Hut 8 (TSE:HUT) Shares Up 15.3% - Here's What Happened

Key Points

• Hut 8 shares surged 15.3% to C$88.73, reaching an intraday high of C$89.70, although trading volume was 28% below the daily average.
• Analyst sentiment is strongly positive: eight analysts rate the stock “Strong Buy,” one rates it “Buy,” and one rates it “Hold.” Several firms recently upgraded their ratings to “Strong Buy.”
• Institutional investors own 43.19% of Hut 8, while hedge fund Dockside LLC recently established a 6,252-share position valued at approximately $722,000.

Hut 8 Corp. (TSE:HUT - Get Free Report)'s stock price shot up 15.3% on Tuesday. The stock traded as high as C$89.70 and last traded at C$88.73. 551,637 shares traded hands during mid-day trading, a decline of 28% from the average daily volume of 769,434 shares. The stock had previously closed at C$76.93.

Analyst Ratings Changes

HUT has been the topic of several recent research reports. Maxim Group upgraded shares of Hut 8 to a "strong-buy" rating in a research note on Wednesday, August 5th. Freedom Capital raised Hut 8 to a "strong-buy" rating in a report on Tuesday, August 18th. Roth Capital upgraded Hut 8 to a "strong-buy" rating in a research report on Wednesday, October 7th. Wells Fargo & Company raised Hut 8 to a "strong-buy" rating in a report on Thursday, September 17th. Finally, UBS Group upgraded Hut 8 to a "strong-buy" rating in a research report on Wednesday, September 23rd. Eight research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, Hut 8 currently has an average rating of "Strong Buy".

Hut 8 Stock Up 15.6%

The company has a quick ratio of 1.25, a current ratio of 0.86 and a debt-to-equity ratio of 30.65. The stock has a market capitalization of C$10.96 billion, a P/E ratio of -16.47 and a beta of 4.58. The company has a fifty day moving average price of C$117.08 and a 200-day moving average price of C$114.60.

Hedge Funds Weigh In On Hut 8

A hedge fund recently bought a new position in Hut 8 stock. Dockside LLC bought a new position in Hut 8 Corp. (TSE:HUT - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 6,252 shares of the company's stock, valued at approximately $722,000. Institutional investors and hedge funds own 43.19% of the company's stock.

About Hut 8

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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