150 day(s) (on October 20, 2023). Fintel tracks all large options trades, and the premium spent on this trade was 4.49 sigmas above the mean, placing it in the 100.00th percentile of all recent large trades made in HUT options.

This trade was first picked up on Fintel’s real time Options Flow tool, where unusual option trades are highlighted.

What is the Fund Sentiment?

There are 140 funds or institutions reporting positions in Hut 8 Mining. This is a decrease of 5 owner(s) or 3.45% in the last quarter. Average portfolio weight of all funds dedicated to HUT is 0.32%, a decrease of 11.47%. Total shares owned by institutions increased in the last three months by 1.64% to 26,695K shares. The put/call ratio of HUT is 0.31, indicating a bullish outlook.

Analyst Price Forecast Suggests 12.16% Upside

As of May 11, 2023, the average one-year price target for Hut 8 Mining is 2.16. The forecasts range from a low of 1.13 to a high of $3.93. The average price target represents an increase of 12.16% from its latest reported closing price of 1.93.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Hut 8 Mining is 116MM. The projected annual non-GAAP EPS is -0.53.

What are Other Shareholders Doing?

BLOK – Amplify Transformational Data Sharing ETF holds 6,489K shares representing 2.93% ownership of the company. In it’s prior filing, the firm reported owning 6,992K shares, representing a decrease of 7.75%. The firm decreased its portfolio allocation in HUT by 10.00% over the last quarter.

Van Eck Associates holds 1,605K shares representing 0.73% ownership of the company. In it’s prior filing, the firm reported owning 1,503K shares, representing an increase of 6.34%. The firm increased its portfolio allocation in HUT by 104.79% over the last quarter.

BITQ – Bitwise Crypto Industry Innovators ETF holds 1,592K shares representing 0.72% ownership of the company. In it’s prior filing, the firm reported owning 1,750K shares, representing a decrease of 9.93%. The firm decreased its portfolio allocation in HUT by 18.45% over the last quarter.

KOMP – SPDR S&P Kensho New Economies Composite ETF holds 1,551K shares representing 0.70% ownership of the company. In it’s prior filing, the firm reported owning 633K shares, representing an increase of 59.21%. The firm increased its portfolio allocation in HUT by 16.17% over the last quarter.

Mirae Asset Global Investments Co. holds 1,527K shares representing 0.69% ownership of the company. In it’s prior filing, the firm reported owning 2,119K shares, representing a decrease of 38.72%. The firm decreased its portfolio allocation in HUT by 41.35% over the last quarter.

Hut 8 Mining Background Information
(This description is provided by the company.)

Hut 8 is one of North America’s largest innovation-focused digital asset miners, supporting open and decentralized systems since 2018. Located in energy rich Alberta, Canada, Hut 8 has one of the highest installed capacity rates in the industry and holds more self-mined Bitcoin than any crypto miner or publicly traded company globally. Hut 8 is executing on its commitment to mining and holding Bitcoin and has a diversified business and revenue strategy to grow and protect shareholder value regardless of Bitcoin’s market direction. The Company’s multi-pronged business strategy includes profitable digital asset mining, white-label high-performance compute hosting, as well as yield & income programs leveraging its Bitcoin held in reserve. Having demonstrated rapid growth and a stellar balance sheet, Hut 8 was the first publicly traded miner on the TSX and the first Canadian miner to be listed on The Nasdaq Global Select Market. Hut 8’s team of business building technologists are believers in decentralized systems, stewards of powerful industry-leading solutions, and drivers of innovation in digital asset mining and high-performance computing, with a focus on ESG alignment. Through innovation, imagination, and passion, Hut 8 is helping to define the digital asset revolution to create value and positive impacts for its shareholders and generations to come.

This article originally appeared on Fintel

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