Hut 8 (TSE:HUT) Shares Up 15.3% – Here’s What Happened

Hut 8 Corp. (TSE:HUT)’s stock price shot up 15.3% on Tuesday. The stock traded as high as C$89.70 and last traded at C$88.73. 551,637 shares traded hands during mid-day trading, a decline of 28% from the average daily volume of 769,434 shares. The stock had previously closed at C$76.93.

Analyst Ratings Changes

HUT has been the topic of several recent research reports. Maxim Group upgraded shares of Hut 8 to a “strong-buy” rating in a research note on Wednesday, August 5th. Freedom Capital raised Hut 8 to a “strong-buy” rating in a report on Tuesday, August 18th. Roth Capital upgraded Hut 8 to a “strong-buy” rating in a research report on Wednesday, October 7th. Wells Fargo & Company raised Hut 8 to a “strong-buy” rating in a report on Thursday, September 17th. Finally, UBS Group upgraded Hut 8 to a “strong-buy” rating in a research report on Wednesday, September 23rd. Eight research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, Hut 8 currently has an average rating of “Strong Buy”.

Hut 8 Stock Up 15.6%

The company has a quick ratio of 1.25, a current ratio of 0.86 and a debt-to-equity ratio of 30.65. The stock has a market capitalization of C$10.96 billion, a P/E ratio of -16.47 and a beta of 4.58. The company has a fifty day moving average price of C$117.08 and a 200-day moving average price of C$114.60.

Hedge Funds Weigh In On Hut 8

A hedge fund recently bought a new position in Hut 8 stock. Dockside LLC bought a new position in Hut 8 Corp. (TSE:HUT) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 6,252 shares of the company’s stock, valued at approximately $722,000. Institutional investors and hedge funds own 43.19% 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.