Hut 8 (TSE:HUT) Shares Down 9.9% – What’s Next?

Hut 8 Corp. (TSE:HUT)’s share price dropped 9.9% on Monday . The stock traded as low as C$22.98 and last traded at C$22.98. Approximately 206,810 shares traded hands during trading, a decline of 84% from the average daily volume of 1,324,746 shares. The stock had previously closed at C$25.50.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on HUT shares. Cantor Fitzgerald upgraded shares of Hut 8 to a “strong-buy” rating in a research note on Monday, December 9th. Keefe, Bruyette & Woods upgraded Hut 8 to a “moderate buy” rating in a research note on Wednesday, January 8th.

Hut 8 Stock Performance

The stock has a market capitalization of C$1.61 billion, a price-to-earnings ratio of 5.92 and a beta of 3.45. The company’s fifty day simple moving average is C$32.88 and its 200 day simple moving average is C$26.14. The company has a quick ratio of 1.26, a current ratio of 1.68 and a debt-to-equity ratio of 55.87.

About Hut 8

Hut 8 Corp. operates as a vertically integrated operator of energy infrastructure and Bitcoin miners in North America. It operates in four segments: Digital Assets Mining, Managed Services, High Performance Computing Colocation and Cloud, and Other. The company mines Bitcoin. It also offers managed services for energy infrastructure development, such as site design, procurement, and construction management; software automation, process design, personnel hiring, and team training; utilities contracts, hosting operations, and customer management; energy portfolio optimization and strategic initiatives; and finance, accounting, and safety services for digital asset mining site owners, governments, and data center developers.