Hut 8 (TSE:HUT) Trading Down 9.2% – Here’s What Happened

Hut 8 Corp. (TSE:HUT) shares traded down 9.2% during mid-day trading on Thursday . The company traded as low as C$19.24 and last traded at C$19.44. 1,125,640 shares traded hands during mid-day trading, a decline of 22% from the average session volume of 1,437,021 shares. The stock had previously closed at C$21.41.

Analyst Upgrades and Downgrades

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

Hut 8 Stock Up 1.1 %

The stock has a market cap of C$1.29 billion, a PE ratio of 4.75 and a beta of 3.45. The business has a 50 day moving average of C$30.15 and a 200-day moving average of C$26.40. The company has a current ratio of 1.68, a quick ratio of 1.26 and a debt-to-equity ratio of 55.87.

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.