Hut 8 Corp. (NASDAQ:HUT) Short Interest Up 11.6% in June

Hut 8 Corp. (NASDAQ:HUT) was the target of a significant growth in short interest during the month of June. As of June 15th, there was short interest totalling 7,240,000 shares, a growth of 11.6% from the May 31st total of 6,490,000 shares. Based on an average daily trading volume, of 3,940,000 shares, the days-to-cover ratio is currently 1.8 days. Currently, 9.1% of the shares of the company are sold short.

Insiders Place Their Bets

In other Hut 8 news, CFO Shenif Visram sold 17,905 shares of the firm’s stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $8.15, for a total value of $145,925.75. Following the completion of the sale, the chief financial officer now directly owns 30,865 shares of the company’s stock, valued at $251,549.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 12.00% of the company’s stock.

Hedge Funds Weigh In On Hut 8

Several hedge funds and other institutional investors have recently added to or reduced their stakes in HUT. Global Retirement Partners LLC lifted its holdings in shares of Hut 8 by 280.1% during the 1st quarter. Global Retirement Partners LLC now owns 5,428 shares of the company’s stock valued at $60,000 after buying an additional 4,000 shares during the period. Triton Wealth Management PLLC lifted its holdings in shares of Hut 8 by 24.9% during the 1st quarter. Triton Wealth Management PLLC now owns 12,490 shares of the company’s stock valued at $138,000 after buying an additional 2,490 shares during the period. Headlands Technologies LLC bought a new position in shares of Hut 8 during the 1st quarter valued at $255,000. AM Investment Strategies LLC bought a new position in shares of Hut 8 during the 4th quarter valued at $597,000. Finally, Foundations Investment Advisors LLC bought a new position in shares of Hut 8 during the 4th quarter valued at $605,000. 31.75% of the stock is owned by institutional investors.

Hut 8 Stock Up 1.7 %

Shares of Hut 8 stock traded up $0.26 during midday trading on Monday, hitting $15.25. The company had a trading volume of 6,012,950 shares, compared to its average volume of 4,995,428. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.31 and a current ratio of 0.31. The company has a 50 day moving average of $10.10 and a 200 day moving average of $9.68. Hut 8 has a 52-week low of $6.18 and a 52-week high of $22.75.

Hut 8 (NASDAQ:HUT) last posted its quarterly earnings results on Wednesday, May 15th. The company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.11). The company had revenue of $51.74 million during the quarter, compared to the consensus estimate of $50.60 million. On average, research analysts forecast that Hut 8 will post -0.43 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Canaccord Genuity Group lifted their price target on Hut 8 from $14.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday. Needham & Company LLC boosted their target price on Hut 8 from $13.00 to $15.00 and gave the stock a “buy” rating in a research report on Monday, June 24th. HC Wainwright restated a “sell” rating and set a $7.50 target price on shares of Hut 8 in a research report on Tuesday, June 25th. Craig Hallum boosted their target price on Hut 8 from $12.00 to $14.00 and gave the stock a “buy” rating in a research report on Friday, June 14th. Finally, Benchmark boosted their target price on Hut 8 from $12.00 to $17.00 and gave the stock a “buy” rating in a research report on Friday, June 21st. One equities research analyst has rated the stock with a sell rating and five have assigned a buy rating to the stock. According to MarketBeat, Hut 8 has an average rating of “Moderate Buy” and a consensus target price of $15.08.

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.