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

Jericho Capital Asset Management L.P. bought a new position in shares of Hut 8 Corp. (NASDAQ:HUT) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,825,261 shares of the company’s stock, valued at approximately $37,400,000. Hut 8 comprises 0.5% of Jericho Capital Asset Management L.P.’s holdings, making the stock its 29th biggest position. Jericho Capital Asset Management L.P. owned about 1.95% of Hut 8 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Northern Trust Corp lifted its position in shares of Hut 8 by 4.1% during the 4th quarter. Northern Trust Corp now owns 717,575 shares of the company’s stock worth $14,703,000 after buying an additional 28,462 shares during the period. Optiver Holding B.V. bought a new stake in shares of Hut 8 during the fourth quarter worth $35,000. Oxford Asset Management LLP bought a new stake in Hut 8 in the fourth quarter valued at about $260,000. Northern Right Capital Management L.P. increased its holdings in Hut 8 by 9.2% in the fourth quarter. Northern Right Capital Management L.P. now owns 455,000 shares of the company’s stock valued at $9,323,000 after purchasing an additional 38,348 shares during the last quarter. Finally, Knightsbridge Asset Management LLC bought a new stake in Hut 8 in the fourth quarter valued at about $1,502,000. Institutional investors own 31.75% of the company’s stock.

Hut 8 Trading Down 2.2 %

NASDAQ:HUT opened at $13.11 on Tuesday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.35. The stock’s 50 day simple moving average is $12.93 and its two-hundred day simple moving average is $19.01. Hut 8 Corp. has a 1 year low of $7.67 and a 1 year high of $31.95.

Analyst Upgrades and Downgrades

HUT has been the subject of several recent research reports. Benchmark reduced their price objective on Hut 8 from $41.00 to $33.00 and set a “buy” rating for the company in a research report on Wednesday, April 2nd. Canaccord Genuity Group reissued a “buy” rating and set a $32.00 target price on shares of Hut 8 in a report on Tuesday, March 4th. Needham & Company LLC restated a “buy” rating and issued a $30.00 price target on shares of Hut 8 in a research report on Tuesday, March 4th. HC Wainwright decreased their target price on Hut 8 from $35.00 to $30.00 and set a “buy” rating on the stock in a research report on Tuesday, March 4th. Finally, Keefe, Bruyette & Woods assumed coverage on Hut 8 in a research report on Wednesday, January 8th. They issued an “outperform” rating on the stock. Twelve analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on 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.