Hut 8 (TSE:HUT) Sets New 1-Year High - Here's What Happened

Key Points

• Hut 8's stock hit a new 52-week high Wednesday, trading as high as C$149.50 and last at C$144.47 on volume of 341,213 shares, up about 34.8% from the prior close of C$109.47.
• Analysts are broadly bullish: four firms rate the stock Strong Buy and one rates it Buy, with recent upgrades from Keefe, Bruyette & Woods and HC Wainwright driving a consensus "Strong Buy" rating.
• The company has a market cap of C$16.61 billion, a negative P/E (-68.97) and high volatility (beta 4.58), and it claims to hold more self-mined bitcoin than any other publicly traded crypto miner.

Hut 8 Corp. (TSE:HUT - Get Free Report)'s stock price reached a new 52-week high on Wednesday . The stock traded as high as C$149.50 and last traded at C$144.47, with a volume of 341213 shares changing hands. The stock had previously closed at C$109.47.

Wall Street Analysts Forecast Growth

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

Hut 8 Stock Up 34.8%

The stock has a market cap of C$16.61 billion, a P/E ratio of -68.97 and a beta of 4.58. The firm has a 50 day simple moving average of C$80.62 and a 200-day simple moving average of C$72.38. The company has a quick ratio of 1.26, a current ratio of 1.09 and a debt-to-equity ratio of 31.34.

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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