Hut 8 (TSE:HUT) Stock Price Up 14.1% – Here’s What Happened

Shares of Hut 8 Corp. (TSE:HUT) traded up 14.1% during mid-day trading on Tuesday . The stock traded as high as C$19.08 and last traded at C$19.07. 1,635,362 shares traded hands during 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 Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Cantor Fitzgerald upgraded Hut 8 to a “strong-buy” rating in a research note on Monday, December 9th. Rosenblatt Securities raised shares of Hut 8 to a “strong-buy” rating in a report on Friday, March 7th. Finally, Keefe, Bruyette & Woods raised Hut 8 to a “moderate buy” rating in a research report on Wednesday, January 8th. Four equities research analysts have rated the stock with a strong buy rating, According to MarketBeat, the company presently has an average rating of “Strong Buy”.

Hut 8 Stock Performance

The company has a 50-day moving average price of C$24.58 and a 200-day moving average price of C$26.91. The company has a quick ratio of 1.26, a current ratio of 1.68 and a debt-to-equity ratio of 55.87. The firm has a market capitalization of C$1.27 billion, a price-to-earnings ratio of 4.67 and a beta of 3.45.

Hut 8 Company Profile

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.