Hut 8 (TSE:HUT) Trading 14.1% Higher - Still a Buy?

Hut 8 Corp. (TSE:HUT - Get Free Report)'s share price was up 14.1% on Wednesday . 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.

Analyst Upgrades and Downgrades

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

Hut 8 Stock Up 1.5 %

The business has a 50-day simple moving average of C$23.03 and a 200-day simple moving average of C$26.98. 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 stock has a market cap of C$1.09 billion, a P/E ratio of 4.02 and a beta of 3.45.

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.