Lone Pine Capital LLC Has $14.20 Million Stock Position in Hut 8 Corp. (NASDAQ:HUT)

Lone Pine Capital LLC decreased its position in Hut 8 Corp. (NASDAQ:HUT - Free Report) by 43.8% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 692,839 shares of the company's stock after selling 539,913 shares during the period. Hut 8 comprises approximately 0.1% of Lone Pine Capital LLC's holdings, making the stock its 27th largest holding. Lone Pine Capital LLC owned 0.74% of Hut 8 worth $14,196,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. R Squared Ltd acquired a new position in shares of Hut 8 in the 4th quarter worth approximately $26,000. Nisa Investment Advisors LLC raised its holdings in shares of Hut 8 by 77.9% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company's stock worth $26,000 after buying an additional 545 shares in the last quarter. Optiver Holding B.V. acquired a new position in shares of Hut 8 in the 4th quarter worth approximately $35,000. Russell Investments Group Ltd. raised its holdings in shares of Hut 8 by 832.4% in the 4th quarter. Russell Investments Group Ltd. now owns 2,042 shares of the company's stock worth $42,000 after buying an additional 1,823 shares in the last quarter. Finally, Principal Securities Inc. acquired a new position in shares of Hut 8 in the 4th quarter worth approximately $45,000. Institutional investors and hedge funds own 31.75% of the company's stock.

Hut 8 Price Performance

NASDAQ:HUT opened at $13.40 on Monday. Hut 8 Corp. has a 12-month low of $7.67 and a 12-month high of $31.95. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00. The stock's fifty day simple moving average is $13.07 and its 200-day simple moving average is $19.00.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Keefe, Bruyette & Woods assumed coverage on Hut 8 in a report on Wednesday, January 8th. They issued an "outperform" rating for the company. Rosenblatt Securities assumed coverage on Hut 8 in a report on Friday, March 7th. They set a "buy" rating and a $23.00 price target for the company. BTIG Research assumed coverage on Hut 8 in a report on Monday, April 14th. They set a "buy" rating and a $18.00 price target for the company. HC Wainwright dropped their price target on Hut 8 from $35.00 to $30.00 and set a "buy" rating for the company in a report on Tuesday, March 4th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $30.00 price target on shares of Hut 8 in a report on Friday, March 7th. Twelve investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Hut 8 currently has a consensus rating of "Buy" and an average price target of $27.67.

Hut 8 Company 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.

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