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

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

Hedge Funds Weigh In On Hut 8

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Swiss National Bank boosted its position 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. boosted its holdings in Hut 8 by 8,329.2% in the 1st quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock worth $30,770,000 after acquiring an additional 2,754,037 shares during the period. Vident Advisory LLC grew its position in Hut 8 by 78.3% in the first quarter. Vident Advisory LLC now owns 581,481 shares of the company’s stock valued at $6,422,000 after acquiring an additional 255,307 shares in the last quarter. Tidal Investments LLC purchased a new stake in shares of Hut 8 during the first quarter valued at approximately $18,191,000. Finally, Westend Capital Management LLC lifted its position in shares of Hut 8 by 1.7% during the second quarter. Westend Capital Management LLC now owns 477,961 shares of the company’s stock worth $7,289,000 after purchasing an additional 7,827 shares in the last quarter. Institutional investors and hedge funds own 31.75% of the company’s stock.

Hut 8 Trading Up 1.2 %

HUT traded up $0.31 on Monday, reaching $25.57. 2,552,541 shares of the company’s stock were exchanged, compared to its average volume of 5,094,422. Hut 8 has a twelve month low of $6.18 and a twelve month high of $28.47. The company’s 50 day moving average is $14.47 and its 200-day moving average is $13.00. The company has a quick ratio of 1.68, a current ratio of 1.00 and a debt-to-equity ratio of 0.35.

Wall Street Analysts Forecast Growth

HUT has been the subject of several analyst reports. Canaccord Genuity Group boosted their price target on Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a report on Thursday. 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. Craig Hallum lifted their price target on Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a report on Thursday. HC Wainwright increased their price objective on shares of Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Needham & Company LLC upped their price target on shares of Hut 8 from $21.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday. Six research analysts have rated the stock with a buy rating, According to MarketBeat, Hut 8 currently has an average rating of “Buy” and an average price target of $30.17.

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.