Hut 8 Mining rises as cryptocurrency sector shows positive growth
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Sep 27 2024
0mins
Should l Buy HUT?
Source: Coinmarketcap
Hut 8 Mining Corp has seen a price increase of 3.00%, reaching a 52-week high amid a positive trend in the cryptocurrency market.
The rise in Hut 8 Mining's stock is attributed to the overall growth in the cryptocurrency sector, as indicated by the performance of other companies like Riot Platforms and the recent surge in Bitcoin prices. This reflects a broader positive sentiment in the market, despite the Nasdaq-100 and S&P 500 showing declines.
The implications of this growth suggest that investor confidence in cryptocurrency mining companies is strengthening, potentially leading to further investments and interest in the sector.
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Analyst Views on HUT
Wall Street analysts forecast HUT stock price to fall
13 Analyst Rating
13 Buy
0 Hold
0 Sell
Strong Buy
Current: 78.770
Low
17.50
Averages
24.54
High
33.00
Current: 78.770
Low
17.50
Averages
24.54
High
33.00
About HUT
Hut 8 Corp. is an energy infrastructure platform. The Company's segments include Power, Digital Infrastructure, Compute, and Other. The Company's Power segment acquires, develops, and manages critical energy assets such as interconnects, powered land, and other electrical infrastructure to address the load demands of energy-intensive applications such as Bitcoin mining and high-performance computing. Its Power segment consists of power generation and managed services. Its Digital Infrastructure segment consists of CPU Colocation and ASIC Colocation services. The Company's Compute segment consists of Bitcoin Mining, GPU-as-a-Service, and Data Center Cloud operations. The Company, through its subsidiary, American Bitcoin Corp., is focused exclusively on industrial-scale Bitcoin mining and strategic Bitcoin reserve development. The Company's platform spans approximately 1,020 megawatts of energy capacity under management across 15 sites in the United States and Canada.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Cantor Fitzgerald Raises Hut 8 Corp. Price Target to $80 Amid AI Investment Outlook
- Price Target Increase: On April 9, Cantor Fitzgerald raised Hut 8 Corp.'s price target from $68 to $80 while reaffirming an Overweight rating, indicating optimism about AI infrastructure investments and anticipating a persistent supply/demand imbalance over the next five years that will keep prices strong.
- Stock Surge from Contracts: Hut 8 Corp. shares rallied 14% due to multiple contracts, including a 15-year lease with Google that guarantees full rent payments, boasts a 99% margin, and is projected to yield an average of $454 million in annual operating income, showcasing its robust profitability.
- Business Diversification: As a bitcoin miner, Hut 8 operates large-scale energy infrastructure and is segmented into Digital Assets Mining, Managed Services, High Performance Computing-Colocation, and Cloud, demonstrating its comprehensive capabilities in compute-intensive workloads.
- Investment Potential Assessment: While Hut 8 is recognized as a promising investment, analysts suggest that certain AI stocks may offer greater upside potential and lower downside risk, urging investors to carefully evaluate market dynamics to optimize their portfolios.
See More
Analysts Adjust Price Targets for Robinhood and Bitcoin Miners
- Robinhood Price Target Cut: KeyBanc reduced Robinhood's price target from $120 to $110 while maintaining an 'Overweight' rating, indicating a cautious outlook on the near-term environment for digital assets and potential negative impacts on revenue models from cryptocurrency activities.
- Bitcoin Miners Price Target Increases: Piper Sandler raised price targets for Hut 8 from $74 to $93 and Riot Platforms from $21 to $23, reflecting increased investor confidence as Bitcoin prices rebound, despite a volatile market.
- Industry Transformation Trend: Analysts noted that miners are leveraging existing infrastructure and power capacity to explore new growth avenues in artificial intelligence and high-performance computing, highlighting a thematic shift within the industry.
- Galaxy Digital Price Target Adjustment: Piper Sandler lowered Galaxy Digital's price target from $42 to $36 while keeping an 'Overweight' rating, reflecting short-term challenges due to market volatility and execution concerns, despite long-term benefits from diversified exposure to digital assets.
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Hyperscale Data's Bitcoin Treasury Reaches $50.3 Million
- Bitcoin Treasury Milestone: Hyperscale Data's Bitcoin treasury has reached approximately $50.3 million, supported by holdings of around 663 Bitcoin acquired through mining and open-market purchases, indicating the company's ongoing growth potential in digital assets.
- Significant Progress Towards Goals: The company has surpassed the $50 million mark for its Bitcoin treasury for the second time, now only a step away from its $100 million target, reflecting its strong conviction and execution in Bitcoin investment strategies.
- Total Asset Growth: Hyperscale's total assets, including Bitcoin and cash, have reached about $102 million, nearly double its market capitalization, highlighting the increasing importance of digital assets in the company's financial structure.
- Positive Market Reaction: During pre-market trading, Hyperscale's stock rose by 0.98%, despite a poor closing on Monday, demonstrating market recognition of its Bitcoin strategy and investor confidence.
See More
HUT 8 CORP: PIPER SANDLER INCREASES TARGET PRICE FROM $74 TO $93
Company Update: HUT 8 Corp has raised its price target significantly.
