Jericho Capital Asset Management L.P. Takes $37.40 Million Position in Hut 8 Corp. (NASDAQ:HUT)

Jericho Capital Asset Management L.P. purchased a new position in shares of Hut 8 Corp. (NASDAQ:HUT) during the fourth quarter, Holdings Channel.com reports. The fund purchased 1,825,261 shares of the company’s stock, valued at approximately $37,400,000. Hut 8 makes up approximately 0.5% of Jericho Capital Asset Management L.P.’s holdings, making the stock its 29th biggest position.

A number of other hedge funds have also recently added to or reduced their stakes in HUT. Nisa Investment Advisors LLC lifted its stake in Hut 8 by 77.9% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,245 shares of the company’s stock worth $26,000 after purchasing an additional 545 shares in the last quarter. R Squared Ltd purchased a new stake in Hut 8 in the fourth quarter valued at $26,000. Optiver Holding B.V. acquired a new stake in shares of Hut 8 in the fourth quarter valued at approximately $35,000. Russell Investments Group Ltd. boosted its stake in shares of Hut 8 by 832.4% during the fourth 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 during the period. Finally, Principal Securities Inc. acquired a new position in shares of Hut 8 in the fourth quarter valued at approximately $45,000. 31.75% of the stock is owned by hedge funds and other institutional investors.

Hut 8 Trading Down 2.2 %

Shares of HUT opened at $13.11 on Tuesday. The stock’s 50-day moving average price is $12.93 and its two-hundred day moving average price is $19.01. Hut 8 Corp. has a 1 year low of $7.67 and a 1 year 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.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on HUT shares. Keefe, Bruyette & Woods began coverage on Hut 8 in a report on Wednesday, January 8th. They set an “outperform” rating on the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 price target on shares of Hut 8 in a report on Friday, March 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $30.00 price target on shares of Hut 8 in a research note on Tuesday, March 4th. HC Wainwright cut their price objective on Hut 8 from $35.00 to $30.00 and set a “buy” rating on the stock in a research note on Tuesday, March 4th. Finally, Rosenblatt Securities started coverage on shares of Hut 8 in a report on Friday, March 7th. They set a “buy” rating and a $23.00 price target for the company. Twelve investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Hut 8 has a consensus rating of “Buy” and a consensus price target of $27.67.

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.