Hut 8 (TSE:HUT) Shares Up 6.5%

Hut 8 Corp. (TSE:HUT) shot up 6.5% during mid-day trading on Thursday . The company traded as high as C$22.55 and last traded at C$22.36. 240,515 shares were traded during trading, a decline of 83% from the average session volume of 1,407,133 shares. The stock had previously closed at C$20.99.

Analyst Upgrades and Downgrades

Separately, Craig Hallum raised Hut 8 from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 16th.

Hut 8 Price Performance

The firm’s 50 day simple moving average is C$13.66 and its two-hundred day simple moving average is C$13.04. The firm has a market capitalization of C$1.85 billion, a P/E ratio of -19.12 and a beta of 3.45. The company has a debt-to-equity ratio of 29.52, a current ratio of 0.31 and a quick ratio of 1.26.

Hut 8 (TSE:HUT) last released its earnings results on Wednesday, May 15th. The company reported C($0.23) earnings per share for the quarter, missing analysts’ consensus estimates of C($0.08) by C($0.15). Hut 8 had a negative return on equity of 122.68% and a net margin of 156.36%. The business had revenue of C$69.75 million during the quarter, compared to analysts’ expectations of C$72.44 million. As a group, analysts predict that Hut 8 Corp. will post -0.52 earnings per share for the current year.

Hut 8 Company Profile

Hut 8 Corp., together with its subsidiaries, acquires, builds, manages, and operates data centers for digital assets mining, computing, and artificial intelligence in the United States. It operates in four segments: Digital Assets Mining, Managed Services, High Performance Computing Colocation and Cloud, and Other.