Hut 8 price target raised to $31 from $25 at Roth Capital

Roth Capital raised the firm’s price target on Hut 8 (HUT) to $31 from $25 and keeps a Buy rating on the shares. The firm cites the recent S-4 filed by Gryphon Mining, indicating it is set to merge with Hut 8’s carved-out BTC business, the analyst tells investors in a research note. This helps reset the valuation for HUT from a sum-of-the-parts analysis as a starting point, Roth added.