Northland Capital Markets has initiated coverage on Hut 8 Mining Corp (HUT, Financial) with an Outperform rating, setting a price target of $20. This move reflects confidence in Hut 8's strategic expansion in the realm of high-performance computing and cryptocurrency mining.
Hut 8 is actively enhancing its operations by investing in energy-intensive technologies. The company has secured a substantial $150 million investment from Coatue, which will aid in expanding its computing capabilities. Currently, Hut 8 boasts an energy capacity of 1,020 megawatts.
The company is strategically advancing its exclusive pipeline, which has a capacity of 2.8 gigawatts. Additionally, Hut 8 is conducting due diligence on a potential expansion of another 9.5 gigawatts. The analyst covering Hut 8 anticipates that these developments will position the company favorably in its sector, justifying the optimistic rating and price target.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 11 analysts, the average target price for Hut 8 Corp (HUT, Financial) is $26.18 with a high estimate of $33.00 and a low estimate of $13.50. The average target implies an upside of 133.98% from the current price of $11.19. More detailed estimate data can be found on the Hut 8 Corp (HUT) Forecast page.
Based on the consensus recommendation from 11 brokerage firms, Hut 8 Corp's (HUT, Financial) average brokerage recommendation is currently 1.9, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Hut 8 Corp (HUT, Financial) in one year is $52.34, suggesting a upside of 367.74% from the current price of $11.19. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Hut 8 Corp (HUT) Summary page.
