Hut 8 (TSE:HUT) Sets New 12-Month High - Still a Buy?

Key Points

• Hut 8 Corp. shares reached a new 52-week high of C$54.75, closing slightly lower at C$54.66 with significant trading volume.
• Analysts have upgraded Hut 8 to a "strong-buy" rating, with eight analysts supporting this assessment, indicating strong market confidence.
• Hut 8 Mining Corp. is recognized for having the highest installed capacity rates in North America and holds more self-mined bitcoin than any competitor globally.

Shares of Hut 8 Corp. (TSE:HUT - Get Free Report) hit a new 52-week high during trading on Thursday . The stock traded as high as C$54.75 and last traded at C$54.66, with a volume of 1363808 shares trading hands. The stock had previously closed at C$50.95.

Analysts Set New Price Targets

Separately, Roth Capital upgraded Hut 8 to a "strong-buy" rating in a report on Thursday, June 5th. Eight research analysts have rated the stock with a Strong Buy rating, According to data from MarketBeat, the company has an average rating of "Strong Buy".

Hut 8 Stock Performance

The company has a debt-to-equity ratio of 55.87, a current ratio of 1.68 and a quick ratio of 1.26. The firm's 50 day moving average price is C$37.19 and its 200-day moving average price is C$27.12. The firm has a market cap of C$5.73 billion, a price-to-earnings ratio of 37.21 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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