Hut 8 (TSE:HUT) Shares Up 35.8% – Time to Buy?

Shares of Hut 8 Corp. (TSE:HUT) shot up 35.8% during trading on Thursday . The stock traded as high as C$151.60 and last traded at C$148.61. 1,528,872 shares changed hands during mid-day trading, an increase of 37% from the average session volume of 1,117,659 shares. The stock had previously closed at C$109.47.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on HUT. Keefe, Bruyette & Woods upgraded Hut 8 to a “moderate buy” rating in a research note on Tuesday, January 27th. HC Wainwright upgraded Hut 8 to a “strong-buy” rating in a research note on Monday, February 2nd. Four research analysts have rated the stock with a Strong Buy rating and one has issued a Buy rating to the company’s stock. According to MarketBeat.com, Hut 8 has a consensus rating of “Strong Buy”.

Hut 8 Trading Down 2.5%

The firm has a market capitalization of C$15.14 billion, a PE ratio of -47.69 and a beta of 4.58. The company’s 50-day moving average price is C$83.25 and its 200-day moving average price is C$73.44. The company has a debt-to-equity ratio of 30.65, a quick ratio of 1.26 and a current ratio of 0.86.

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.