Hut 8 Corp. (NASDAQ:HUT) Short Interest Up 11.9% in December

Hut 8 Corp. (NASDAQ:HUT) was the target of a significant growth in short interest in 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. Based on an average daily volume of 6,770,000 shares, the days-to-cover ratio is currently 1.2 days. Approximately 9.6% of the company’s stock are short sold.

Hut 8 Price Performance

NASDAQ:HUT traded down $0.66 during trading hours on Monday, reaching $21.66. The company had a trading volume of 3,267,741 shares, compared to its average volume of 5,407,445. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.35. Hut 8 has a 1-year low of $6.18 and a 1-year high of $31.95. The business’s 50 day moving average price is $22.99 and its 200-day moving average price is $16.56.

Hedge Funds Weigh In On Hut 8

Large investors have recently made changes to their positions in the company. State Street Corp boosted its position in Hut 8 by 12.6% during the third quarter. State Street Corp now owns 2,740,769 shares of the company’s stock worth $33,602,000 after purchasing an additional 307,292 shares in the last quarter. JAT Capital Mgmt LP purchased a new position in shares of Hut 8 during the 3rd quarter valued at approximately $32,260,000. Geode Capital Management LLC grew its stake in Hut 8 by 21.1% in the 3rd quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company’s stock valued at $26,902,000 after acquiring an additional 381,720 shares during the period. D1 Capital Partners L.P. purchased a new stake in Hut 8 in the 2nd quarter worth $17,388,000. Finally, Charles Schwab Investment Management Inc. raised its position in Hut 8 by 31.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 833,165 shares of the company’s stock worth $10,215,000 after acquiring an additional 197,074 shares during the period. 31.75% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

HUT has been the topic of several analyst reports. Benchmark lifted their price target on shares of Hut 8 from $17.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Piper Sandler assumed coverage on Hut 8 in a research note on Tuesday, December 17th. They issued an “overweight” rating and a $33.00 price target for the company. Needham & Company LLC increased their price objective on shares of Hut 8 from $32.00 to $38.00 and gave the company a “buy” rating in a research report on Tuesday, December 17th. Stifel Nicolaus boosted their price objective on shares of Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a report on Wednesday, October 30th. Finally, HC Wainwright boosted their price target on Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Hut 8 currently has an average rating of “Buy” and a consensus target price of $31.88.

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.