Hut 8 (TSE:HUT) Stock Price Down 5.9% – What’s Next?

Hut 8 Corp. (TSE:HUT)’s share price dropped 5.9% on Thursday . The stock traded as low as C$169.78 and last traded at C$172.35. Approximately 74,366 shares changed hands during trading, a decline of 93% from the average daily volume of 1,021,496 shares. The stock had previously closed at C$183.13.

Analyst Upgrades and Downgrades

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

Hut 8 Stock Down 11.9%

The company has a debt-to-equity ratio of 30.65, a quick ratio of 1.26 and a current ratio of 0.86. The stock has a 50 day moving average price of C$118.87 and a 200 day moving average price of C$86.64. The company has a market cap of C$17.61 billion, a P/E ratio of -55.45 and a beta of 4.58.

About Hut 8

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.