Hut 8 (TSE:HUT) Upgraded to Strong-Buy at UBS Group

Key Points

• UBS Group upgraded Hut 8 to “strong buy,” joining several other firms that recently raised their ratings. Seven analysts now rate the stock Strong Buy, with an overall average rating of Strong Buy.
• Hut 8 shares opened at C$144.53, with a market capitalization of approximately C$16.27 billion and a 52-week range of C$44.82 to C$194.28.
• Institutional investors own 39.04% of Hut 8; hedge fund Dockside LLC recently purchased 6,252 shares valued at roughly $722,000.

Hut 8 (TSE:HUT - Get Free Report) was upgraded by equities research analysts at UBS Group to a "strong-buy" rating in a research report issued to clients and investors on Wednesday, Zacks reports.

A number of other research firms also recently weighed in on HUT. Rothschild & Co Redburn raised Hut 8 to a "hold" rating in a report on Monday. Maxim Group upgraded Hut 8 to a "strong-buy" rating in a research note on Wednesday, August 5th. Freedom Broker raised shares of Hut 8 to a "strong-buy" rating in a research report on Tuesday, August 18th. Freedom Capital raised shares of Hut 8 to a "strong-buy" rating in a report on Tuesday, August 18th. Finally, Wells Fargo & Company upgraded Hut 8 to a "strong-buy" rating in a research report on Thursday, September 17th. Seven investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, Hut 8 presently has an average rating of "Strong Buy".

Hut 8 Stock Performance

HUT stock opened at C$144.53 on Wednesday. The company has a market cap of C$16.27 billion, a P/E ratio of -26.76 and a beta of 4.58. Hut 8 has a 1 year low of C$44.82 and a 1 year high of C$194.28. 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 stock's fifty day moving average price is C$130.03 and its 200-day moving average price is C$125.63.

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 second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 6,252 shares of the company's stock, valued at approximately $722,000. Hedge funds and other institutional investors own 39.04% 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.

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