Short Interest in Hut 8 Corp. (NASDAQ:HUT) Grows By 27.3%

Hut 8 Corp. (NASDAQ:HUT) was the target of a significant increase in short interest during the month of December. As of December 31st, there was short interest totalling 10,160,000 shares, an increase of 27.3% from the December 15th total of 7,980,000 shares. Based on an average daily volume of 6,950,000 shares, the days-to-cover ratio is currently 1.5 days. Currently, 12.2% of the shares of the stock are sold short.

Institutional Trading of Hut 8

A number of hedge funds have recently bought and sold shares of HUT. Rhumbline Advisers increased its stake in shares of Hut 8 by 684,077.8% in the 2nd quarter. Rhumbline Advisers now owns 123,152 shares of the company’s stock worth $1,846,000 after purchasing an additional 123,134 shares in the last quarter. Victory Capital Management Inc. purchased a new position in shares of Hut 8 during the 2nd quarter valued at about $154,000. Arizona State Retirement System bought a new position in shares of Hut 8 in the second quarter worth approximately $337,000. Dimensional Fund Advisors LP purchased a new stake in shares of Hut 8 in the second quarter worth $200,000. Finally, Central Asset Investments & Management Holdings HK Ltd bought a new stake in shares of Hut 8 during the 2nd quarter valued at $608,000. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Hut 8 Stock Performance

Shares of NASDAQ HUT traded up $0.33 during trading on Friday, reaching $26.92. 10,163,151 shares of the company traded hands, compared to its average volume of 5,377,196. The firm has a 50 day simple moving average of $25.12 and a 200-day simple moving average of $17.63. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00. Hut 8 has a 52-week low of $6.18 and a 52-week high of $31.95.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. HC Wainwright upped their target price on shares of Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Keefe, Bruyette & Woods assumed coverage on Hut 8 in a research note on Wednesday, January 8th. They set an “outperform” rating for the company. Stifel Nicolaus boosted their price target on Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a report on Wednesday, October 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $35.00 target price on shares of Hut 8 in a research report on Tuesday, January 7th. Finally, Canaccord Genuity Group boosted their target price on shares of Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $33.00.

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.