Hut 8 (TSE:HUT) Trading 8.2% Higher – Time to Buy?

Hut 8 Corp. (TSE:HUT) rose 8.2% during mid-day trading on Wednesday . The stock traded as high as C$149.88 and last traded at C$148.84. 349,100 shares traded hands during mid-day trading, a decline of 62% from the average session volume of 925,105 shares. The stock had previously closed at C$137.59.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group upgraded shares of Hut 8 to a “strong-buy” rating in a research report on Thursday, May 14th. Two investment analysts have rated the stock with a Strong Buy rating and one has issued a Buy rating to the company. According to MarketBeat, Hut 8 currently has an average rating of “Strong Buy”.

Hut 8 Stock Down 3.8%

The firm has a fifty day moving average price of C$154.17 and a 200-day moving average price of C$104.49. The company has a quick ratio of 1.25, a current ratio of 0.86 and a debt-to-equity ratio of 30.65. The firm has a market cap of C$16.28 billion, a price-to-earnings ratio of -51.27 and a beta of 4.58.

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.