Hut 8 (TSE:HUT) Trading Down 0.4% – Here’s Why

Shares of Hut 8 Corp. (TSE:HUT) dropped 0.4% during trading on Monday . The stock traded as low as C$16.50 and last traded at C$16.72. Approximately 1,335,460 shares traded hands during mid-day trading, a decline of 8% from the average daily volume of 1,453,638 shares. The stock had previously closed at C$16.79.

Analyst Ratings Changes

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

Hut 8 Price Performance

The company’s 50-day moving average is C$24.21 and its 200-day moving average is C$26.94. The firm has a market capitalization of C$1.28 billion, a price-to-earnings ratio of 4.69 and a beta of 3.45. The company has a debt-to-equity ratio of 55.87, a current ratio of 1.68 and a quick ratio of 1.26.

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.