Hut 8 (TSE:HUT) Stock Price Up 5.6%

Hut 8 Corp. (TSE:HUT)’s stock price rose 5.6% during mid-day trading on Thursday . The stock traded as high as C$22.00 and last traded at C$21.90. Approximately 52,472 shares changed hands during trading, a decline of 96% from the average daily volume of 1,405,017 shares. The stock had previously closed at C$20.73.

Wall Street Analysts Forecast Growth

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

Hut 8 Stock Up 4.9 %

The business’s 50 day moving average is C$15.20 and its 200 day moving average is C$13.38. The company has a quick ratio of 1.26, a current ratio of 0.31 and a debt-to-equity ratio of 29.52. The company has a market cap of C$1.97 billion, a P/E ratio of -19.37 and a beta of 3.45.

Hut 8 (TSE:HUT) last issued its quarterly earnings data 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 company had revenue of C$69.75 million for the quarter, compared to analysts’ expectations of C$72.44 million. As a group, equities analysts anticipate that Hut 8 Corp. will post -0.52 earnings per share for the current fiscal year.

About Hut 8

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.