Hut 8 (TSE:HUT) Shares Down 8.4% – What’s Next?

Shares of Hut 8 Corp. (TSE:HUT) fell 8.4% on Thursday . The company traded as low as C$69.70 and last traded at C$70.40. 501,431 shares traded hands during mid-day trading, a decline of 57% from the average session volume of 1,169,689 shares. The stock had previously closed at C$76.83.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. HC Wainwright raised shares of Hut 8 to a “strong-buy” rating in a research note on Monday, February 2nd. Keefe, Bruyette & Woods upgraded shares of Hut 8 to a “moderate buy” rating in a research note on Tuesday, January 27th. Seven investment analysts have rated the stock with a Strong Buy rating and one has given a Buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Strong Buy”.

Hut 8 Stock Performance

The stock has a market cap of C$7.30 billion, a price-to-earnings ratio of -30.75 and a beta of 4.58. The company’s 50 day simple moving average is C$73.29 and its 200 day simple moving average is C$65.61. The company has a debt-to-equity ratio of 31.34, a quick ratio of 1.26 and a current ratio of 1.09.

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.