Hut 8 (TSE:HUT) Stock Falls 9.2% – Should You Sell?

Hut 8 Corp. (TSE:HUT)’s stock price was down 9.2% on Thursday. The stock traded as low as C$115.30 and last traded at C$115.64. Approximately 461,548 shares changed hands during mid-day trading, a decline of 40% from the average daily volume of 773,578 shares. The stock had previously closed at C$127.42.

Analyst Ratings Changes

Several equities research analysts recently commented on HUT shares. Freedom Broker raised Hut 8 to a “strong-buy” rating in a report on Tuesday, August 18th. Freedom Capital raised Hut 8 to a “strong-buy” rating in a research note on Tuesday, August 18th. UBS Group raised shares of Hut 8 to a “strong-buy” rating in a research report on Wednesday, September 23rd. Rothschild & Co Redburn upgraded shares of Hut 8 to a “hold” rating in a report on Monday, September 21st. Finally, Wells Fargo & Company upgraded Hut 8 to a “strong-buy” rating in a research report on Thursday, September 17th. Seven research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, Hut 8 has an average rating of “Strong Buy”.

Hut 8 Price Performance

The company has a debt-to-equity ratio of 30.65, a quick ratio of 1.25 and a current ratio of 0.86. The stock’s 50-day moving average is C$127.24 and its two-hundred day moving average is C$130.04. The stock has a market cap of C$13.93 billion, a PE ratio of -20.93 and a beta of 4.58.

Institutional Trading of Hut 8

An institutional investor recently bought a new position in Hut 8 stock. Dockside LLC purchased a new position in shares of Hut 8 Corp. (TSE:HUT) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 6,252 shares of the company’s stock, valued at approximately $722,000. 39.85% of the stock is owned by institutional investors.

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.