Hut 8 Corp. (NASDAQ:HUT - Get Free Report) saw a significant growth in short interest in the month of 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. Based on an average daily trading volume, of 6,280,000 shares, the days-to-cover ratio is presently 1.5 days. Currently, 10.8% of the company's shares are short sold.
Hut 8 Trading Down 13.3 %
Shares of Hut 8 stock traded down $1.44 on Tuesday, reaching $9.38. 4,548,981 shares of the company's stock were exchanged, compared to its average volume of 5,743,996. Hut 8 has a 52 week low of $6.18 and a 52 week high of $22.75. The firm's 50-day moving average is $8.48 and its two-hundred day moving average is $6.70. The company has a debt-to-equity ratio of 0.04, a quick ratio of 4.61 and a current ratio of 4.61. The company has a market capitalization of $416.00 million, a P/E ratio of -3.41 and a beta of 3.91.
Analysts Set New Price Targets
A number of analysts have weighed in on HUT shares. Canaccord Genuity Group reissued a "buy" rating and set a $3.50 target price on shares of Hut 8 in a research report on Thursday, March 28th. Craig Hallum increased their target price on shares of Hut 8 from $10.00 to $12.00 and gave the company a "hold" rating in a research report on Monday. Needham & Company LLC reissued a "buy" rating and set a $12.00 target price on shares of Hut 8 in a research report on Monday. Stifel Nicolaus increased their target price 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. Finally, HC Wainwright increased their price target on Hut 8 from $7.00 to $9.00 and gave the stock a "sell" rating in a report on Thursday, March 28th. One analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $10.30.
Check Out Our Latest Report on HUT
Hedge Funds Weigh In On Hut 8
A number of large investors have recently modified their holdings of the company. Nomura Holdings Inc. bought a new position in shares of Hut 8 in the 4th quarter worth $1,774,000. Barclays PLC lifted its stake in Hut 8 by 387.2% during the 4th quarter. Barclays PLC now owns 197,437 shares of the company's stock valued at $2,633,000 after acquiring an additional 156,911 shares in the last quarter. Voya Investment Management LLC bought a new position in Hut 8 during the 4th quarter valued at $246,000. Nuveen Asset Management LLC bought a new position in Hut 8 during the 4th quarter valued at $496,000. Finally, Foundations Investment Advisors LLC bought a new position in Hut 8 during the 4th quarter valued at $605,000. 31.75% of the stock is currently owned by institutional investors.
About Hut 8
(
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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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