Hut 8 (TSE:HUT) Trading Up 0.9% – Here’s Why

Hut 8 Corp. (TSE:HUT)’s share price was up 0.9% on Thursday . The stock traded as high as C$173.46 and last traded at C$166.67. 421,375 shares changed hands during trading, a decline of 56% from the average daily volume of 958,333 shares. The stock had previously closed at C$165.15.

Analyst Upgrades and Downgrades

Separately, Jefferies Financial Group upgraded Hut 8 to a “strong-buy” rating in a research note on Thursday, May 14th. Two investment analysts have rated the stock with a Strong Buy rating and one has issued a Buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Strong Buy”.

Hut 8 Stock Performance

The firm’s 50 day simple moving average is C$144.23 and its 200 day simple moving average is C$97.75. The firm has a market capitalization of C$18.77 billion, a price-to-earnings ratio of -59.10 and a beta of 4.58. The company has a debt-to-equity ratio of 30.65, a quick ratio of 1.25 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.