In a new note to investors today, an analyst has provided a rating update for Hut 8 Mining Corp (HUT – Research Report). Analyst Mike Colonnese from H.C. Wainwright reiterated a Hold rating, with a $2.75 price target.
According to TipRanks.com, Colonnese is a 5-star analyst with an average return of 31.3% and a 58.1% success rate. Colonnese covers the Technology sector, focusing on stocks such as HIVE Blockchain Technologies, Coinbase Global, and Riot Platforms.
The word on The Street in general, suggests a Hold analyst consensus rating for Hut 8 Mining Corp with a C$3.70 average price target, a -2.4% downside from current levels. In a report issued on August 11, Craig-Hallum also maintained a Hold rating on the stock.
Based on Hut 8 Mining Corp’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of C$19.02 million and net profit of C$109 million. In comparison, last year the company earned revenue of C$53.33 million and had a net profit of C$55.71 million.
Hut 8 Mining Corp is a cryptocurrency mining company with industrial scale bitcoin mining operations in Canada. It provides investors with direct exposure to bitcoin, without the technical complexity or constraints of purchasing the underlying cryptocurrency. It is in the business of utilizing specialized equipment to solve complex computational problems to validate transactions on the bitcoin blockchain. The company receives bitcoin in return from the commercial activity of bitcoin mining.
The company’s shares closed last Monday at C$3.72.
Read More on TSE:HUT:
- Hut 8 Reports Operating and Financial Results for Q2 2023
- Hut 8 Announces Receipt of Interim Order and Filing of Management Information Circular in Connection with the Business Combination with US Bitcoin
- Hut 8 Mining (HUT) Q2 Earnings Cheat Sheet
- Hut 8 Mining announces production highlights for July
- Hut 8 Mining enters transaction support agreement with Macquarie Equipment
