Hut 8 (TSE:HUT) Shares Down 9.9% - Here's Why

Hut 8 Corp. (TSE:HUT - Get Free Report) shares dropped 9.9% on Monday . The stock traded as low as C$22.98 and last traded at C$22.98. Approximately 206,810 shares changed hands during trading, a decline of 84% from the average daily volume of 1,324,746 shares. The stock had previously closed at C$25.50.

Analysts Set New Price Targets

Several research firms recently issued reports on HUT. Keefe, Bruyette & Woods raised Hut 8 to a "moderate buy" rating in a research report on Wednesday, January 8th. Cantor Fitzgerald raised Hut 8 to a "strong-buy" rating in a report on Monday, December 9th.

Hut 8 Price Performance

The company has a quick ratio of 1.26, a current ratio of 1.68 and a debt-to-equity ratio of 55.87. The firm's fifty day moving average price is C$31.25 and its two-hundred day moving average price is C$26.19. The stock has a market capitalization of C$1.42 billion, a PE ratio of 5.22 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.