Hut 8 (TSE:HUT) Shares Down 2.4% – Here’s Why

Hut 8 Corp. (TSE:HUT)’s stock price dropped 2.4% during mid-day trading on Friday . The stock traded as low as C$26.50 and last traded at C$26.86. Approximately 149,224 shares traded hands during trading, a decline of 90% from the average daily volume of 1,470,132 shares. The stock had previously closed at C$27.51.

Analyst Ratings Changes

HUT has been the topic of several recent analyst reports. B. Riley raised Hut 8 to a “strong-buy” rating in a research report on Tuesday, May 13th. Citizens Jmp raised Hut 8 to a “strong-buy” rating in a research report on Thursday, May 22nd. Roth Capital raised Hut 8 to a “strong-buy” rating in a report on Thursday, June 5th. BTIG Research raised Hut 8 to a “strong-buy” rating in a report on Monday, April 14th. Finally, Maxim Group raised Hut 8 to a “strong-buy” rating in a report on Thursday, May 1st. Nine equities research analysts have rated the stock with a strong buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Strong Buy”.

Hut 8 Stock Down 2.7%

The company has a quick ratio of 1.26, a current ratio of 1.68 and a debt-to-equity ratio of 55.87. The stock has a market cap of C$1.78 billion, a PE ratio of 6.55 and a beta of 3.45. The business has a 50 day moving average price of C$26.66 and a 200 day moving average price of C$23.34.

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.