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

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

Institutional Trading of Hut 8

A number of institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in shares of 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 purchasing an additional 2,754,037 shares during the period. State Street Corp lifted its stake in Hut 8 by 12.6% during the 3rd 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 period. JAT Capital Mgmt LP purchased a new stake in shares of Hut 8 in the 3rd quarter valued at $32,260,000. Geode Capital Management LLC increased its stake in shares of Hut 8 by 21.1% in the third quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company’s stock worth $26,902,000 after acquiring an additional 381,720 shares during the period. Finally, Tidal Investments LLC acquired a new position in Hut 8 during the first quarter valued at $18,191,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.

Hut 8 Stock Performance

Shares of HUT traded up $2.12 during trading hours on Friday, hitting $25.26. The company had a trading volume of 7,458,332 shares, compared to its average volume of 5,105,805. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 0.43. Hut 8 has a one year low of $6.18 and a one year high of $28.47. The company’s fifty day moving average price is $14.47 and its two-hundred day moving average price is $12.93.

Hut 8 (NASDAQ:HUT) last released its quarterly earnings results on Tuesday, August 13th. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.11. The firm had revenue of $35.22 million during the quarter, compared to analysts’ expectations of $38.00 million. Equities research analysts expect that Hut 8 will post -0.55 EPS for the current fiscal year.

Analysts Set New Price Targets

HUT has been the topic of a number of analyst reports. Needham & Company LLC upped their target price on Hut 8 from $21.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday. Stifel Nicolaus upped their price objective on Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a research report on Wednesday, October 30th. Craig Hallum lifted 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. HC Wainwright upped their price target on shares of Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Benchmark lifted their price objective on shares of Hut 8 from $17.00 to $32.00 and gave the company a “buy” rating in a report on Thursday. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price 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.