Hut 8 (TSE:HUT) Trading Up 10.9% – What’s Next?

Hut 8 Corp. (TSE:HUT) traded up 10.9% on Friday . The company traded as high as C$140.43 and last traded at C$139.00. Approximately 334,350 shares traded hands during mid-day trading, a decline of 58% from the average session volume of 802,816 shares. The stock had previously closed at C$125.37.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on HUT shares. Freedom Broker raised shares of Hut 8 to a “strong-buy” rating in a report on Tuesday, August 18th. Freedom Capital upgraded shares of Hut 8 to a “strong-buy” rating in a research note on Tuesday, August 18th. Finally, Maxim Group raised shares of Hut 8 to a “strong-buy” rating in a research report on Wednesday, August 5th. Five investment analysts have rated the stock with a Strong Buy rating and one has given a Buy rating to the company’s stock. According to data from MarketBeat.com, Hut 8 presently has a consensus rating of “Strong Buy”.

Hut 8 Trading Up 9.0%

The company has a fifty day moving average of C$131.52 and a two-hundred day moving average of C$121.82. The company has a quick ratio of 1.25, a current ratio of 0.86 and a debt-to-equity ratio of 30.65. The stock has a market capitalization of C$15.39 billion, a price-to-earnings ratio of -25.31 and a beta of 4.58.

Institutional Inflows and Outflows

A hedge fund recently bought a new position in Hut 8 stock. Dockside LLC bought a new position in shares of Hut 8 Corp. (TSE:HUT) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 6,252 shares of the company’s stock, valued at approximately $722,000. Hedge funds and other institutional investors own 39.30% of the company’s stock.

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.