Hut 8 Corp. (NASDAQ:HUT) Short Interest Down 31.5% in November

Hut 8 Corp. (NASDAQ:HUT) was the target of a significant decrease in short interest during the month of November. As of November 15th, there was short interest totalling 8,720,000 shares, a decrease of 31.5% from the October 31st total of 12,730,000 shares. Approximately 10.5% of the shares of the company are short sold. Based on an average daily volume of 5,530,000 shares, the short-interest ratio is currently 1.6 days.

Hut 8 Stock Performance

Shares of Hut 8 stock traded down $0.43 during trading on Friday, hitting $28.02. The stock had a trading volume of 6,661,908 shares, compared to its average volume of 5,229,979. Hut 8 has a 12 month low of $6.18 and a 12 month high of $30.17. The business’s 50-day moving average is $17.13 and its 200 day moving average is $14.03. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on HUT shares. Benchmark increased their target price on Hut 8 from $17.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Craig Hallum increased their target price on Hut 8 from $15.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. 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, November 14th. HC Wainwright increased their target price on Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Finally, Stifel Nicolaus increased their target price 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. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $30.17.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in Hut 8 by 8,329.2% in the first quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock valued at $30,770,000 after acquiring an additional 2,754,037 shares during the last quarter. State Street Corp increased its stake in Hut 8 by 12.6% in the third quarter. State Street Corp now owns 2,740,769 shares of the company’s stock valued at $33,602,000 after acquiring an additional 307,292 shares during the last quarter. JAT Capital Mgmt LP purchased a new stake in Hut 8 during the third quarter valued at about $32,260,000. Geode Capital Management LLC boosted its position in Hut 8 by 21.1% during the third quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company’s stock valued at $26,902,000 after buying an additional 381,720 shares during the period. Finally, D1 Capital Partners L.P. purchased a new stake in Hut 8 during the second quarter valued at about $17,388,000. Institutional investors own 31.75% of the company’s stock.

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.