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

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

Hut 8 Price Performance

HUT opened at $25.26 on Monday. Hut 8 has a twelve month low of $6.18 and a twelve month high of $28.47. The firm’s 50-day moving average price is $14.47 and its 200 day moving average price is $12.97. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.68 and a current ratio of 1.00.

Analysts Set New Price Targets

HUT has been the topic of several research analyst reports. Benchmark lifted their target price on shares of Hut 8 from $17.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday. Needham & Company LLC lifted their target price on shares of Hut 8 from $21.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday. HC Wainwright lifted their target price on shares of Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a research report 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 report on Thursday. Finally, Stifel Nicolaus lifted their target price on shares of Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a research report on Wednesday, October 30th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $30.17.

Hedge Funds Weigh In On Hut 8

A number of institutional investors and hedge funds have recently bought and sold shares of HUT. Amalgamated Bank purchased a new position in Hut 8 during the second quarter worth about $42,000. Capital Performance Advisors LLP purchased a new position in Hut 8 during the third quarter worth about $40,000. Victory Capital Management Inc. purchased a new position in Hut 8 during the second quarter worth about $154,000. Intech Investment Management LLC purchased a new position in Hut 8 during the third quarter worth about $133,000. Finally, XTX Topco Ltd purchased a new position in Hut 8 during the third quarter worth about $162,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.

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.