Hut 8 (TSE:HUT) Trading 14.1% Higher – Should You Buy?

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

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

Hut 8 Price Performance

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$1.27 billion, a P/E ratio of 4.67 and a beta of 3.45. The company’s 50-day moving average is C$24.21 and its two-hundred day moving average is C$26.94.

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.