Hut 8 Corp. (TSE:HUT) Stock Rated "Strong Buy" by Wall Street Brokerages

Key Points

• Hut 8 has a Strong Buy consensus from 10 analysts: eight rate it a strong buy, one a buy, and one a hold. Several brokerages, including Roth Capital, Wells Fargo, UBS, and Maxim Group, recently upgraded the stock.
• Institutional investors own 39.71% of Hut 8; hedge fund Dockside LLC recently purchased 6,252 shares valued at approximately C$722,000.
• The stock opened at C$119.09, below its 50-day and 200-day moving averages, with a market capitalization of C$14.68 billion and a wide 52-week range of C$44.82 to C$194.28.

Hut 8 Corp. (TSE:HUT - Get Free Report) has received an average recommendation of "Strong Buy" from the ten ratings firms that are currently covering the company, Marketbeat reports. One analyst has rated the stock with a hold rating, one has given a buy rating and eight have assigned a strong buy rating to the company.

HUT has been the subject of a number of research reports. Roth Capital raised Hut 8 to a "strong-buy" rating in a report on Wednesday, October 7th. Maxim Group upgraded Hut 8 to a "strong-buy" rating in a research report on Wednesday, August 5th. Rothschild & Co Redburn upgraded shares of Hut 8 to a "hold" rating in a report on Monday, September 21st. Wells Fargo & Company upgraded shares of Hut 8 to a "strong-buy" rating in a report on Thursday, September 17th. Finally, UBS Group raised shares of Hut 8 to a "strong-buy" rating in a research report on Wednesday, September 23rd.

Institutional Trading of Hut 8

A hedge fund recently bought a new position in Hut 8 stock. Dockside LLC acquired a new position in Hut 8 Corp. (TSE:HUT - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 6,252 shares of the company's stock, valued at approximately $722,000. Institutional investors and hedge funds own 39.71% of the company's stock.

Hut 8 Stock Down 0.7%

Hut 8 stock opened at C$119.09 on Wednesday. The business's 50-day simple moving average is C$124.76 and its two-hundred day simple moving average is C$131.33. 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 company has a market cap of C$14.68 billion, a PE ratio of -22.05 and a beta of 4.58. Hut 8 has a fifty-two week low of C$44.82 and a fifty-two week high of C$194.28.

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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