H.C. Wainwright analyst Mike Colonnese lowered the firm’s price target on Hut 8 (HUT) to $25 from $30 and keeps a Buy rating on the shares as part of a Q1 earnings preview for the bitcoin miners. Macro and geopolitical uncertainty drove significant volatility in bitcoin prices in Q1, but the average price increased 12% quarter-over-quarter, the analyst tells investors in a research note. The firm says total public miner market caps fell 41% quarter-over-quarter to $18B in 1Q, creating an attractive buying opportunity for mining stocks.
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:
- Crypto Currents: PayPal, Coinbase partner for stablecoin solutions
- Hut 8 initiated with an Outperform at Northland
- J Capital Research doubts American Data Centers will be good bet for investors
- Hut 8 initiated with a Buy at BTIG
- Crypto Currents: Hut 8, Eric Trump launch American Bitcoin
Looking for a trading platform? Check out TipRanks' Best Online Brokers , and find the ideal broker for your trades.
Report an Issue