Hut 8 (TSE:HUT) Trading Down 13.3% – Here’s Why

Hut 8 Corp. (TSE:HUT)’s share price was down 13.3% on Monday . The stock traded as low as C$31.99 and last traded at C$32.41. 486,684 shares traded hands during mid-day trading, a decline of 65% from the average daily volume of 1,402,640 shares. The stock had previously closed at C$37.38.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on HUT shares. Keefe, Bruyette & Woods raised shares of Hut 8 to a “moderate buy” rating in a research note on Wednesday, January 8th. Cantor Fitzgerald raised Hut 8 to a “strong-buy” rating in a research report on Monday, December 9th.

Hut 8 Price Performance

The firm has a market capitalization of C$2.64 billion, a P/E ratio of -26.39 and a beta of 3.45. The company has a debt-to-equity ratio of 55.19, a quick ratio of 1.26 and a current ratio of 1.67. The stock has a 50 day moving average of C$35.77 and a two-hundred day moving average of C$25.31.

Hut 8 Company Profile

Hut 8 Corp. operates as a vertically integrated operator of energy infrastructure and Bitcoin miners in North America. It operates in four segments: Digital Assets Mining, Managed Services, High Performance Computing Colocation and Cloud, and Other. The company mines Bitcoin. It also offers managed services for energy infrastructure development, such as site design, procurement, and construction management; software automation, process design, personnel hiring, and team training; utilities contracts, hosting operations, and customer management; energy portfolio optimization and strategic initiatives; and finance, accounting, and safety services for digital asset mining site owners, governments, and data center developers.