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

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

Hut 8 Price Performance

Shares of HUT opened at $9.38 on Wednesday. The company has a 50 day moving average price of $8.48 and a 200-day moving average price of $6.70. Hut 8 has a fifty-two week low of $6.18 and a fifty-two week high of $22.75. The stock has a market capitalization of $416.00 million, a PE ratio of -3.41 and a beta of 3.91. The company has a debt-to-equity ratio of 0.04, a quick ratio of 4.61 and a current ratio of 4.61.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Stifel Nicolaus upped their price target 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. HC Wainwright upped their price target on shares of Hut 8 from $7.00 to $9.00 and gave the company a “sell” rating in a research report on Thursday, March 28th. Craig Hallum upped their price target on shares of Hut 8 from $10.00 to $12.00 and gave the company a “hold” rating in a research report on Monday. Canaccord Genuity Group reissued a “buy” rating and issued a $3.50 price target on shares of Hut 8 in a research note on Thursday, March 28th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $12.00 price target on shares of Hut 8 in a research note on Monday. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $10.30.

View Our Latest Stock Analysis on HUT

Institutional Trading of Hut 8

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. State Street Corp lifted its holdings 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 purchasing an additional 5,252,265 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in shares of Hut 8 during the second quarter valued at about $3,697,000. Qube Research & Technologies Ltd acquired a new position in shares of Hut 8 in the third quarter valued at approximately $3,429,000. American Century Companies Inc. grew its holdings in Hut 8 by 2,375.8% during the 1st quarter. American Century Companies Inc. now owns 1,005,178 shares of the company’s stock worth $1,740,000 after acquiring an additional 964,578 shares in the last quarter. Finally, Wellington Management Group LLP grew its holdings in Hut 8 by 203.4% during the 3rd quarter. Wellington Management Group LLP now owns 1,125,958 shares of the company’s stock worth $2,224,000 after acquiring an additional 754,891 shares in the last quarter. Institutional investors and hedge funds own 31.75% of the company’s stock.

About Hut 8

(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.

Further Reading

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