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.

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.

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