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

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

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Rosenblatt Securities upgraded shares of Hut 8 to a “strong-buy” rating in a report on Friday, March 7th. Keefe, Bruyette & Woods upgraded shares of Hut 8 to a “moderate buy” rating in a research note on Wednesday, January 8th. Finally, Cantor Fitzgerald upgraded Hut 8 to a “strong-buy” rating in a research note on Monday, December 9th. Four equities research analysts have rated the stock with a strong buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Strong Buy”.

Hut 8 Price Performance

The stock’s 50 day moving average is C$24.21 and its two-hundred day moving average is C$26.94. The stock has a market capitalization of C$1.27 billion, a PE ratio of 4.67 and a beta of 3.45. The company has a debt-to-equity ratio of 55.87, a current ratio of 1.68 and a quick ratio of 1.26.

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.