Hut 8 (TSE:HUT) Shares Up 14.1% - Here's Why

Hut 8 Corp. (TSE:HUT - Get Free Report)'s share price rose 14.1% 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 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

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

Hut 8 Stock Down 3.5 %

The firm's 50-day moving average price is C$23.03 and its 200-day moving average price is C$26.90. The company has a market cap of C$1.08 billion, a price-to-earnings ratio of 3.96 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.

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.