Short Interest in Hut 8 Corp. (NASDAQ:HUT) Increases By 11.9%

Hut 8 Corp. (NASDAQ:HUT) saw a large increase in short interest in the month of December. As of December 15th, there was short interest totalling 7,980,000 shares, an increase of 11.9% from the November 30th total of 7,130,000 shares. Approximately 9.6% of the company’s stock are sold short. Based on an average trading volume of 6,770,000 shares, the short-interest ratio is currently 1.2 days.

Analyst Upgrades and Downgrades

HUT has been the subject of several research analyst reports. HC Wainwright lifted their price objective on Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Craig Hallum upped their price objective on Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Benchmark lifted their target price on Hut 8 from $17.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. 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. Finally, Needham & Company LLC boosted their price objective on Hut 8 from $32.00 to $38.00 and gave the company a “buy” rating in a research note on Tuesday, December 17th. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $31.88.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Foundations Investment Advisors LLC boosted its position in Hut 8 by 2.0% in the 2nd quarter. Foundations Investment Advisors LLC now owns 48,728 shares of the company’s stock valued at $730,000 after buying an additional 949 shares during the period. AM Investment Strategies LLC increased its holdings in Hut 8 by 3.6% during the 3rd quarter. AM Investment Strategies LLC now owns 44,000 shares of the company’s stock worth $539,000 after purchasing an additional 1,521 shares during the period. Amalgamated Bank purchased a new stake in shares of Hut 8 in the 2nd quarter worth $42,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Hut 8 by 27.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,223 shares of the company’s stock valued at $213,000 after buying an additional 3,105 shares during the period. Finally, Capital Performance Advisors LLP bought a new stake in shares of Hut 8 in the third quarter valued at about $40,000. Institutional investors own 31.75% of the company’s stock.

Hut 8 Stock Down 3.0 %

NASDAQ HUT traded down $0.66 during trading hours on Monday, hitting $21.66. 3,267,741 shares of the company were exchanged, compared to its average volume of 5,407,445. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35. The stock has a 50-day moving average price of $22.99 and a 200 day moving average price of $16.56. Hut 8 has a 52 week low of $6.18 and a 52 week high of $31.95.

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.