1,825,261 Shares in Hut 8 Corp. (NASDAQ:HUT) Bought by Jericho Capital Asset Management L.P.

Jericho Capital Asset Management L.P. acquired a new stake in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 1,825,261 shares of the company's stock, valued at approximately $37,400,000. Hut 8 comprises about 0.5% of Jericho Capital Asset Management L.P.'s holdings, making the stock its 29th largest holding. Jericho Capital Asset Management L.P. owned approximately 1.95% of Hut 8 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Arrowstreet Capital Limited Partnership bought a new stake in Hut 8 during the fourth quarter valued at approximately $23,009,000. Invesco Ltd. grew its holdings in Hut 8 by 1,408.8% during the fourth quarter. Invesco Ltd. now owns 936,650 shares of the company's stock valued at $19,192,000 after purchasing an additional 874,572 shares during the period. Massachusetts Financial Services Co. MA purchased a new stake in Hut 8 in the fourth quarter worth about $9,378,000. Trexquant Investment LP purchased a new position in shares of Hut 8 during the 4th quarter valued at about $6,788,000. Finally, Two Seas Capital LP raised its stake in Hut 8 by 132.7% during the 4th quarter. Two Seas Capital LP now owns 476,808 shares of the company's stock worth $9,770,000 after acquiring an additional 271,892 shares during the period. Hedge funds and other institutional investors own 31.75% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on HUT shares. Canaccord Genuity Group reissued a "buy" rating and issued a $32.00 price objective on shares of Hut 8 in a research note on Tuesday, March 4th. BTIG Research began coverage on Hut 8 in a research report on Monday, April 14th. They issued a "buy" rating and a $18.00 price objective on the stock. Northland Securities began coverage on Hut 8 in a research note on Monday, April 21st. They set an "outperform" rating and a $20.00 target price on the stock. Benchmark dropped their price target on Hut 8 from $41.00 to $33.00 and set a "buy" rating for the company in a research note on Wednesday, April 2nd. Finally, Needham & Company LLC reissued a "buy" rating and issued a $30.00 target price on shares of Hut 8 in a report on Tuesday, March 4th. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $27.08.

Hut 8 Stock Up 2.1 %

NASDAQ HUT traded up $0.29 during trading on Friday, hitting $13.80. The stock had a trading volume of 5,531,289 shares, compared to its average volume of 5,478,296. The stock has a 50 day simple moving average of $12.61 and a 200 day simple moving average of $18.99. Hut 8 Corp. has a one year low of $7.67 and a one year high of $31.95. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35.

Hut 8 Profile

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.