Hut 8 (TSE:HUT) Stock Price Up 18.8% – Should You Buy?

Shares of Hut 8 Corp. (TSE:HUT) rose 18.8% during mid-day trading on Thursday . The stock traded as high as C$151.00 and last traded at C$147.20. Approximately 470,347 shares were traded during mid-day trading, a decline of 46% from the average session volume of 870,756 shares. The stock had previously closed at C$123.93.

Analyst Upgrades and Downgrades

Separately, Jefferies Financial Group upgraded Hut 8 to a “strong-buy” rating in a report on Thursday, May 14th. Two investment analysts have rated the stock with a Strong Buy rating and one has assigned a Buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Strong Buy”.

Hut 8 Stock Performance

The company has a market cap of C$16.77 billion, a P/E ratio of -52.83 and a beta of 4.58. The company’s 50-day moving average is C$157.20 and its two-hundred day moving average is C$111.56. The company has a quick ratio of 1.25, a current ratio of 0.86 and a debt-to-equity ratio of 30.65.

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.