Hut 8 initiated with an Outperform at Northland

Northland initiated coverage of Hut 8 (HUT) with an Outperform rating and $20 price target Hut 8 is focused on scaling its computing capabilities across energy-intensive technologies, including HPC/AI computing and BTC hosting/mining, with a $150M investment from Coatue and 1,020 MW of energy capacity, the analyst tells investors. The company is advancing and executing on its exclusive pipeline capacity of 2.8 GW, and an additional 9.5 GW under due diligence, the analyst added.