Hut 8 Corp. (NASDAQ:HUT) Short Interest Update

Hut 8 Corp. (NASDAQ:HUT) saw a significant increase in short interest in the month of December. As of December 31st, there was short interest totalling 10,160,000 shares, an increase of 27.3% from the December 15th total of 7,980,000 shares. Based on an average daily trading volume, of 6,950,000 shares, the short-interest ratio is currently 1.5 days. Currently, 12.2% of the company’s stock are short sold.

Hut 8 Trading Up 1.2 %

Shares of HUT stock traded up $0.33 during mid-day trading on Friday, hitting $26.92. 10,163,151 shares of the stock were exchanged, compared to its average volume of 5,377,196. The firm has a fifty day moving average of $25.12 and a 200 day moving average of $17.61. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35. Hut 8 has a 52-week low of $6.18 and a 52-week high of $31.95.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on HUT. Stifel Nicolaus upped their price target on Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a research report on Wednesday, October 30th. Piper Sandler began coverage on Hut 8 in a research report on Tuesday, December 17th. They set an “overweight” rating and a $33.00 price target on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $38.00 price target on shares of Hut 8 in a research report on Monday, January 13th. HC Wainwright upped their price target on Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $35.00 price target on shares of Hut 8 in a research report on Tuesday, January 7th. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Hut 8 presently has a consensus rating of “Buy” and a consensus price target of $33.00.

Institutional Investors Weigh In On Hut 8

Several hedge funds have recently modified their holdings of HUT. GoalVest Advisory LLC purchased a new position in Hut 8 in the 4th quarter valued at about $330,000. Nisa Investment Advisors LLC lifted its stake in Hut 8 by 77.9% in the 4th 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. Barclays PLC lifted its stake in Hut 8 by 29.7% in the 3rd quarter. Barclays PLC now owns 124,527 shares of the company’s stock worth $1,526,000 after purchasing an additional 28,532 shares in the last quarter. Geode Capital Management LLC lifted its stake in Hut 8 by 21.1% in the 3rd 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 in the last quarter. Finally, Y Intercept Hong Kong Ltd lifted its stake in Hut 8 by 25.6% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 60,492 shares of the company’s stock worth $742,000 after purchasing an additional 12,314 shares in the last quarter. 31.75% of the stock is owned by hedge funds and other institutional investors.

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.