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

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

Analysts Set New Price Targets

HUT has been the topic of several research reports. Cantor Fitzgerald raised Hut 8 to a “strong-buy” rating in a research report on Monday, December 9th. Keefe, Bruyette & Woods upgraded shares of Hut 8 to a “moderate buy” rating in a research note on Wednesday, January 8th.

Hut 8 Trading Down 15.5 %

The business has a 50 day simple moving average of C$36.05 and a two-hundred day simple moving average of C$25.20. The stock has a market cap of C$2.95 billion, a price-to-earnings ratio of -29.53 and a beta of 3.45. The company has a current ratio of 1.67, a quick ratio of 1.26 and a debt-to-equity ratio of 55.19.

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.