Hut 8 (TSE:HUT) Stock Falls 9.2% – Here’s Why

Hut 8 Corp. (TSE:HUT) fell 9.2% on Thursday. The stock traded as low as C$115.30 and last traded at C$115.64. 461,548 shares traded hands during trading, a decline of 40% from the average session volume of 773,578 shares. The stock had previously closed at C$127.42.

Wall Street Analyst Weigh In

Several analysts recently commented on HUT shares. Maxim Group raised Hut 8 to a “strong-buy” rating in a report on Wednesday, August 5th. Roth Capital raised Hut 8 to a “strong-buy” rating in a research report on Wednesday. Freedom Capital upgraded Hut 8 to a “strong-buy” rating in a research note on Tuesday, August 18th. UBS Group raised shares of Hut 8 to a “strong-buy” rating in a research report on Wednesday, September 23rd. Finally, Freedom Broker upgraded shares of Hut 8 to a “strong-buy” rating in a research note on Tuesday, August 18th. Eight research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Strong Buy”.

Hut 8 Stock Performance

The firm has a market capitalization of C$13.51 billion, a PE ratio of -22.22 and a beta of 4.58. The business’s fifty day simple moving average is C$125.85 and its 200-day simple moving average is C$130.30. The company has a debt-to-equity ratio of 30.65, a quick ratio of 1.25 and a current ratio of 0.86.

Institutional Investors Weigh In On Hut 8

An institutional investor recently bought a new position in Hut 8 stock. Dockside LLC purchased a new stake in shares of Hut 8 Corp. (TSE:HUT) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 6,252 shares of the company’s stock, valued at approximately $722,000. Institutional investors and hedge funds own 39.85% of the company’s stock.

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.