Hut 8 (TSE:HUT) Shares Down 16.3% – Time to Sell?

Hut 8 Corp. (TSE:HUT)’s share price fell 16.3% on Thursday . The stock traded as low as C$136.00 and last traded at C$137.17. 345,901 shares traded hands during mid-day trading, a decline of 63% from the average session volume of 942,369 shares. The stock had previously closed at C$163.82.

Analysts Set New Price Targets

Separately, Jefferies Financial Group raised Hut 8 to a “strong-buy” rating in a research note on Thursday, May 14th. Two investment analysts have rated the stock with a Strong Buy rating and one has issued a Buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Strong Buy”.

Hut 8 Stock Up 1.5%

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 fifty day moving average price of C$150.76 and a 200 day moving average price of C$101.54. The company has a market cap of C$15.71 billion, a PE ratio of -49.48 and a beta of 4.58.

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.