Hut 8 (TSE:HUT) Stock Price Down 22.5% – Here’s Why

Hut 8 Corp. (TSE:HUT)’s stock price was down 22.5% during trading on Wednesday. The company traded as low as C$68.25 and last traded at C$68.87. Approximately 1,043,517 shares were traded during trading, an increase of 35% from the average session volume of 772,142 shares. The stock had previously closed at C$88.90.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Wells Fargo & Company upgraded Hut 8 to a “strong-buy” rating in a report on Thursday, September 17th. Freedom Broker raised shares of Hut 8 to a “strong-buy” rating in a report on Tuesday, August 18th. UBS Group raised Hut 8 to a “strong-buy” rating in a report on Wednesday, September 23rd. Roth Capital raised Hut 8 to a “strong-buy” rating in a report on Wednesday, October 7th. Finally, Freedom Capital raised shares of Hut 8 to a “strong-buy” rating in a research note on Tuesday, August 18th. Eight equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Strong Buy”.

Hut 8 Stock Up 15.6%

The company has a market capitalization of C$8.93 billion, a PE ratio of -13.78 and a beta of 4.58. The firm’s 50-day simple moving average is C$114.58 and its 200 day simple moving average is C$114.49. The company has a debt-to-equity ratio of 16.38, a quick ratio of 1.25 and a current ratio of 9.48.

Hedge Funds Weigh In On Hut 8

An institutional investor recently bought a new position in Hut 8 stock. Dockside LLC acquired a new stake in shares of Hut 8 Corp. (TSE:HUT) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 6,252 shares of the company’s stock, valued at approximately $722,000. 42.84% of the stock is owned by institutional investors and hedge funds.

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.