Hut 8 (TSE:HUT) Stock Price Down 8.1% – What’s Next?

Shares of Hut 8 Corp. (TSE:HUT) fell 8.1% on Friday. The stock traded as low as C$98.80 and last traded at C$99.27. 392,405 shares were traded during mid-day trading, a decline of 49% from the average daily volume of 775,813 shares. The stock had previously closed at C$107.97.

Analyst Upgrades and Downgrades

HUT has been the subject of a number of research reports. Rothschild & Co Redburn raised shares of Hut 8 to a “hold” rating in a research note on Monday, September 21st. Freedom Broker raised shares of Hut 8 to a “strong-buy” rating in a research report on Tuesday, August 18th. Wells Fargo & Company raised shares of Hut 8 to a “strong-buy” rating in a research report on Thursday, September 17th. Roth Capital upgraded shares of Hut 8 to a “strong-buy” rating in a report on Wednesday, October 7th. Finally, Maxim Group raised shares of Hut 8 to a “strong-buy” rating in a research report on Wednesday, August 5th. Eight equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Strong Buy”.

Hut 8 Stock Performance

The company has a market cap of C$11.00 billion, a PE ratio of -18.09 and a beta of 4.58. The company has a current ratio of 0.86, a quick ratio of 1.25 and a debt-to-equity ratio of 30.65. The firm’s 50-day simple moving average is C$123.91 and its two-hundred day simple moving average is C$131.89.

Institutional Trading of Hut 8

An institutional investor recently bought a new stake in Hut 8 stock. Dockside LLC purchased a new stake in shares of Hut 8 Corp. (TSE:HUT) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 6,252 shares of the company’s stock, valued at approximately $722,000. Hedge funds and other institutional investors own 39.71% of the company’s stock.

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.