Northland Lifts PT on Hut 8 Mining (HUT) to $26 From $20, Keeps an Overweight Rating

Hut 8 Mining Corp (NASDAQ:HUT) is one of the top bitcoin mining stocks to buy amid bitcoin hike. On July 11, Northland analyst Mike Grondahl raised the firm’s price target on Hut 8 Mining Corp (NASDAQ:HUT) to $26 from $20, keeping an Outperform rating on the shares.

Hut 8 (HUT) Rallies 14% on Multiple Contracts

A close-up of a cryptocurrency mining rig in a large warehouse facility.

The analyst told investors in a research note that Hut 8 Mining Corp (NASDAQ:HUT) has had a “lot of exciting” developments lately. The firm considers the increased credit facility with Coinbase from $65M to up to $130M to be a strategic maneuver, essentially doubling its non-dilutive capital on the balance sheet.

The analyst believes that Hut 8 Mining Corp (NASDAQ:HUT) can deploy this to execute on opportunities in its pipeline while simultaneously securing a more attractive cost of capital. The firm also added that it was “nice to see” the five-year capacity contracts with IESO.

Hut 8 Corp. (NASDAQ:HUT) is a bitcoin miner and a vertically integrated operator of large-scale energy infrastructure. It acquires, builds, designs, and operates data centers to power compute-intensive workloads, such as bitcoin mining. Its operations are divided into four business segments: Digital Assets Mining, Managed Services, High Performance Computing-Colocation and Cloud, and Other.

While we acknowledge the potential of HUT to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than HUT and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.