Hut 8 (TSE:HUT) Upgraded at Freedom Capital

Freedom Capital upgraded shares of Hut 8 (TSE:HUT) to a strong-buy rating in a report issued on Tuesday morning,Zacks.com reports.

Other equities research analysts also recently issued reports about the company. Jefferies Financial Group raised Hut 8 to a “strong-buy” rating in a report on Thursday, May 14th. Maxim Group raised Hut 8 to a “strong-buy” rating in a report on Wednesday, August 5th. Four 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, the stock has a consensus rating of “Strong Buy”.

Hut 8 Trading Up 7.8%

Shares of HUT stock opened at C$122.49 on Tuesday. The firm has a fifty day moving average of C$145.79 and a 200-day moving average of C$116.83. The stock has a market cap of C$13.79 billion, a price-to-earnings ratio of -22.68 and a beta of 4.58. Hut 8 has a 52-week low of C$29.25 and a 52-week high of C$194.28. The company has a debt-to-equity ratio of 30.65, a quick ratio of 1.25 and a current ratio of 0.86.

Institutional Inflows and Outflows

A hedge fund recently bought a new position in Hut 8 stock. Dockside LLC bought a new position in shares of Hut 8 Corp. (TSE:HUT) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 6,252 shares of the company’s stock, valued at approximately $722,000. Hedge funds and other institutional investors own 38.88% 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.