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

Hut 8 Corp. (NASDAQ:HUT - Get Free Report) was the recipient of a large decline in short interest in October. As of October 31st, there was short interest totalling 12,730,000 shares, a decline of 16.0% from the October 15th total of 15,150,000 shares. Based on an average daily trading volume, of 4,760,000 shares, the short-interest ratio is currently 2.7 days. Approximately 15.8% of the shares of the company are sold short.

Institutional Trading of Hut 8

Several hedge funds and other institutional investors have recently bought and sold shares of HUT. Swiss National Bank raised its holdings in shares of Hut 8 by 61.6% in the first quarter. Swiss National Bank now owns 141,940 shares of the company's stock worth $1,567,000 after buying an additional 54,100 shares during the period. Vanguard Group Inc. lifted its position in shares of Hut 8 by 8,329.2% during the first quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company's stock worth $30,770,000 after purchasing an additional 2,754,037 shares during the last quarter. Vident Advisory LLC grew its holdings in shares of Hut 8 by 78.3% in the first quarter. Vident Advisory LLC now owns 581,481 shares of the company's stock worth $6,422,000 after purchasing an additional 255,307 shares during the last quarter. Tidal Investments LLC purchased a new position in Hut 8 in the 1st quarter worth about $18,191,000. Finally, Westend Capital Management LLC lifted its holdings in Hut 8 by 1.7% during the 2nd quarter. Westend Capital Management LLC now owns 477,961 shares of the company's stock valued at $7,289,000 after buying an additional 7,827 shares in the last quarter. Hedge funds and other institutional investors own 31.75% of the company's stock.

Hut 8 Stock Performance

Shares of NASDAQ:HUT traded up $2.12 on Friday, reaching $25.26. The company's stock had a trading volume of 7,458,332 shares, compared to its average volume of 5,105,805. The company has a 50-day simple moving average of $14.47 and a 200 day simple moving average of $12.93. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.68 and a current ratio of 1.68. Hut 8 has a 52-week low of $6.18 and a 52-week high of $28.47.

Hut 8 (NASDAQ:HUT - Get Free Report) last issued its quarterly earnings data on Tuesday, August 13th. The company reported $0.02 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.09) by $0.11. The company had revenue of $35.22 million for the quarter, compared to analysts' expectations of $38.00 million. As a group, analysts forecast that Hut 8 will post -0.55 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. HC Wainwright raised 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. Craig Hallum lifted their target price on shares of Hut 8 from $15.00 to $32.00 and gave the company a "buy" rating in a research note on Thursday. Stifel Nicolaus increased their price target on Hut 8 from $15.00 to $18.00 and gave the stock a "speculative buy" rating in a research note on Wednesday, October 30th. Canaccord Genuity Group increased their target price on Hut 8 from $22.00 to $32.00 and gave the stock a "buy" rating in a research report on Thursday. Finally, Benchmark increased their price objective on shares of Hut 8 from $17.00 to $32.00 and gave the company a "buy" rating in a report on Thursday. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $30.17.

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.