Hut 8 (TSE:HUT) Shares Up 14.1% – Here’s Why

Hut 8 Corp. (TSE:HUT)’s share price shot up 14.1% during mid-day trading on Wednesday . The company traded as high as C$19.08 and last traded at C$19.07. 1,635,362 shares traded hands during mid-day trading, an increase of 12% from the average session volume of 1,456,522 shares. The stock had previously closed at C$16.72.

Analyst Ratings Changes

A number of research analysts have recently commented 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 upgraded Hut 8 to a “strong-buy” rating in a research note on Friday, March 7th. Finally, Cantor Fitzgerald upgraded 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, Based on data from MarketBeat.com, the company has a consensus rating of “Strong Buy”.

Hut 8 Stock Performance

The company has a debt-to-equity ratio of 55.87, a quick ratio of 1.26 and a current ratio of 1.68. The stock has a fifty day simple moving average of C$24.21 and a two-hundred day simple moving average of C$26.94. The stock has a market capitalization of C$1.27 billion, a price-to-earnings ratio of 4.67 and a beta of 3.45.

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.