Hut 8 (TSE:HUT) Upgraded at Roth Capital

Key Points

• Roth Capital upgraded Hut 8 to “strong buy.” The stock has an overall “Strong Buy” consensus, with eight analysts assigning that rating, one issuing a Buy, and one a Hold.
• Hut 8 shares were reported down 11.3%, opening at C$113.06, with a market capitalization of approximately C$12.73 billion and a 52-week range of C$44.82 to C$194.28.
• Institutional ownership stands at 39.85%; hedge fund Dockside LLC recently purchased 6,252 shares worth approximately $722,000.

Hut 8 (TSE:HUT - Get Free Report) was upgraded by research analysts at Roth Capital to a "strong-buy" rating in a research note issued to investors on Wednesday, Zacks reports.

Other analysts have also recently issued reports about the stock. Rothschild & Co Redburn upgraded shares of Hut 8 to a "hold" rating in a research note on Monday, September 21st. Wells Fargo & Company upgraded shares of Hut 8 to a "strong-buy" rating in a research note on Thursday, September 17th. Maxim Group raised shares of Hut 8 to a "strong-buy" rating in a report on Wednesday, August 5th. Freedom Capital upgraded Hut 8 to a "strong-buy" rating in a research report on Tuesday, August 18th. Finally, UBS Group raised Hut 8 to a "strong-buy" rating in a report on Wednesday, September 23rd. Eight investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Strong Buy".

Hut 8 Trading Down 11.3%

Shares of Hut 8 stock opened at C$113.06 on Wednesday. The stock has a market capitalization of C$12.73 billion, a P/E ratio of -20.94 and a beta of 4.58. Hut 8 has a 52-week low of C$44.82 and a 52-week high of C$194.28. The company has a debt-to-equity ratio of 30.65, a quick ratio of 1.25 and a current ratio of 0.86. The stock's 50-day simple moving average is C$126.47 and its 200 day simple moving average is C$130.37.

Institutional Trading of Hut 8

A hedge fund recently bought a new stake in Hut 8 stock. Dockside LLC purchased a new position in Hut 8 Corp. (TSE:HUT - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 6,252 shares of the company's stock, valued at approximately $722,000. 39.85% of the stock is currently owned by hedge funds and other institutional investors.

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.

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