Hut 8 initiated with a Buy at B. Riley

B. Riley initiated coverage of Hut 8 (HUT) with a Buy rating and $25 price target With operations across Canada and the U.S., Hut 8 provides a diversified platform through its three business lines, the analyst tells investors in a research note. The firm expects the company’s growth initiatives over the next 12 months to sustain this diversified approach. This approach enables Hut 8 to capitalize on the growth potential from its colocation business while reducing earnings volatile, contends B. Riley.