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

Hut 8 Corp. (NASDAQ:HUT) was the target of a large growth in short interest in December. As of December 31st, there was short interest totalling 10,160,000 shares, a growth of 27.3% from the December 15th total of 7,980,000 shares. Based on an average daily volume of 6,950,000 shares, the days-to-cover ratio is currently 1.5 days. Approximately 12.2% of the shares of the stock are sold short.

Institutional Investors Weigh In On Hut 8

Institutional investors and hedge funds have recently made changes to their positions in the business. Nisa Investment Advisors LLC raised its holdings in shares of Hut 8 by 77.9% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company’s stock valued at $26,000 after buying an additional 545 shares during the last quarter. Capital Performance Advisors LLP purchased a new position in Hut 8 during the third quarter worth about $40,000. Amalgamated Bank purchased a new position in Hut 8 during the second quarter worth about $42,000. Intech Investment Management LLC purchased a new position in Hut 8 during the third quarter worth about $133,000. Finally, Victory Capital Management Inc. purchased a new position in Hut 8 during the second quarter worth about $154,000. 31.75% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on HUT shares. Piper Sandler started 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. Canaccord Genuity Group boosted their target price on Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Needham & Company LLC reiterated a “buy” rating and set a $38.00 target price on shares of Hut 8 in a research note on Monday, January 13th. HC Wainwright boosted their target price on shares of Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Finally, Craig Hallum boosted their target price on shares of Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Hut 8 presently has an average rating of “Buy” and a consensus price target of $33.00.

Hut 8 Price Performance

NASDAQ HUT traded up $0.33 during trading hours on Friday, hitting $26.92. The company had a trading volume of 10,163,151 shares, compared to its average volume of 5,377,196. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00. Hut 8 has a 1-year low of $6.18 and a 1-year high of $31.95. The business has a 50 day moving average of $25.12 and a 200-day moving average of $17.61.

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.