Hut 8 (TSE:HUT) Stock Price Down 9.9% – Time to Sell?

Hut 8 Corp. (TSE:HUT) shares fell 9.9% during trading on Tuesday . The company traded as low as C$126.32 and last traded at C$127.03. 124,305 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 1,081,180 shares. The stock had previously closed at C$141.01.

Wall Street Analysts Forecast Growth

HUT has been the topic of several recent research reports. Jefferies Financial Group upgraded Hut 8 to a “strong-buy” rating in a research report on Thursday, May 14th. Keefe, Bruyette & Woods upgraded shares of Hut 8 to a “moderate buy” rating in a research report on Tuesday, January 27th. Finally, HC Wainwright upgraded shares of Hut 8 to a “strong-buy” rating in a report on Monday, February 2nd. Four research analysts have rated the stock with a Strong Buy rating and one has given a Buy rating to the company’s stock. Based on data from MarketBeat.com, Hut 8 presently has an average rating of “Strong Buy”.

Hut 8 Stock Performance

The company has a current ratio of 0.86, a quick ratio of 1.26 and a debt-to-equity ratio of 30.65. The company has a market cap of C$14.30 billion, a PE ratio of -45.05 and a beta of 4.58. The business has a fifty day moving average of C$93.17 and a 200-day moving average of C$77.30.

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.