Hut 8 (TSE:HUT) Upgraded by Wells Fargo & Company to Strong-Buy Rating

Wells Fargo & Company upgraded shares of Hut 8 (TSE:HUT) to a strong-buy rating in a report published on Thursday,Zacks reports.

A number of other equities research analysts have also recently commented on the company. Freedom Broker raised Hut 8 to a “strong-buy” rating in a research note on Tuesday, August 18th. Freedom Capital raised Hut 8 to a “strong-buy” rating in a research note on Tuesday, August 18th. Finally, Maxim Group raised Hut 8 to a “strong-buy” rating in a research note on Wednesday, August 5th. Six equities research analysts have rated the stock with a Strong Buy rating and one has issued a Buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Strong Buy”.

Hut 8 Price Performance

HUT opened at C$127.31 on Thursday. The company has a fifty day moving average price of C$129.82 and a two-hundred day moving average price of C$123.54. The company has a debt-to-equity ratio of 30.65, a quick ratio of 1.25 and a current ratio of 0.86. Hut 8 has a 52 week low of C$44.82 and a 52 week high of C$194.28. The firm has a market capitalization of C$14.33 billion, a PE ratio of -23.58 and a beta of 4.58.

Institutional Trading of Hut 8

An institutional investor 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 filing with the Securities & Exchange Commission. The fund bought 6,252 shares of the company’s stock, valued at approximately $722,000. 38.92% of the stock is currently owned by hedge funds and other institutional investors.

Hut 8 Company Profile

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.