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

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

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC raised its holdings in shares of Hut 8 by 21.1% during the third quarter. Geode Capital Management LLC now owns 2,193,900 shares of the company’s stock worth $26,902,000 after purchasing an additional 381,720 shares during the last quarter. Barclays PLC raised its holdings in shares of Hut 8 by 29.7% during the third quarter. Barclays PLC now owns 124,527 shares of the company’s stock worth $1,526,000 after purchasing an additional 28,532 shares during the last quarter. Y Intercept Hong Kong Ltd grew its position in Hut 8 by 25.6% during the third quarter. Y Intercept Hong Kong Ltd now owns 60,492 shares of the company’s stock valued at $742,000 after buying an additional 12,314 shares during the period. XTX Topco Ltd acquired a new stake in Hut 8 during the third quarter valued at $162,000. Finally, State Street Corp grew its position in Hut 8 by 12.6% during the third quarter. State Street Corp now owns 2,740,769 shares of the company’s stock valued at $33,602,000 after buying an additional 307,292 shares during the period. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Hut 8 Trading Up 9.2 %

NASDAQ HUT opened at $25.26 on Monday. The company has a fifty day simple moving average of $14.47 and a two-hundred day simple moving average of $12.97. Hut 8 has a 12-month low of $6.18 and a 12-month high of $28.47. The company has a quick ratio of 1.68, a current ratio of 1.00 and a debt-to-equity ratio of 0.35.

Analyst Upgrades and Downgrades

HUT has been the subject of several research reports. Craig Hallum boosted their price objective on shares of Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday. Canaccord Genuity Group boosted their price objective on shares of Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday. HC Wainwright upped their price target on shares of Hut 8 from $26.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday. Needham & Company LLC upped their price target on shares of Hut 8 from $21.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Stifel Nicolaus upped their price target on shares of 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 research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $30.17.

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.