Hut 8 (TSE:HUT) Stock Price Down 5.7% – Here’s Why

Shares of Hut 8 Corp. (TSE:HUT) dropped 5.7% on Friday . The stock traded as low as C$32.86 and last traded at C$33.08. Approximately 125,063 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 1,507,151 shares. The stock had previously closed at C$35.07.

Wall Street Analysts Forecast Growth

Separately, Cantor Fitzgerald upgraded shares of Hut 8 to a “strong-buy” rating in a report on Monday, December 9th.

Hut 8 Stock Performance

The firm has a market cap of C$3.07 billion, a P/E ratio of -30.73 and a beta of 3.45. The company has a quick ratio of 1.26, a current ratio of 1.67 and a debt-to-equity ratio of 55.19. The business has a fifty day simple moving average of C$32.13 and a 200-day simple moving average of C$22.75.

Hut 8 Company Profile

Hut 8 Corp. operates as a vertically integrated operator of energy infrastructure and Bitcoin miners in North America. It operates in four segments: Digital Assets Mining, Managed Services, High Performance Computing Colocation and Cloud, and Other. The company mines Bitcoin. It also offers managed services for energy infrastructure development, such as site design, procurement, and construction management; software automation, process design, personnel hiring, and team training; utilities contracts, hosting operations, and customer management; energy portfolio optimization and strategic initiatives; and finance, accounting, and safety services for digital asset mining site owners, governments, and data center developers.