Hut 8 (TSE:HUT) Stock Price Up 6.3% – Should You Buy?

Shares of Hut 8 Corp. (TSE:HUT) shot up 6.3% on Wednesday . The company traded as high as C$36.60 and last traded at C$36.38. 316,404 shares were traded during trading, a decline of 71% from the average session volume of 1,095,442 shares. The stock had previously closed at C$34.23.

Wall Street Analysts Forecast Growth

HUT has been the subject of a number of research reports. Keefe, Bruyette & Woods upgraded Hut 8 to a “moderate buy” rating in a research report on Wednesday, January 8th. Cantor Fitzgerald raised shares of Hut 8 to a “strong-buy” rating in a report on Monday, December 9th.

Hut 8 Trading Up 1.8 %

The company has a current ratio of 1.67, a quick ratio of 1.26 and a debt-to-equity ratio of 55.19. The company has a 50 day moving average of C$35.45 and a 200 day moving average of C$24.49. The firm has a market cap of C$3.57 billion, a price-to-earnings ratio of -35.78 and a beta of 3.45.

About Hut 8

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.