Hut 8 (TSE:HUT) Stock Price Down 13.3% – Here’s Why

Hut 8 Corp. (TSE:HUT)’s share price fell 13.3% during mid-day trading on Monday . The stock traded as low as C$31.99 and last traded at C$32.41. 486,684 shares traded hands during trading, a decline of 65% from the average session volume of 1,402,640 shares. The stock had previously closed at C$37.38.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Cantor Fitzgerald upgraded shares of Hut 8 to a “strong-buy” rating in a research report on Monday, December 9th. Keefe, Bruyette & Woods upgraded shares of Hut 8 to a “moderate buy” rating in a research report on Wednesday, January 8th.

Hut 8 Stock Performance

The firm has a market capitalization of C$2.64 billion, a P/E ratio of -26.39 and a beta of 3.45. The company has a debt-to-equity ratio of 55.19, a current ratio of 1.67 and a quick ratio of 1.26. The stock’s 50 day moving average is C$35.77 and its two-hundred day moving average is C$25.31.

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.