Hut 8 (TSE:HUT) Shares Up 14.1% – Here’s Why

Hut 8 Corp. (TSE:HUT)’s stock price rose 14.1% on Wednesday . The company traded as high as C$19.08 and last traded at C$19.07. Approximately 1,635,362 shares traded hands during trading, an increase of 12% from the average daily volume of 1,456,522 shares. The stock had previously closed at C$16.72.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on HUT shares. Cantor Fitzgerald upgraded shares of Hut 8 to a “strong-buy” rating in a report on Monday, December 9th. Rosenblatt Securities upgraded Hut 8 to a “strong-buy” rating in a research report on Friday, March 7th. Finally, Keefe, Bruyette & Woods upgraded Hut 8 to a “moderate buy” rating in a report on Wednesday, January 8th. Four research analysts have rated the stock with a strong buy rating, Based on data from MarketBeat, Hut 8 has a consensus rating of “Strong Buy”.

Hut 8 Stock Down 12.5 %

The company’s 50-day simple moving average is C$23.45 and its 200 day simple moving average is C$26.90. The company has a debt-to-equity ratio of 55.87, a current ratio of 1.68 and a quick ratio of 1.26. The firm has a market cap of C$1.12 billion, a P/E ratio of 4.10 and a beta of 3.45.

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.