Hut 8 (TSE:HUT) Trading Up 8.2% – Time to Buy?

Hut 8 Corp. (TSE:HUT)’s share price rose 8.2% during mid-day trading on Wednesday . The stock traded as high as C$149.88 and last traded at C$148.84. 349,100 shares traded hands during trading, a decline of 62% from the average session volume of 925,105 shares. The stock had previously closed at C$137.59.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group raised Hut 8 to a “strong-buy” rating in a research note on Thursday, May 14th. Two investment analysts have rated the stock with a Strong Buy rating and one has given a Buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Strong Buy”.

Hut 8 Stock Up 9.3%

The company has a current ratio of 0.86, a quick ratio of 1.25 and a debt-to-equity ratio of 30.65. The business’s fifty day moving average price is C$152.19 and its two-hundred day moving average price is C$103.17. The firm has a market cap of C$16.93 billion, a P/E ratio of -53.30 and a beta of 4.58.

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.