Hut 8 (TSE:HUT) Trading Up 10.9% – Should You Buy?

Hut 8 Corp. (TSE:HUT)’s share price shot up 10.9% during mid-day trading on Friday . The company traded as high as C$140.43 and last traded at C$139.00. 334,350 shares traded hands during mid-day trading, a decline of 58% from the average daily volume of 802,816 shares. The stock had previously closed at C$125.37.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Freedom Broker raised shares of Hut 8 to a “strong-buy” rating in a report on Tuesday, August 18th. Freedom Capital upgraded Hut 8 to a “strong-buy” rating in a research report on Tuesday, August 18th. Maxim Group raised Hut 8 to a “strong-buy” rating in a report on Wednesday, August 5th. Finally, Jefferies Financial Group upgraded shares of Hut 8 to a “strong-buy” rating in a research note on Thursday, May 14th. Five research analysts have rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company’s stock. According to MarketBeat.com, Hut 8 presently has a consensus rating of “Strong Buy”.

Hut 8 Stock Up 10.5%

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$15.59 billion, a price-to-earnings ratio of -25.65 and a beta of 4.58. The stock’s 50 day moving average is C$131.57 and its 200 day moving average is C$121.71.

Institutional Trading of Hut 8

An institutional investor recently bought a new position in Hut 8 stock. Dockside LLC acquired a new position in Hut 8 Corp. (TSE:HUT) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 6,252 shares of the company’s stock, valued at approximately $722,000. 39.22% of the stock is currently owned by institutional investors.

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.