Hut 8 (TSE:HUT) Shares Up 14.1% – Time to Buy?

Hut 8 Corp. (TSE:HUT) traded up 14.1% 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 trading, an increase of 12% from the average session volume of 1,456,522 shares. The stock had previously closed at C$16.72.

Analyst Upgrades and Downgrades

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

Hut 8 Stock Performance

The firm has a market cap of C$1.12 billion, a P/E ratio of 4.10 and a beta of 3.45. The company has a current ratio of 1.68, a quick ratio of 1.26 and a debt-to-equity ratio of 55.87. The company’s 50-day moving average is C$23.45 and its two-hundred day moving average is C$26.90.

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.