Hut 8 (TSE:HUT) Upgraded by UBS Group to Strong-Buy Rating

UBS Group upgraded shares of Hut 8 (TSE:HUT) to a strong-buy rating in a research note published on Wednesday,Zacks reports.

A number of other research firms also recently commented on HUT. Freedom Broker raised shares of Hut 8 to a “strong-buy” rating in a report on Tuesday, August 18th. Maxim Group upgraded shares of Hut 8 to a “strong-buy” rating in a research note on Wednesday, August 5th. Rothschild & Co Redburn raised Hut 8 to a “hold” rating in a report on Monday. Freedom Capital raised Hut 8 to a “strong-buy” rating in a report on Tuesday, August 18th. Finally, Wells Fargo & Company upgraded Hut 8 to a “strong-buy” rating in a research report on Thursday, September 17th. Seven equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Strong Buy”.

Hut 8 Stock Down 3.6%

Shares of HUT stock opened at C$144.53 on Wednesday. Hut 8 has a one year low of C$44.82 and a one year high of C$194.28. The company has a debt-to-equity ratio of 30.65, a current ratio of 0.86 and a quick ratio of 1.25. The stock has a fifty day moving average price of C$130.03 and a 200 day moving average price of C$125.63. The stock has a market cap of C$16.27 billion, a P/E ratio of -26.76 and a beta of 4.58.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Hut 8 stock. Dockside LLC bought a new stake in Hut 8 Corp. (TSE:HUT) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 6,252 shares of the company’s stock, valued at approximately $722,000. 39.04% of the stock is currently owned by institutional investors.

Hut 8 Company Profile

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.