Hut 8 (TSE:HUT) Trading Up 14.1% – Here’s Why

Hut 8 Corp. (TSE:HUT)’s share price traded up 14.1% on Wednesday . The company traded as high as C$19.08 and last traded at C$19.07. 1,635,362 shares were traded during trading, an increase of 12% from the average session volume of 1,456,522 shares. The stock had previously closed at C$16.72.

Analyst Ratings Changes

HUT has been the subject of a number of recent analyst reports. Cantor Fitzgerald raised Hut 8 to a “strong-buy” rating in a research report on Monday, December 9th. Rosenblatt Securities upgraded Hut 8 to a “strong-buy” rating in a report on Friday, March 7th. Finally, Keefe, Bruyette & Woods upgraded shares of Hut 8 to a “moderate buy” rating in a report on Wednesday, January 8th. Four analysts have rated the stock with a strong buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Strong Buy”.

Hut 8 Trading Down 12.5 %

The company has a debt-to-equity ratio of 55.87, a quick ratio of 1.26 and a current ratio of 1.68. The firm has a market capitalization of C$1.12 billion, a price-to-earnings ratio of 4.10 and a beta of 3.45. The business has a fifty day moving average price of C$23.45 and a 200 day moving average price of C$26.90.

Hut 8 Company Profile

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.