Hut 8 (TSE:HUT) Trading Down 11.3% – Here’s What Happened

Hut 8 Corp. (TSE:HUT) shares fell 11.3% on Friday . The company traded as low as C$106.81 and last traded at C$108.60. 541,875 shares traded hands during mid-day trading, a decline of 35% from the average daily volume of 833,248 shares. The stock had previously closed at C$122.49.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on HUT shares. Maxim Group raised shares of Hut 8 to a “strong-buy” rating in a research note on Wednesday, August 5th. Freedom Capital upgraded shares of Hut 8 to a “strong-buy” rating in a research report on Tuesday, August 18th. Finally, Jefferies Financial Group raised shares of Hut 8 to a “strong-buy” rating in a report on Thursday, May 14th. Four analysts have rated the stock with a Strong Buy rating and one has issued a Buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Strong Buy”.

Hut 8 Price Performance

The company has a current ratio of 0.86, a quick ratio of 1.25 and a debt-to-equity ratio of 30.65. The stock has a market capitalization of C$12.53 billion, a PE ratio of -20.61 and a beta of 4.58. The business has a fifty day moving average price of C$144.70 and a 200-day moving average price of C$116.79.

Institutional Trading of Hut 8

A hedge fund recently bought a new position in Hut 8 stock. Dockside LLC purchased a new stake in shares of Hut 8 Corp. (TSE:HUT) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 6,252 shares of the company’s stock, valued at approximately $722,000. 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.