Hut 8 Corp. (NASDAQ:HUT) Short Interest Up 11.6% in June

Hut 8 Corp. (NASDAQ:HUT) saw a significant growth in short interest in June. As of June 15th, there was short interest totalling 7,240,000 shares, a growth of 11.6% from the May 31st total of 6,490,000 shares. Approximately 9.1% of the shares of the stock are sold short. Based on an average daily volume of 3,940,000 shares, the short-interest ratio is presently 1.8 days.

Hut 8 Stock Performance

HUT traded up $0.26 during trading hours on Monday, reaching $15.25. 6,012,950 shares of the stock traded hands, compared to its average volume of 4,995,428. The firm’s fifty day simple moving average is $10.10 and its two-hundred day simple moving average is $9.68. Hut 8 has a fifty-two week low of $6.18 and a fifty-two week high of $22.75. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.31 and a quick ratio of 0.31.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings data on Wednesday, May 15th. The company reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.11). The business had revenue of $51.74 million for the quarter, compared to analysts’ expectations of $50.60 million. As a group, equities research analysts anticipate that Hut 8 will post -0.43 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts recently commented on HUT shares. Needham & Company LLC upped their price target on shares of Hut 8 from $13.00 to $15.00 and gave the stock a “buy” rating in a research report on Monday, June 24th. Benchmark upped their price target on shares of Hut 8 from $12.00 to $17.00 and gave the stock a “buy” rating in a research report on Friday, June 21st. Craig Hallum increased their price objective on shares of Hut 8 from $12.00 to $14.00 and gave the stock a “buy” rating in a research report on Friday, June 14th. HC Wainwright reissued a “sell” rating and issued a $7.50 price objective on shares of Hut 8 in a research report on Tuesday, June 25th. Finally, Canaccord Genuity Group increased their price objective on shares of Hut 8 from $14.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Hut 8 currently has a consensus rating of “Moderate Buy” and an average price target of $15.08.

Insider Buying and Selling at Hut 8

In other Hut 8 news, CFO Shenif Visram sold 17,905 shares of the company’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $8.15, for a total value of $145,925.75. Following the sale, the chief financial officer now owns 30,865 shares of the company’s stock, valued at $251,549.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 12.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Triton Wealth Management PLLC lifted its position in shares of Hut 8 by 24.9% in the 1st quarter. Triton Wealth Management PLLC now owns 12,490 shares of the company’s stock worth $138,000 after buying an additional 2,490 shares during the last quarter. Global Retirement Partners LLC lifted its position in shares of Hut 8 by 280.1% in the 1st quarter. Global Retirement Partners LLC now owns 5,428 shares of the company’s stock worth $60,000 after buying an additional 4,000 shares during the last quarter. Headlands Technologies LLC bought a new position in shares of Hut 8 in the 1st quarter worth about $255,000. AM Investment Strategies LLC bought a new position in shares of Hut 8 in the 4th quarter worth about $597,000. Finally, Foundations Investment Advisors LLC bought a new position in shares of Hut 8 in the 4th quarter worth about $605,000. 31.75% of the stock is currently owned by institutional investors.

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.