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

Hut 8 Mining Corp. (NASDAQ:HUT) was the recipient of a significant decline in short interest in November. As of November 15th, there was short interest totalling 22,780,000 shares, a decline of 12.5% from the October 31st total of 26,040,000 shares. Currently, 10.3% of the shares of the stock are sold short. Based on an average daily trading volume, of 9,230,000 shares, the short-interest ratio is currently 2.5 days.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. State Street Corp raised its holdings in Hut 8 Mining by 327.4% during the 2nd quarter. State Street Corp now owns 6,856,582 shares of the company’s stock worth $22,627,000 after purchasing an additional 5,252,265 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Hut 8 Mining by 127.4% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,473,553 shares of the company’s stock valued at $11,550,000 after buying an additional 1,946,207 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in shares of Hut 8 Mining in the 2nd quarter valued at approximately $3,697,000. Van ECK Associates Corp boosted its holdings in shares of Hut 8 Mining by 15.7% in the 3rd quarter. Van ECK Associates Corp now owns 2,198,471 shares of the company’s stock valued at $4,287,000 after buying an additional 297,552 shares during the last quarter. Finally, Qube Research & Technologies Ltd acquired a new stake in shares of Hut 8 Mining in the 3rd quarter valued at approximately $3,429,000. Institutional investors and hedge funds own 11.80% of the company’s stock.

Hut 8 Mining Stock Up 355.5 %

Shares of NASDAQ:HUT traded up $8.07 on Monday, hitting $10.34. The stock had a trading volume of 5,911,047 shares, compared to its average volume of 2,154,957. Hut 8 Mining has a twelve month low of $3.90 and a twelve month high of $22.75. The company has a quick ratio of 4.61, a current ratio of 4.61 and a debt-to-equity ratio of 0.04. The firm’s 50 day moving average price is $2.02 and its 200-day moving average price is $2.46.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. HC Wainwright increased their price objective on shares of Hut 8 Mining from $1.60 to $2.75 and gave the stock a “neutral” rating in a research report on Tuesday, August 15th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $3.50 price objective on shares of Hut 8 Mining in a research note on Wednesday, November 15th.

Hut 8 Mining Company Profile

Hut 8 Mining Corp. operates as a cryptocurrency mining company in North America. It provides computing power to the mining pools in exchange for digital assets. The company serve commercial customers across various industries, including financial, healthcare, government, and those in the growing digital asset, Blockchain, gaming, virtual effects, and Web 3.0 space.