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

Shares of Hut 8 Corp. (TSE:HUT) 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 trading, an increase of 12% from the average session volume of 1,456,522 shares. The stock had previously closed at C$16.72.

Wall Street Analyst Weigh In

HUT has been the topic of several analyst reports. Cantor Fitzgerald upgraded shares of Hut 8 to a “strong-buy” rating in a research note on Monday, December 9th. Rosenblatt Securities upgraded Hut 8 to a “strong-buy” rating in a research report on Friday, March 7th. Finally, Keefe, Bruyette & Woods upgraded Hut 8 to a “moderate buy” rating in a research note on Wednesday, January 8th. Four analysts have rated the stock with a strong buy rating, According to MarketBeat.com, the stock currently has an average rating of “Strong Buy”.

Hut 8 Stock Performance

The firm’s 50 day simple moving average is C$24.21 and its 200 day simple moving average is C$26.94. The firm has a market cap of C$1.27 billion, a PE ratio of 4.67 and a beta of 3.45. The company has a current ratio of 1.68, a quick ratio of 1.26 and a debt-to-equity ratio of 55.87.

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.