Hut 8 (TSE:HUT) Stock Price Up 6.3% – Here’s Why

Hut 8 Corp. (TSE:HUT)’s stock price rose 6.3% on Wednesday . The stock traded as high as C$36.60 and last traded at C$36.38. Approximately 316,404 shares traded hands during trading, a decline of 71% from the average daily volume of 1,095,442 shares. The stock had previously closed at C$34.23.

Wall Street Analyst Weigh In

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

Hut 8 Stock Up 9.7 %

The company has a quick ratio of 1.26, a current ratio of 1.67 and a debt-to-equity ratio of 55.19. The firm has a 50 day simple moving average of C$34.97 and a 200-day simple moving average of C$24.27. The stock has a market cap of C$3.51 billion, a P/E ratio of -35.09 and a beta of 3.45.

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.