Hut 8 (TSE:HUT) Stock Price Down 22.5% – Here’s Why

Hut 8 Corp. (TSE:HUT) was down 22.5% during trading on Wednesday. The stock traded as low as C$68.25 and last traded at C$68.87. Approximately 1,043,517 shares changed hands during mid-day trading, an increase of 35% from the average daily volume of 772,142 shares. The stock had previously closed at C$88.90.

Wall Street Analyst Weigh In

Several research firms have issued reports on HUT. UBS Group upgraded shares of Hut 8 to a “strong-buy” rating in a research note on Wednesday, September 23rd. Wells Fargo & Company raised shares of Hut 8 to a “strong-buy” rating in a research report on Thursday, September 17th. Rothschild & Co Redburn upgraded shares of Hut 8 to a “hold” rating in a report on Monday, September 21st. Freedom Broker upgraded shares of Hut 8 to a “strong-buy” rating in a report on Tuesday, August 18th. Finally, Freedom Capital raised shares of Hut 8 to a “strong-buy” rating in a research report on Tuesday, August 18th. Eight equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Strong Buy”.

Hut 8 Price Performance

The company has a 50-day moving average price of C$116.66 and a two-hundred day moving average price of C$114.64. The company has a debt-to-equity ratio of 30.65, a current ratio of 0.86 and a quick ratio of 1.25. The company has a market cap of C$8.41 billion, a PE ratio of -12.63 and a beta of 4.58.

Hedge Funds Weigh In On Hut 8

A hedge fund recently bought a new stake in Hut 8 stock. Dockside LLC purchased a new position in Hut 8 Corp. (TSE:HUT) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 6,252 shares of the company’s stock, valued at approximately $722,000. Hedge funds and other institutional investors own 43.19% 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.