Hut 8 (TSE:HUT) Trading Up 14.1% - Here's What Happened

Hut 8 Corp. (TSE:HUT - Get Free Report) shot up 14.1% during trading on Wednesday . The company traded as high as C$19.08 and last traded at C$19.07. 1,635,362 shares changed hands during mid-day trading, an increase of 12% from the average session volume of 1,456,522 shares. The stock had previously closed at C$16.72.

Analysts Set New Price Targets

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

Hut 8 Stock Up 1.5 %

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 has a 50 day simple moving average of C$23.03 and a 200-day simple moving average of C$26.98. 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.