Hut 8 (TSE:HUT) Stock Price Up 10.9% – Should You Buy?

Hut 8 Corp. (TSE:HUT)’s stock price shot up 10.9% on Friday . The company traded as high as C$140.43 and last traded at C$139.00. Approximately 334,350 shares changed hands during trading, a decline of 58% from the average session volume of 802,816 shares. The stock had previously closed at C$125.37.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on HUT shares. Freedom Capital raised Hut 8 to a “strong-buy” rating in a report on Tuesday, August 18th. Maxim Group raised Hut 8 to a “strong-buy” rating in a research note on Wednesday, August 5th. Jefferies Financial Group upgraded Hut 8 to a “strong-buy” rating in a report on Thursday, May 14th. Finally, Freedom Broker raised Hut 8 to a “strong-buy” rating in a research report on Tuesday, August 18th. Five equities research analysts have rated the stock with a Strong Buy rating and one has assigned a Buy rating to the stock. According to MarketBeat.com, Hut 8 currently has a consensus rating of “Strong Buy”.

Hut 8 Stock Performance

The firm’s 50-day moving average price is C$131.57 and its two-hundred day moving average price is C$121.71. The firm has a market capitalization of C$15.59 billion, a PE ratio of -25.65 and a beta of 4.58. The company has a quick ratio of 1.25, a current ratio of 0.86 and a debt-to-equity ratio of 30.65.

Hedge Funds Weigh In On Hut 8

A hedge fund recently bought a new position in Hut 8 stock. Dockside LLC bought a new stake in shares of Hut 8 Corp. (TSE:HUT) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 6,252 shares of the company’s stock, valued at approximately $722,000. Hedge funds and other institutional investors own 39.22% 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.