Citizens JMP initiated coverage of Hut 8 (HUT) with an Outperform rating and $25 price target With the ability to leverage existing deployments of low-cost and high-density power configurations currently present for bitcoin mining or hosting, the bitcoin power companies are “uniquely situated to provide additional space and power for data centers,” the analyst tells investors in a research note. The firm says Hut 8 selling out of capacity could hypothetically result in a stock price of $74.00 per share for the high performance computing business alone – realized over the long term.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on HUT:
- Hut 8 Mining call volume above normal and directionally bullish
- Crypto Currents: Coinbase reports stolen user data in hack
- UnitedHealth, Wayfair downgraded: Wall Street’s top analyst calls
- Hut 8 initiated with a Buy at B. Riley
- Unusually active option classes on open May 13th
Looking for a trading platform? Check out TipRanks' Best Online Brokers , and find the ideal broker for your trades.
Report an Issue