Hut 8 (TSE:HUT) Trading Up 11.9% – Here’s What Happened

Hut 8 Corp. (TSE:HUT) was up 11.9% during mid-day trading on Wednesday . The stock traded as high as C$82.89 and last traded at C$81.87. Approximately 162,203 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 1,150,959 shares. The stock had previously closed at C$73.18.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on HUT shares. HC Wainwright raised shares of Hut 8 to a “strong-buy” rating in a research report on Monday, February 2nd. Keefe, Bruyette & Woods raised shares of Hut 8 to a “moderate buy” rating in a research report on Tuesday, January 27th. Seven analysts have rated the stock with a Strong Buy rating and one has issued a Buy rating to the stock. According to MarketBeat.com, Hut 8 currently has an average rating of “Strong Buy”.

Hut 8 Stock Up 3.3%

The company has a debt-to-equity ratio of 31.34, a quick ratio of 1.26 and a current ratio of 1.09. The firm has a market capitalization of C$9.73 billion, a PE ratio of -40.99 and a beta of 4.58. The company’s 50 day simple moving average is C$71.48 and its 200-day simple moving average is C$67.12.

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.