Hut 8 (TSE:HUT) Trading Down 9.9% – Here’s What Happened

Hut 8 Corp. (TSE:HUT)’s share price was down 9.9% during mid-day trading on Tuesday . The stock traded as low as C$126.32 and last traded at C$127.03. Approximately 124,305 shares changed hands during trading, a decline of 89% from the average daily volume of 1,081,180 shares. The stock had previously closed at C$141.01.

Analyst Upgrades and Downgrades

HUT has been the subject of a number of research analyst reports. Jefferies Financial Group upgraded shares of Hut 8 to a “strong-buy” rating in a report on Thursday, May 14th. Keefe, Bruyette & Woods raised shares of Hut 8 to a “moderate buy” rating in a report on Tuesday, January 27th. Finally, HC Wainwright raised Hut 8 to a “strong-buy” rating in a report on Monday, February 2nd. Four equities research analysts have rated the stock with a Strong Buy rating and one has issued a Buy rating to the stock. According to MarketBeat.com, Hut 8 presently has a consensus rating of “Strong Buy”.

Hut 8 Stock Performance

The stock has a market capitalization of C$14.30 billion, a PE ratio of -45.05 and a beta of 4.58. The company has a debt-to-equity ratio of 30.65, a current ratio of 0.86 and a quick ratio of 1.26. The business’s fifty day moving average price is C$93.17 and its 200-day moving average price is C$77.30.

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.