Hut 8 (TSE:HUT) Shares Down 2.4% - Here's What Happened
Hut 8 Corp. (TSE:HUT) shares fell 2.4% to C$26.86, with trading volume down 90% from average levels. Despite the decline, nine analysts have rated the stock as a "strong buy." The company has a market cap of C$1.76 billion and holds significant bitcoin assets. Analysts from BTIG, Northland Capital, Citizens JMP, Roth Capital, and Maxim Group have all upgraded Hut 8's rating recently. The stock's performance is under scrutiny as it navigates market fluctuations and investor sentiment.
Hut 8 Corp. (TSE:HUT - Get Free Report)'s stock price was down 2.4% on Friday . The company traded as low as C$26.50 and last traded at C$26.86. Approximately 149,224 shares changed hands during mid-day trading, a decline of 90% from the average daily volume of 1,470,132 shares. The stock had previously closed at C$27.51.
Wall Street Analyst Weigh In
- All In: Is MicroStrategy Overleveraging Its Future on Bitcoin?
A number of equities analysts have commented on HUT shares. BTIG Research upgraded shares of Hut 8 to a "strong-buy" rating in a research report on Monday, April 14th. Northland Capmk upgraded Hut 8 to a "strong-buy" rating in a research note on Monday, April 21st. Citizens Jmp upgraded Hut 8 to a "strong-buy" rating in a research report on Thursday, May 22nd. Roth Capital raised shares of Hut 8 to a "strong-buy" rating in a research note on Thursday, June 5th. Finally, Maxim Group upgraded shares of Hut 8 to a "strong-buy" rating in a research note on Thursday, May 1st. Nine analysts have rated the stock with a strong buy rating, According to MarketBeat.com, Hut 8 currently has an average rating of "Strong Buy".
View Our Latest Analysis on Hut 8
Hut 8 Trading Down 4.0%
The company has a debt-to-equity ratio of 55.87, a quick ratio of 1.26 and a current ratio of 1.68. The business has a fifty day simple moving average of C$26.54 and a 200 day simple moving average of C$23.51. The stock has a market cap of C$1.76 billion, a price-to-earnings ratio of 6.46 and a beta of 3.45.
About Hut 8
(Get Free Report)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.
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