Lone Pine Capital LLC Sells 539,913 Shares of Hut 8 Corp. (NASDAQ:HUT)

Lone Pine Capital LLC lessened its stake in shares of Hut 8 Corp. (NASDAQ:HUT - Free Report) by 43.8% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 692,839 shares of the company's stock after selling 539,913 shares during the period. Hut 8 accounts for about 0.1% of Lone Pine Capital LLC's portfolio, making the stock its 27th largest position. Lone Pine Capital LLC owned approximately 0.74% of Hut 8 worth $14,196,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also bought and sold shares of the stock. Northern Trust Corp lifted its holdings in shares of Hut 8 by 4.1% in the fourth quarter. Northern Trust Corp now owns 717,575 shares of the company's stock valued at $14,703,000 after purchasing an additional 28,462 shares in the last quarter. Optiver Holding B.V. bought a new position in Hut 8 during the 4th quarter valued at $35,000. Oxford Asset Management LLP purchased a new position in Hut 8 during the 4th quarter worth $260,000. Northern Right Capital Management L.P. grew its stake in shares of Hut 8 by 9.2% in the 4th quarter. Northern Right Capital Management L.P. now owns 455,000 shares of the company's stock worth $9,323,000 after acquiring an additional 38,348 shares in the last quarter. Finally, Knightsbridge Asset Management LLC purchased a new stake in shares of Hut 8 in the fourth quarter valued at about $1,502,000. 31.75% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently weighed in on HUT. Benchmark cut their target price on Hut 8 from $41.00 to $33.00 and set a "buy" rating on the stock in a research note on Wednesday, April 2nd. Northland Capmk upgraded Hut 8 to a "strong-buy" rating in a research note on Monday, April 21st. Rosenblatt Securities initiated coverage on Hut 8 in a research note on Friday, March 7th. They set a "buy" rating and a $23.00 target price on the stock. HC Wainwright reduced their price target on shares of Hut 8 from $35.00 to $30.00 and set a "buy" rating for the company in a research report on Tuesday, March 4th. Finally, UBS Group set a $33.00 price objective on shares of Hut 8 in a research report on Wednesday, April 2nd. Thirteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Hut 8 has an average rating of "Buy" and an average price target of $27.08.

Hut 8 Stock Up 2.1 %

HUT traded up $0.29 during trading on Friday, reaching $13.80. 5,531,289 shares of the company were exchanged, compared to its average volume of 5,462,962. Hut 8 Corp. has a 12-month low of $7.67 and a 12-month high of $31.95. The company's 50-day moving average is $12.61 and its two-hundred day moving average is $18.94. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.00 and a current ratio of 1.00.

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.