Hut 8 (TSE:HUT) Shares Up 15.3% – Still a Buy?

Hut 8 Corp. (TSE:HUT) rose 15.3% during mid-day trading on Tuesday. The stock traded as high as C$89.70 and last traded at C$88.73. Approximately 551,637 shares traded hands during trading, a decline of 28% from the average daily volume of 769,434 shares. The stock had previously closed at C$76.93.

Wall Street Analysts Forecast Growth

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

Hut 8 Stock Performance

The company has a current ratio of 9.48, a quick ratio of 1.25 and a debt-to-equity ratio of 16.38. The company has a market cap of C$7.72 billion, a price-to-earnings ratio of -11.92 and a beta of 4.58. The stock has a 50 day moving average price of C$114.58 and a two-hundred day moving average price of C$114.49.

Institutional Trading of Hut 8

An institutional investor recently bought a new stake in Hut 8 stock. Dockside LLC acquired a new position in shares of Hut 8 Corp. (TSE:HUT) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 6,252 shares of the company’s stock, valued at approximately $722,000. Institutional investors own 42.84% 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.