Hut 8 (TSE:HUT) Stock Price Down 14.5% – What’s Next?

Hut 8 Corp. (TSE:HUT) shares dropped 14.5% during trading on Wednesday . The company traded as low as C$68.88 and last traded at C$68.88. Approximately 541,811 shares changed hands during mid-day trading, a decline of 56% from the average daily volume of 1,236,779 shares. The stock had previously closed at C$80.53.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on HUT shares. HC Wainwright raised shares of Hut 8 to a “strong-buy” rating in a research report on Monday. Keefe, Bruyette & Woods raised Hut 8 to a “moderate buy” rating in a research report on Tuesday, January 27th. Eight investment analysts have rated the stock with a Strong Buy rating and one has issued a Buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Strong Buy”.

Hut 8 Price Performance

The business’s fifty day moving average is C$70.28 and its 200 day moving average is C$55.46. The company has a current ratio of 1.68, a quick ratio of 1.26 and a debt-to-equity ratio of 55.87. The company has a market cap of C$7.48 billion, a P/E ratio of 37.03 and a beta of 4.58.

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.