New Price Target: The new price target is set at $93, up from the previous $74.
See More
ProShares Bitcoin Strategy ETF and iShares Bitcoin Trust Both Rise by 2.8%
Market Performance: Shares of Bitcoin have increased by 2.8%, indicating a positive trend in the cryptocurrency market.
Investor Sentiment: The rise in Bitcoin shares reflects growing trust and confidence among investors in the cryptocurrency sector.
See More
Coinbase Global Increases by 4.6%, Strategy Surges 13%, Bit Digital Gains 5.3%
Coinbase Global Performance: Coinbase Global has reported a 4.6% increase in its performance metrics.
Strategic Growth: The company's strategy has seen a significant jump of 13%, indicating strong operational improvements.
Bit Digital Growth: Bit Digital has experienced a rise of 5.3%, reflecting positive trends in its business activities.
Overall Market Trends: The reported increases suggest a favorable environment for cryptocurrency-related businesses.
See More
Cantor Fitzgerald Raises Hut 8 Corp. Price Target to $80 Amid AI Investment Outlook
- Price Target Increase: On April 9, Cantor Fitzgerald raised Hut 8 Corp.'s price target from $68 to $80 while reaffirming an Overweight rating, indicating optimism about AI infrastructure investments and anticipating a persistent supply/demand imbalance over the next five years that will keep prices strong.
- Stock Surge from Contracts: Hut 8 Corp. shares rallied 14% due to multiple contracts, including a 15-year lease with Google that guarantees full rent payments, boasts a 99% margin, and is projected to yield an average of $454 million in annual operating income, showcasing its robust profitability.
- Business Diversification: As a bitcoin miner, Hut 8 operates large-scale energy infrastructure and is segmented into Digital Assets Mining, Managed Services, High Performance Computing-Colocation, and Cloud, demonstrating its comprehensive capabilities in compute-intensive workloads.
- Investment Potential Assessment: While Hut 8 is recognized as a promising investment, analysts suggest that certain AI stocks may offer greater upside potential and lower downside risk, urging investors to carefully evaluate market dynamics to optimize their portfolios.
See More
Analysts Adjust Price Targets for Robinhood and Bitcoin Miners
- Robinhood Price Target Cut: KeyBanc reduced Robinhood's price target from $120 to $110 while maintaining an 'Overweight' rating, indicating a cautious outlook on the near-term environment for digital assets and potential negative impacts on revenue models from cryptocurrency activities.
- Bitcoin Miners Price Target Increases: Piper Sandler raised price targets for Hut 8 from $74 to $93 and Riot Platforms from $21 to $23, reflecting increased investor confidence as Bitcoin prices rebound, despite a volatile market.
- Industry Transformation Trend: Analysts noted that miners are leveraging existing infrastructure and power capacity to explore new growth avenues in artificial intelligence and high-performance computing, highlighting a thematic shift within the industry.
- Galaxy Digital Price Target Adjustment: Piper Sandler lowered Galaxy Digital's price target from $42 to $36 while keeping an 'Overweight' rating, reflecting short-term challenges due to market volatility and execution concerns, despite long-term benefits from diversified exposure to digital assets.
See More
Hyperscale Data's Bitcoin Treasury Reaches $50.3 Million
- Bitcoin Treasury Milestone: Hyperscale Data's Bitcoin treasury has reached approximately $50.3 million, supported by holdings of around 663 Bitcoin acquired through mining and open-market purchases, indicating the company's ongoing growth potential in digital assets.
- Significant Progress Towards Goals: The company has surpassed the $50 million mark for its Bitcoin treasury for the second time, now only a step away from its $100 million target, reflecting its strong conviction and execution in Bitcoin investment strategies.
- Total Asset Growth: Hyperscale's total assets, including Bitcoin and cash, have reached about $102 million, nearly double its market capitalization, highlighting the increasing importance of digital assets in the company's financial structure.
- Positive Market Reaction: During pre-market trading, Hyperscale's stock rose by 0.98%, despite a poor closing on Monday, demonstrating market recognition of its Bitcoin strategy and investor confidence.
See More
HUT 8 CORP: PIPER SANDLER INCREASES TARGET PRICE FROM $74 TO $93
Company Update: HUT 8 Corp has raised its price target significantly.
New Price Target: The new price target is set at $93, up from the previous $74.
See More
ProShares Bitcoin Strategy ETF and iShares Bitcoin Trust Both Rise by 2.8%
Market Performance: Shares of Bitcoin have increased by 2.8%, indicating a positive trend in the cryptocurrency market.
Investor Sentiment: The rise in Bitcoin shares reflects growing trust and confidence among investors in the cryptocurrency sector.
See More
Coinbase Global Increases by 4.6%, Strategy Surges 13%, Bit Digital Gains 5.3%
Coinbase Global Performance: Coinbase Global has reported a 4.6% increase in its performance metrics.
Strategic Growth: The company's strategy has seen a significant jump of 13%, indicating strong operational improvements.
Bit Digital Growth: Bit Digital has experienced a rise of 5.3%, reflecting positive trends in its business activities.
Overall Market Trends: The reported increases suggest a favorable environment for cryptocurrency-related businesses.
See More
