Hut 8 (TSE:HUT) Rating Increased to Strong-Buy at Freedom Capital

Freedom Capital upgraded shares of Hut 8 (TSE:HUT) to a strong-buy rating in a research note released on Tuesday morning,Zacks.com reports.

A number of other analysts have also recently issued reports on the stock. Jefferies Financial Group upgraded shares of Hut 8 to a “strong-buy” rating in a research note on Thursday, May 14th. Maxim Group upgraded Hut 8 to a “strong-buy” rating in a research note on Wednesday, August 5th. Four research analysts have rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company. Based on data from MarketBeat, Hut 8 currently has an average rating of “Strong Buy”.

Hut 8 Trading Up 7.8%

HUT stock opened at C$122.49 on Tuesday. The company has a debt-to-equity ratio of 30.65, a current ratio of 0.86 and a quick ratio of 1.25. The company has a fifty day moving average price of C$145.79 and a two-hundred day moving average price of C$116.83. Hut 8 has a one year low of C$29.25 and a one year high of C$194.28. The stock has a market cap of C$13.79 billion, a price-to-earnings ratio of -22.68 and a beta of 4.58.

Institutional Investors Weigh In On Hut 8

An institutional investor recently bought a new position in Hut 8 stock. Dockside LLC bought a new stake in Hut 8 Corp. (TSE:HUT) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 6,252 shares of the company’s stock, valued at approximately $722,000. Institutional investors own 38.88% 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.