5 Cheap Growth Stocks to Buy According to Billionaire Steve Cohen

3. Hut 8 Mining Corp. (NASDAQ:HUT)

Share Price as of December 13: $8.15

Number of Hedge Fund Holders: 10

Hut 8 Mining Corp. (NASDAQ:HUT) is an industrial bitcoin mining company. As of the end of the third quarter of 2021, billionaire investor Steve Cohen owned 1.97 million shares of the company worth $16.5 million, making Point72 Asset Management the biggest shareholder of the bitcoin mining firm.

In addition, more hedge funds had a stake in the Toronto-based company in the third quarter of 2021. Insider Monkey’s data shows that 10 elite hedge funds held stakes in Hut 8 Mining Corp. (NASDAQ:HUT) at the end of Q3 2021, up from 4 funds a quarter earlier.

Hut 8 Mining Corp. (NASDAQ:HUT) had a total bitcoin balance of 5,053 with a market value of approximately $430 million as of the second week of November. The stock gained 219% year to date and 74% in the last six months.

Canaccord analyst Joseph Vafi on November 12  kept a Buy rating on Hut 8 Mining Corp. (NASDAQ:HUT) and increased his price target for the stock to $20 from $12.