Hut 8 (TSE:HUT) Upgraded to Hold at Rothschild & Co Redburn

Key Points

• Rothschild & Co Redburn upgraded Hut 8 to “Hold,” while the broader analyst consensus remains “Strong Buy,” with six Strong Buy, one Buy, and one Hold rating.
• Hut 8 shares rose 4.9% to open at C$145.10, compared with a 12-month range of C$44.82 to C$194.28; the company’s market capitalization is approximately C$16.34 billion.
• Institutional ownership stands at 39.04%, and Dockside LLC recently acquired 6,252 shares valued at roughly $722,000.

Hut 8 (TSE:HUT - Get Free Report) was upgraded by investment analysts at Rothschild & Co Redburn to a "hold" rating in a research note issued on Monday, Zacks reports.

Several other equities analysts have also recently issued reports on HUT. Freedom Capital upgraded shares of Hut 8 to a "strong-buy" rating in a research report on Tuesday, August 18th. Wells Fargo & Company raised Hut 8 to a "strong-buy" rating in a research report on Thursday, September 17th. Maxim Group upgraded Hut 8 to a "strong-buy" rating in a report on Wednesday, August 5th. Finally, Freedom Broker raised Hut 8 to a "strong-buy" rating in a research report on Tuesday, August 18th. Six investment 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 MarketBeat.com, the company presently has an average rating of "Strong Buy".

Hut 8 Stock Up 4.9%

Shares of Hut 8 stock opened at C$145.10 on Monday. The company has a current ratio of 0.86, a quick ratio of 1.25 and a debt-to-equity ratio of 30.65. Hut 8 has a 12-month low of C$44.82 and a 12-month high of C$194.28. The company has a market cap of C$16.34 billion, a P/E ratio of -26.87 and a beta of 4.58. The company's fifty day simple moving average is C$129.79 and its two-hundred day simple moving average is C$124.57.

Institutional Inflows and Outflows

An institutional investor recently bought a new stake in Hut 8 stock. Dockside LLC acquired a new position in shares of Hut 8 Corp. (TSE:HUT - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 6,252 shares of the company's stock, valued at approximately $722,000. 39.04% of the stock is 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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