Hut 8 (TSE:HUT) Stock Price Down 9.9% – Time to Sell?

Hut 8 Corp. (TSE:HUT)’s stock price traded down 9.9% on Tuesday . The company traded as low as C$126.32 and last traded at C$127.03. 124,305 shares changed hands during mid-day trading, a decline of 89% from the average session volume of 1,081,180 shares. The stock had previously closed at C$141.01.

Analyst Ratings Changes

HUT has been the topic of a number of recent analyst reports. HC Wainwright upgraded shares of Hut 8 to a “strong-buy” rating in a research note on Monday, February 2nd. Jefferies Financial Group upgraded shares of Hut 8 to a “strong-buy” rating in a research note on Thursday, May 14th. Finally, Keefe, Bruyette & Woods upgraded shares of Hut 8 to a “moderate buy” rating in a research note on Tuesday, January 27th. Four research analysts have rated the stock with a Strong Buy rating and one has assigned a Buy rating to the stock. According to MarketBeat, Hut 8 currently has an average rating of “Strong Buy”.

Hut 8 Trading Up 3.4%

The firm has a market cap of C$14.93 billion, a price-to-earnings ratio of -47.03 and a beta of 4.58. The business’s 50 day moving average price is C$95.79 and its 200-day moving average price is C$78.15. The company has a debt-to-equity ratio of 30.65, a quick ratio of 1.26 and a current ratio of 0.86.

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.