Hut 8 Corp. (NASDAQ:HUT) Sees Large Increase in Short Interest

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

Analysts Set New Price Targets

Several research analysts have recently commented on HUT shares. Piper Sandler started coverage on Hut 8 in a research report on Tuesday, December 17th. They set an "overweight" rating and a $33.00 price target for the company. Canaccord Genuity Group raised their target price on Hut 8 from $22.00 to $32.00 and gave the company a "buy" rating in a report on Thursday, November 14th. Stifel Nicolaus boosted their price target on shares of Hut 8 from $15.00 to $18.00 and gave the stock a "speculative buy" rating in a research note on Wednesday, October 30th. Needham & Company LLC increased their price target on shares of Hut 8 from $32.00 to $38.00 and gave the stock a "buy" rating in a research report on Tuesday, December 17th. Finally, Benchmark lifted 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, November 14th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $31.88.

Hut 8 Stock Performance

Shares of HUT stock traded down $0.81 during trading hours on Monday, reaching $21.51. 3,990,772 shares of the stock were exchanged, compared to its average volume of 5,411,022. Hut 8 has a 12-month low of $6.18 and a 12-month high of $31.95. The business's fifty day moving average is $23.11 and its two-hundred day moving average is $16.63. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35.

Institutional Investors Weigh In On Hut 8

Large investors have recently modified their holdings of the company. Bank of New York Mellon Corp purchased a new position in shares of Hut 8 in the 2nd quarter valued at about $4,390,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Hut 8 by 27.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,223 shares of the company's stock worth $213,000 after purchasing an additional 3,105 shares in the last quarter. Rhumbline Advisers lifted its position in shares of Hut 8 by 684,077.8% during the 2nd quarter. Rhumbline Advisers now owns 123,152 shares of the company's stock worth $1,846,000 after buying an additional 123,134 shares during the last quarter. Foundations Investment Advisors LLC boosted its holdings in shares of 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 in the last quarter. Finally, Victory Capital Management Inc. purchased a new position in shares of Hut 8 in the 2nd quarter valued at $154,000. 31.75% of the stock is owned by hedge funds and other institutional investors.

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.