Hut 8 (TSE:HUT) Stock Price Down 9.2% – Time to Sell?

Hut 8 Corp. (TSE:HUT) fell 9.2% during mid-day trading on Thursday . The stock traded as low as C$19.24 and last traded at C$19.44. 1,125,640 shares traded hands during trading, a decline of 22% from the average session volume of 1,437,021 shares. The stock had previously closed at C$21.41.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Keefe, Bruyette & Woods upgraded Hut 8 to a “moderate buy” rating in a research report on Wednesday, January 8th. Cantor Fitzgerald upgraded Hut 8 to a “strong-buy” rating in a research report on Monday, December 9th.

Hut 8 Price Performance

The firm has a market capitalization of C$1.28 billion, a price-to-earnings ratio of 4.69 and a beta of 3.45. The stock’s 50 day moving average price is C$30.47 and its two-hundred day moving average price is C$26.45. The company has a quick ratio of 1.26, a current ratio of 1.68 and a debt-to-equity ratio of 55.87.

About Hut 8

Hut 8 Mining Corp is North America’s innovation-focused digital asset miner. Located in energy-rich Alberta, Canada. Hut 8 has one of the highest installed capacity rates in the industry and holds more self-mined bitcoin than any crypto miner or publicly-traded company globally. It is executing on its commitment to mining and holding bitcoin and has a diversified business and revenue strategy to grow and protect shareholder value regardless of bitcoin’s market direction.