Hut 8 Corp. (NASDAQ:HUT) Short Interest Down 31.5% in November

Hut 8 Corp. (NASDAQ:HUT) was the target of a large drop in short interest during the month of November. As of November 15th, there was short interest totalling 8,720,000 shares, a drop of 31.5% from the October 31st total of 12,730,000 shares. Based on an average daily volume of 5,530,000 shares, the short-interest ratio is presently 1.6 days. Currently, 10.5% of the company’s shares are short sold.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Needham & Company LLC lifted their price objective on Hut 8 from $21.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Canaccord Genuity Group boosted their target price on Hut 8 from $22.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Craig Hallum boosted their target price on Hut 8 from $15.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. HC Wainwright boosted their target price on Hut 8 from $26.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Finally, Stifel Nicolaus boosted their target price on Hut 8 from $15.00 to $18.00 and gave the company a “speculative buy” rating in a research report on Wednesday, October 30th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Hut 8 currently has an average rating of “Buy” and a consensus price target of $30.17.

Hut 8 Trading Down 1.5 %

Shares of NASDAQ HUT traded down $0.43 during midday trading on Friday, reaching $28.02. The company’s stock had a trading volume of 6,661,908 shares, compared to its average volume of 5,229,979. Hut 8 has a 12-month low of $6.18 and a 12-month high of $30.17. The firm has a 50 day moving average price of $17.13 and a 200-day moving average price of $14.03. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.00 and a quick ratio of 1.00.

Hedge Funds Weigh In On Hut 8

Hedge funds and other institutional investors have recently modified their holdings of the business. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Hut 8 in the 3rd quarter worth approximately $9,997,000. D1 Capital Partners L.P. purchased a new position in Hut 8 in the second quarter valued at approximately $17,388,000. Vanguard Group Inc. lifted its stake in Hut 8 by 8,329.2% in the first quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock valued at $30,770,000 after purchasing an additional 2,754,037 shares during the last quarter. Millennium Management LLC lifted its stake in Hut 8 by 46.4% in the second quarter. Millennium Management LLC now owns 649,518 shares of the company’s stock valued at $9,733,000 after purchasing an additional 205,836 shares during the last quarter. Finally, Ninepoint Partners LP purchased a new position in Hut 8 in the second quarter valued at approximately $720,000. Hedge funds and other institutional investors own 31.75% of the company’s stock.

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.