Hut 8 (TSE:HUT) Hits New 1-Year High - Time to Buy?

Key Points

• Shares of Hut 8 reached a new 52-week high, trading as high as C$102.45 (last C$98.73) on volume of 1,023,624 shares and were up about 2.6%.
• Analysts show an average rating of Strong Buy (six Strong Buys, one Buy) after recent upgrades, including HC Wainwright to strong-buy and Keefe, Bruyette & Woods to moderate buy.
• Hut 8 has a market cap of C$10.95 billion, a negative P/E (-46.14) and high volatility (beta 4.58), and the company says it holds more self-mined bitcoin than any other crypto miner or publicly traded firm.

Shares of Hut 8 Corp. (TSE:HUT - Get Free Report) reached a new 52-week high during trading on Wednesday . The stock traded as high as C$102.45 and last traded at C$98.73, with a volume of 1023624 shares changing hands. The stock had previously closed at C$96.21.

Analyst Ratings Changes

Several equities analysts have commented on the stock. HC Wainwright raised shares of Hut 8 to a "strong-buy" rating in a report on Monday, February 2nd. Keefe, Bruyette & Woods raised shares of Hut 8 to a "moderate buy" rating in a report on Tuesday, January 27th. Six equities research analysts have rated the stock with a Strong Buy rating and one has given a Buy rating to the company. Based on data from MarketBeat.com, Hut 8 currently has an average rating of "Strong Buy".

Hut 8 Stock Up 2.6%

The company has a market capitalization of C$10.95 billion, a P/E ratio of -46.14 and a beta of 4.58. The company has a debt-to-equity ratio of 31.34, a quick ratio of 1.26 and a current ratio of 1.09. The firm's fifty day moving average is C$72.54 and its 200-day moving average is C$68.33.

Hut 8 Company Profile

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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