Hut 8 (TSE:HUT) Trading Down 3.3% – Time to Sell?

Hut 8 Corp. (TSE:HUT)’s stock price was down 3.3% on Tuesday . The company traded as low as C$27.69 and last traded at C$28.06. Approximately 955,450 shares changed hands during mid-day trading, a decline of 31% from the average daily volume of 1,382,853 shares. The stock had previously closed at C$29.03.

Wall Street Analysts Forecast Growth

HUT has been the topic of a number of analyst reports. Cantor Fitzgerald raised Hut 8 to a “strong-buy” rating in a report on Monday, December 9th. Keefe, Bruyette & Woods raised shares of Hut 8 to a “moderate buy” rating in a research report on Wednesday, January 8th.

Hut 8 Price Performance

The company has a market capitalization of C$1.87 billion, a P/E ratio of 6.87 and a beta of 3.45. The stock’s fifty day simple moving average is C$33.57 and its 200-day simple moving average is C$25.93. The company has a debt-to-equity ratio of 55.87, a current ratio of 1.68 and a quick ratio of 1.26.

About Hut 8

Hut 8 Corp. operates as a vertically integrated operator of energy infrastructure and Bitcoin miners in North America. It operates in four segments: Digital Assets Mining, Managed Services, High Performance Computing Colocation and Cloud, and Other. The company mines Bitcoin. It also offers managed services for energy infrastructure development, such as site design, procurement, and construction management; software automation, process design, personnel hiring, and team training; utilities contracts, hosting operations, and customer management; energy portfolio optimization and strategic initiatives; and finance, accounting, and safety services for digital asset mining site owners, governments, and data center developers.