Hut 8 Corp. (NASDAQ:HUT) Short Interest Up 27.3% in December

Hut 8 Corp. (NASDAQ:HUT) was the recipient of a large growth in short interest during the month of December. As of December 31st, there was short interest totalling 10,160,000 shares, a growth of 27.3% from the December 15th total of 7,980,000 shares. Based on an average daily volume of 6,950,000 shares, the short-interest ratio is currently 1.5 days. Approximately 12.2% of the company’s shares are short sold.

Hut 8 Stock Performance

Shares of HUT traded up $0.33 during mid-day trading on Friday, hitting $26.92. The stock had a trading volume of 10,163,151 shares, compared to its average volume of 5,377,196. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00. Hut 8 has a 52 week low of $6.18 and a 52 week high of $31.95. The business has a fifty day moving average price of $25.12 and a 200-day moving average price of $17.61.

Wall Street Analysts Forecast Growth

HUT has been the subject of several recent analyst reports. Stifel Nicolaus increased their price target on Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a report on Wednesday, October 30th. Keefe, Bruyette & Woods assumed coverage on shares of Hut 8 in a report on Wednesday, January 8th. They set an “outperform” rating on the stock. 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 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 report on Thursday, November 14th. Finally, Needham & Company LLC restated a “buy” rating and issued a $38.00 price target on shares of Hut 8 in a report on Monday, January 13th. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $33.00.

Institutional Investors Weigh In On Hut 8

A number of large investors have recently added to or reduced their stakes in HUT. Nisa Investment Advisors LLC lifted its position in shares of Hut 8 by 77.9% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company’s stock worth $26,000 after purchasing an additional 545 shares during the period. Amalgamated Bank purchased a new stake in Hut 8 in the second quarter worth about $42,000. Capital Performance Advisors LLP bought a new position in shares of Hut 8 in the 3rd quarter worth approximately $40,000. Victory Capital Management Inc. purchased a new position in shares of Hut 8 in the 2nd quarter valued at approximately $154,000. Finally, Intech Investment Management LLC purchased a new position in shares of Hut 8 in the 3rd quarter valued at approximately $133,000. Hedge funds and other institutional investors own 31.75% of the company’s stock.

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.