Hut 8 (TSE:HUT) Stock Price Up 14.1% - Still a Buy?

Hut 8 Corp. (TSE:HUT - Get Free Report)'s stock price was up 14.1% during mid-day trading on Wednesday . The stock traded as high as C$19.08 and last traded at C$19.07. Approximately 1,635,362 shares were traded 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.

Analysts Set New Price Targets

Several analysts have recently commented on HUT shares. Rosenblatt Securities raised Hut 8 to a "strong-buy" rating in a research report on Friday, March 7th. Cantor Fitzgerald raised Hut 8 to a "strong-buy" rating in a research note on Monday, December 9th. Finally, Keefe, Bruyette & Woods raised Hut 8 to a "moderate buy" rating in a research note on Wednesday, January 8th. Four investment analysts have rated the stock with a strong buy rating, According to data from MarketBeat.com, the stock has a consensus rating of "Strong Buy".

Hut 8 Trading Down 3.5 %

The business's 50-day simple moving average is C$23.03 and its 200-day simple moving average is C$26.90. The company has a current ratio of 1.68, a quick ratio of 1.26 and a debt-to-equity ratio of 55.87. The company has a market cap of C$1.08 billion, a PE ratio of 3.96 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.