Hut 8 (TSE:HUT) Trading Down 2.4% - Time to Sell?

Key Points

• Hut 8 Corp. shares fell 2.4% to C$26.86 on Friday with a trading volume decline of 90% compared to the average daily volume.
• Despite the recent dip in share price, nine analysts have rated Hut 8 with a "strong buy" rating, indicating strong positive sentiment in the market.
• The company is notable for holding the most self-mined bitcoin globally, highlighting its innovative approach in the digital asset mining industry.

Shares of Hut 8 Corp. (TSE:HUT - Get Free Report) traded down 2.4% on Friday . The stock traded as low as C$26.50 and last traded at C$26.86. 149,224 shares were traded during mid-day trading, a decline of 90% from the average session volume of 1,470,132 shares. The stock had previously closed at C$27.51.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on HUT. B. Riley raised shares of Hut 8 to a "strong-buy" rating in a report on Tuesday, May 13th. Citizens Jmp raised shares of Hut 8 to a "strong-buy" rating in a report on Thursday, May 22nd. Maxim Group raised shares of Hut 8 to a "strong-buy" rating in a report on Thursday, May 1st. Northland Capmk upgraded Hut 8 to a "strong-buy" rating in a report on Monday, April 21st. Finally, Roth Capital upgraded Hut 8 to a "strong-buy" rating in a report on Thursday, June 5th. Nine analysts have rated the stock with a strong buy rating, Based on data from MarketBeat, the company has an average rating of "Strong Buy".

Hut 8 Trading Down 2.7%

The firm has a market cap of C$1.78 billion, a P/E ratio of 6.55 and a beta of 3.45. The company has a 50 day moving average of C$26.66 and a 200 day moving average of C$23.34. The company has a debt-to-equity ratio of 55.87, a quick ratio of 1.26 and a current ratio of 1.68.

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.