Hut 8 (TSE:HUT) Stock Price Down 6.3% – What’s Next?

Hut 8 Corp. (TSE:HUT) was down 6.3% during trading on Tuesday . The stock traded as low as C$15.60 and last traded at C$15.71. Approximately 919,247 shares were traded during mid-day trading, a decline of 39% from the average daily volume of 1,496,993 shares. The stock had previously closed at C$16.77.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on HUT. BTIG Research upgraded shares of Hut 8 to a “strong-buy” rating in a research report on Monday. Keefe, Bruyette & Woods upgraded Hut 8 to a “moderate buy” rating in a report on Wednesday, January 8th. Finally, Rosenblatt Securities upgraded Hut 8 to a “strong-buy” rating in a research report on Friday, March 7th. Five equities research analysts have rated the stock with a strong buy rating, Based on data from MarketBeat, Hut 8 presently has a consensus rating of “Strong Buy”.

Hut 8 Stock Performance

The company has a current ratio of 1.68, a quick ratio of 1.26 and a debt-to-equity ratio of 55.87. The stock’s 50 day moving average price is C$20.32 and its two-hundred day moving average price is C$26.85. The firm has a market capitalization of C$1.03 billion, a PE ratio of 3.79 and a beta of 3.45.

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.