Hut 8 (TSE:HUT) Trading Up 11.9% - Should You Buy?

Key Points

• Hut 8 shares jumped 11.9% intraday to C$81.87 (high C$82.89) from a prior close of C$73.18, but trading was thin at ~162,203 shares—about 86% below the average daily volume.
• Analysts are broadly bullish: seven firms have issued Strong Buy ratings and one a Buy, giving Hut 8 an overall average rating of Strong Buy after recent upgrades.
• Hut 8, an Alberta-based bitcoin miner that says it holds more self-mined bitcoin than any crypto miner or public company, has a market cap of C$9.0 billion, a negative P/E (~-37.9), and a high beta (~4.58), signaling elevated volatility.

Hut 8 Corp. (TSE:HUT - Get Free Report)'s share price was up 11.9% during trading on Wednesday . The company traded as high as C$82.89 and last traded at C$81.87. Approximately 162,203 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 1,150,959 shares. The stock had previously closed at C$73.18.

Analysts Set New Price Targets

A number of equities analysts have recently commented on HUT shares. Keefe, Bruyette & Woods raised Hut 8 to a "moderate buy" rating in a report on Tuesday, January 27th. HC Wainwright upgraded Hut 8 to a "strong-buy" rating in a research report on Monday, February 2nd. Seven investment 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, the company presently has an average rating of "Strong Buy".

Hut 8 Stock Up 10.9%

The company has a quick ratio of 1.26, a current ratio of 1.09 and a debt-to-equity ratio of 31.34. The company has a market cap of C$9.00 billion, a PE ratio of -37.93 and a beta of 4.58. The stock has a 50-day moving average of C$71.44 and a 200-day moving average of C$66.85.

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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