Hut 8 (TSE:HUT) Shares Down 8.4%

Hut 8 Corp. (TSE:HUT)’s stock price fell 8.4% on Thursday . The company traded as low as C$19.52 and last traded at C$19.72. 104,420 shares traded hands during trading, a decline of 93% from the average session volume of 1,419,830 shares. The stock had previously closed at C$21.53.

Analyst Upgrades and Downgrades

Separately, Craig Hallum raised shares of Hut 8 from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 16th.

Hut 8 Stock Down 5.0 %

The company has a market capitalization of C$1.85 billion, a price-to-earnings ratio of -18.43 and a beta of 3.45. The stock’s fifty day simple moving average is C$14.16 and its two-hundred day simple moving average is C$13.22. The company has a debt-to-equity ratio of 29.52, a current ratio of 0.31 and a quick ratio of 1.26.

Hut 8 (TSE:HUT) last issued its earnings results on Wednesday, May 15th. The company reported C($0.23) earnings per share for the quarter, missing analysts’ consensus estimates of C($0.08) by C($0.15). Hut 8 had a negative return on equity of 122.68% and a net margin of 156.36%. The business had revenue of C$69.75 million for the quarter, compared to analyst estimates of C$72.44 million. On average, sell-side analysts predict that Hut 8 Corp. will post -0.52 earnings per share for the current fiscal year.

About Hut 8

Hut 8 Corp., together with its subsidiaries, acquires, builds, manages, and operates data centers for digital assets mining, computing, and artificial intelligence in the United States. It operates in four segments: Digital Assets Mining, Managed Services, High Performance Computing Colocation and Cloud, and Other.