Hut 8 (TSE:HUT) Stock Jumps 15.3% – Here’s What Happened

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

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on HUT. Roth Capital raised Hut 8 to a “strong-buy” rating in a research report on Wednesday, October 7th. Wells Fargo & Company upgraded shares of Hut 8 to a “strong-buy” rating in a research report on Thursday, September 17th. UBS Group raised shares of Hut 8 to a “strong-buy” rating in a research note on Wednesday, September 23rd. Maxim Group upgraded Hut 8 to a “strong-buy” rating in a report on Wednesday, August 5th. Finally, Rothschild & Co Redburn upgraded Hut 8 to a “hold” rating in a report on Monday, September 21st. 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. According to data from MarketBeat.com, the company currently has an average rating of “Strong Buy”.

Hut 8 Stock Up 15.6%

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 business’s 50 day simple moving average is C$117.08 and its 200 day simple moving average is C$114.60. The company has a market capitalization of C$10.96 billion, a PE ratio of -16.47 and a beta of 4.58.

Institutional Trading of Hut 8

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