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

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

Hut 8 Price Performance

NASDAQ HUT traded up $2.12 during trading hours on Friday, reaching $25.26. The company had a trading volume of 7,458,332 shares, compared to its average volume of 5,105,805. The stock has a 50-day moving average of $14.47 and a 200 day moving average of $12.93. 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 1-year low of $6.18 and a 1-year high of $28.47.

Hut 8 (NASDAQ:HUT) last posted its 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 for the quarter, compared to analyst estimates of $38.00 million. Analysts expect that Hut 8 will post -0.55 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on HUT. Canaccord Genuity Group boosted their price objective on Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday. Benchmark raised their target price on Hut 8 from $17.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday. Needham & Company LLC boosted their price target on Hut 8 from $21.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday. Craig Hallum increased their target price on shares of Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Stifel Nicolaus lifted their price objective on Hut 8 from $15.00 to $18.00 and gave the stock a “speculative buy” rating in a research report on Wednesday, October 30th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Hut 8 presently has an average rating of “Buy” and an average price target of $30.17.

Institutional Investors Weigh In On Hut 8

Several large investors have recently added to or reduced their stakes in the business. Swiss National Bank lifted its stake in Hut 8 by 61.6% during the first quarter. Swiss National Bank now owns 141,940 shares of the company’s stock worth $1,567,000 after purchasing an additional 54,100 shares during the last quarter. Vanguard Group Inc. lifted its position in Hut 8 by 8,329.2% during the 1st quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock worth $30,770,000 after acquiring an additional 2,754,037 shares during the period. Vident Advisory LLC raised its position in Hut 8 by 78.3% during the 1st quarter. Vident Advisory LLC now owns 581,481 shares of the company’s stock worth $6,422,000 after buying an additional 255,307 shares during the last quarter. Tidal Investments LLC acquired a new stake in Hut 8 in the first quarter valued at about $18,191,000. Finally, Westend Capital Management LLC boosted its stake in shares of Hut 8 by 1.7% in the second quarter. Westend Capital Management LLC now owns 477,961 shares of the company’s stock valued at $7,289,000 after buying an additional 7,827 shares in the last quarter. 31.75% of the stock is owned by hedge funds and other institutional investors.

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.