Hut 8 (TSE:HUT) Stock Price Down 6.3% – Here’s What Happened

Hut 8 Corp. (TSE:HUT) fell 6.3% during trading on Tuesday . The company traded as low as C$15.60 and last traded at C$15.71. 919,247 shares were traded during mid-day trading, a decline of 39% from the average session volume of 1,496,993 shares. The stock had previously closed at C$16.77.

Analyst Upgrades and Downgrades

HUT has been the subject of a number of research reports. BTIG Research upgraded shares of Hut 8 to a “strong-buy” rating in a report on Monday. Keefe, Bruyette & Woods raised Hut 8 to a “moderate buy” rating in a research note on Wednesday, January 8th. Finally, Rosenblatt Securities raised Hut 8 to a “strong-buy” rating in a report on Friday, March 7th. Five analysts have rated the stock with a strong buy rating, According to MarketBeat.com, the stock has a consensus rating of “Strong Buy”.

Hut 8 Stock Performance

The company has a market capitalization of C$1.06 billion, a price-to-earnings ratio of 3.91 and a beta of 3.45. The firm’s 50 day simple moving average is C$20.89 and its 200-day simple moving average is C$26.95. The company has a debt-to-equity ratio of 55.87, a quick ratio of 1.26 and a current ratio of 1.68.

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.