Hut 8 (TSE:HUT) Shares Up 6.9% – Should You Buy?

Hut 8 Corp. (TSE:HUT)’s stock price was up 6.9% during trading on Thursday . The company traded as high as C$169.36 and last traded at C$165.13. Approximately 402,752 shares traded hands during mid-day trading, a decline of 54% from the average daily volume of 882,354 shares. The stock had previously closed at C$154.46.

Analysts Set New Price Targets

Separately, Jefferies Financial Group upgraded shares of Hut 8 to a “strong-buy” rating in a report on Thursday, May 14th. Two 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 6.3%

The firm has a 50-day moving average of C$156.96 and a 200 day moving average of C$110.13. The company has a market cap of C$17.47 billion, a P/E ratio of -55.04 and a beta of 4.58. The company has a current ratio of 0.86, a quick ratio of 1.25 and a debt-to-equity ratio of 30.65.

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.