Hut 8 (TSE:HUT) Hits New 1-Year High – Here’s Why

Hut 8 Corp. (TSE:HUT)’s share price reached a new 52-week high on Tuesday . The company traded as high as C$159.00 and last traded at C$156.00, with a volume of 68967 shares. The stock had previously closed at C$151.07.

Analysts Set New Price Targets

A number of analysts recently weighed in on HUT shares. HC Wainwright raised shares of Hut 8 to a “strong-buy” rating in a report on Monday, February 2nd. Jefferies Financial Group raised shares of Hut 8 to a “strong-buy” rating in a report on Thursday, May 14th. Three equities research analysts have rated the stock with a Strong Buy rating and one has issued a Buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Strong Buy”.

Hut 8 Trading Up 6.6%

The company has a debt-to-equity ratio of 30.65, a quick ratio of 1.26 and a current ratio of 0.86. The firm has a market cap of C$19.52 billion, a PE ratio of -61.49 and a beta of 4.58. The stock’s 50 day simple moving average is C$104.22 and its 200 day simple moving average is C$81.08.

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.