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. Approximately 12.2% of the company’s shares are sold short. Based on an average trading volume of 6,950,000 shares, the days-to-cover ratio is currently 1.5 days.

Institutional Trading of Hut 8

A number of institutional investors have recently added to or reduced their stakes in HUT. GoalVest Advisory LLC purchased a new position in Hut 8 during the fourth quarter valued at approximately $330,000. Nisa Investment Advisors LLC grew its position in shares of Hut 8 by 77.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company’s stock valued at $26,000 after purchasing an additional 545 shares in the last quarter. Barclays PLC grew its position in shares of Hut 8 by 29.7% during the 3rd quarter. Barclays PLC now owns 124,527 shares of the company’s stock valued at $1,526,000 after purchasing an additional 28,532 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Hut 8 by 21.1% in 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, Y Intercept Hong Kong Ltd raised its position in shares of Hut 8 by 25.6% in the third quarter. Y Intercept Hong Kong Ltd now owns 60,492 shares of the company’s stock worth $742,000 after buying an additional 12,314 shares in the last quarter. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Benchmark reiterated a “buy” rating and set a $41.00 price target on shares of Hut 8 in a report on Tuesday, January 7th. HC Wainwright increased their price target on Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Piper Sandler initiated coverage on shares of Hut 8 in a report on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 price target for the company. Keefe, Bruyette & Woods assumed coverage on Hut 8 in a research note on Wednesday, January 8th. They set an “outperform” rating on the stock. Finally, Canaccord Genuity Group raised their price objective on shares of Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $33.00.

Hut 8 Trading Up 1.2 %

NASDAQ:HUT traded up $0.33 on Friday, reaching $26.92. 10,163,151 shares of the company’s stock were exchanged, compared to its average volume of 5,377,196. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00. The stock has a fifty day simple moving average of $25.12 and a 200-day simple moving average of $17.63. Hut 8 has a 52 week low of $6.18 and a 52 week 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.