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

Hut 8 Corp. (TSE:HUT)’s stock price rose 14.1% during 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 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.

Analysts Set New Price Targets

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

Hut 8 Stock Performance

The stock has a 50 day simple moving average of C$24.21 and a 200 day simple moving average of C$26.94. The stock has a market cap of C$1.27 billion, a P/E 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.

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.