Hut 8 (TSE:HUT) Reaches New 12-Month High - What's Next?

Key Points

• 52-week high: Hut 8 shares reached a new 52-week high, trading as high as C$92.52 (last C$86.92) on volume of 380,725 shares, and are trading well above their 50-day (C$71.39) and 200-day (C$66.98) moving averages.
• Analyst momentum: Multiple upgrades—HC Wainwright to "strong-buy" and Keefe, Bruyette & Woods to "moderate buy"—have left the consensus at seven Strong Buy ratings and one Buy, giving an overall average rating of "Strong Buy".
• Company profile and risks: Hut 8, which holds more self-mined bitcoin than any other miner or public company, has a market cap of C$9.98 billion but a negative P/E (-42.07) and high beta (4.58), with a debt-to-equity ratio of 31.34.

Hut 8 Corp. (TSE:HUT - Get Free Report) shares reached a new 52-week high on Thursday . The stock traded as high as C$92.52 and last traded at C$86.92, with a volume of 380725 shares traded. The stock had previously closed at C$84.94.

Wall Street Analyst Weigh In

Several research firms have weighed in on HUT. HC Wainwright upgraded shares of Hut 8 to a "strong-buy" rating in a research report on Monday, February 2nd. Keefe, Bruyette & Woods upgraded shares of Hut 8 to a "moderate buy" rating in a research report on Tuesday, January 27th. Seven investment analysts have rated the stock with a Strong Buy rating and one has issued a Buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Strong Buy".

Hut 8 Price Performance

The company has a debt-to-equity ratio of 31.34, a current ratio of 1.09 and a quick ratio of 1.26. The firm has a 50-day moving average of C$71.39 and a 200-day moving average of C$66.98. The stock has a market cap of C$9.98 billion, a PE ratio of -42.07 and a beta of 4.58.

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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