Short Interest in Hut 8 Corp. (NASDAQ:HUT) Increases By 14.7%

Hut 8 Corp. (NASDAQ:HUTGet Free Report) was the target of a significant growth in short interest in the month of February. As of February 29th, there was short interest totalling 8,870,000 shares, a growth of 14.7% from the February 14th total of 7,730,000 shares. Currently, 10.0% of the shares of the company are sold short. Based on an average daily trading volume, of 6,820,000 shares, the short-interest ratio is presently 1.3 days.

Hut 8 Price Performance

HUT stock opened at $7.63 on Monday. The firm has a 50 day moving average of $8.46 and a 200-day moving average of $6.08. Hut 8 has a 12-month low of $6.18 and a 12-month high of $22.75. The company has a current ratio of 4.61, a quick ratio of 4.61 and a debt-to-equity ratio of 0.04. The company has a market cap of $338.39 million, a price-to-earnings ratio of -2.74 and a beta of 3.86.

Institutional Investors Weigh In On Hut 8

A number of hedge funds and other institutional investors have recently modified their holdings of HUT. Engineers Gate Manager LP acquired a new position in shares of Hut 8 during the 4th quarter worth approximately $27,000. Quantbot Technologies LP acquired a new position in shares of Hut 8 during the 1st quarter worth approximately $28,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Hut 8 during the 2nd quarter worth approximately $28,000. Golden Green Inc. acquired a new position in Hut 8 in the 3rd quarter valued at $29,000. Finally, Two Sigma Investments LP acquired a new position in Hut 8 in the 4th quarter valued at $33,000. 11.80% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently commented on HUT shares. Stifel Nicolaus raised their price objective on shares of Hut 8 from $3.25 to $15.00 and gave the company a “speculative buy” rating in a research report on Monday, January 8th. Needham & Company LLC started coverage on shares of Hut 8 in a research report on Monday. They issued a “buy” rating and a $12.00 price objective for the company. Finally, HC Wainwright restated a “sell” rating and issued a $7.00 price objective on shares of Hut 8 in a research report on Tuesday, February 27th.

View Our Latest Research Report on HUT

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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