Hut 8 Boosted by Next-Gen Bitcoin Rigs and Revenue Diversification, Analysts Say
Portfolio Pulse from Anusuya Lahiri
Hut 8 Corp (NASDAQ:HUT) experienced a volatile trading week following mixed second-quarter earnings. Despite initial market disappointment due to revenue and EBITDA misses, analysts from Benchmark and Needham maintained Buy ratings, citing future revenue diversification, cost reductions, and improved mining efficiency. Benchmark set a price target of $17, while Needham set it at $15. The stock saw a recovery, trading higher by 1.73% at $11.15 on Wednesday.
August 14, 2024 | 5:35 pm
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Hut 8 Corp reported mixed Q2 earnings, missing revenue and EBITDA estimates. However, analysts from Benchmark and Needham maintained Buy ratings, citing future revenue diversification, cost reductions, and improved mining efficiency. The stock recovered, trading higher by 1.73% at $11.15 on Wednesday.
Despite missing revenue and EBITDA estimates, analysts are optimistic about Hut 8's future due to revenue diversification, cost reductions, and improved mining efficiency. This optimism is reflected in the maintained Buy ratings and price targets, leading to a positive short-term impact on the stock price.
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