A Wall Street analyst has provided a rating update for the Technology company today, while remaining neutral on the stock. Analyst Mike Colonnese from H.C. Wainwright remains neutral on Hut 8 Mining Corp (HUT – Research Report) and has a $2.25 price target.
According to TipRanks.com, Colonnese is a 3-star analyst with an average return of 2.5% and a 44.7% success rate. Colonnese covers the Technology sector, focusing on stocks such as Coinbase Global, Riot Platforms, and Cipher Mining.
Currently, the analyst consensus on Hut 8 Mining Corp is a Moderate Buy with an average price target of C$3.97, which is a 52.7% upside from current levels. In a report issued on November 3, Craig-Hallum also maintained a Hold rating on the stock.
The company has a one-year high of C$5.98 and a one-year low of C$1.08. Currently, Hut 8 Mining Corp has an average volume of 2.54M.
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 Tuesday at C$2.53.
Read More on TSE:HUT:
- Hut 8 Reports Operating and Financial Results for Q3 2023
- Is HUT a Buy, Before Earnings?
- Hut 8 Announces Effectiveness of Registration Statement on Form S-4 in Connection with Merger with US Bitcoin Corp
- Unusually active option classes on open November 9th
- Hut 8 Provides Update on Business Combination with USBTC
