Hut 8 (TSE:HUT) Stock Price Down 9.9% – Here’s What Happened

Hut 8 Corp. (TSE:HUT) shares traded down 9.9% during mid-day trading on Monday . The company traded as low as C$22.98 and last traded at C$22.98. 206,810 shares traded hands during trading, a decline of 84% from the average session volume of 1,324,746 shares. The stock had previously closed at C$25.50.

Analysts Set New Price Targets

Several analysts recently commented on HUT shares. Keefe, Bruyette & Woods upgraded Hut 8 to a “moderate buy” rating in a report on Wednesday, January 8th. Cantor Fitzgerald raised shares of Hut 8 to a “strong-buy” rating in a research note on Monday, December 9th.

Hut 8 Trading Down 10.1 %

The firm’s 50-day moving average price is C$32.10 and its 200 day moving average price is C$26.23. The company has a market cap of C$1.42 billion, a price-to-earnings ratio of 5.20 and a beta of 3.45. The company has a current ratio of 1.68, a quick ratio of 1.26 and a debt-to-equity ratio of 55.87.

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.