Short Interest in Hut 8 Corp. (NASDAQ:HUT) Grows By 7.8%

Hut 8 Corp. (NASDAQ:HUTGet Free Report) was the target of a large increase in short interest in March. As of March 15th, there was short interest totalling 9,560,000 shares, an increase of 7.8% from the February 29th total of 8,870,000 shares. Based on an average daily trading volume, of 6,280,000 shares, the short-interest ratio is currently 1.5 days. Approximately 10.8% of the company’s stock are sold short.

Wall Street Analyst Weigh In

A number of brokerages have commented on HUT. HC Wainwright upped their price objective on shares of Hut 8 from $7.00 to $9.00 and gave the stock a “sell” rating in a research report on Thursday, March 28th. Needham & Company LLC restated a “buy” rating and set a $12.00 price objective on shares of Hut 8 in a research report on Monday. Craig Hallum upped their price objective on shares of Hut 8 from $10.00 to $12.00 and gave the stock a “hold” rating in a research report on Monday. Stifel Nicolaus upped their price objective on shares of Hut 8 from $3.25 to $15.00 and gave the stock a “speculative buy” rating in a research report on Monday, January 8th. Finally, Canaccord Genuity Group restated a “buy” rating and set a $3.50 price objective on shares of Hut 8 in a research report on Thursday, March 28th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $10.30.

View Our Latest Research Report on HUT

Hut 8 Stock Performance

Shares of NASDAQ HUT opened at $9.69 on Thursday. The company has a market cap of $429.75 million, a PE ratio of -3.52 and a beta of 3.91. Hut 8 has a 12 month low of $6.18 and a 12 month high of $22.75. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.61 and a quick ratio of 4.61. The company has a 50-day simple moving average of $8.55 and a 200-day simple moving average of $6.72.

Institutional Investors Weigh In On Hut 8

Several hedge funds have recently modified their holdings of HUT. State Street Corp lifted its position in Hut 8 by 327.4% during the second quarter. State Street Corp now owns 6,856,582 shares of the company’s stock valued at $22,627,000 after buying an additional 5,252,265 shares in the last quarter. Renaissance Technologies LLC acquired a new position in shares of Hut 8 during the second quarter worth $3,697,000. Qube Research & Technologies Ltd acquired a new position in shares of Hut 8 during the third quarter worth $3,429,000. American Century Companies Inc. lifted its position in shares of Hut 8 by 2,375.8% during the first quarter. American Century Companies Inc. now owns 1,005,178 shares of the company’s stock worth $1,740,000 after purchasing an additional 964,578 shares in the last quarter. Finally, Wellington Management Group LLP lifted its position in shares of Hut 8 by 203.4% during the third quarter. Wellington Management Group LLP now owns 1,125,958 shares of the company’s stock worth $2,224,000 after purchasing an additional 754,891 shares in the last quarter. 31.75% of the stock is owned by institutional investors and hedge funds.

Hut 8 Company Profile

(Get Free Report)

Hut 8 Corp. provides digital asset mining and high-performance computing infrastructure solutions in Canada. It operates computing infrastructure sites mines Bitcoin, as well as delivers cloud, colocation, and computing services to enterprise customers. The company was founded in 2017 and is based in Miami, Florida.

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