Canaccord Genuity analyst Joseph Vafi maintained a Buy rating on Hut 8 Corp. (NASDAQ:HUT) and reiterated the $32 price forecast.
The analyst writes that he sees consistent progress at Hut 8 under the leadership of CEO Asher Genoot and his team, who have been in place for approximately five quarters.
While the past year has primarily involved operational streamlining and realignment within Hut 8, Vafi believes the future holds more significant potential.
Also Read: Hut 8 Analysts Still Bullish Despite Q1 Miss; Bets On American Bitcoin, HPC/AI Potential
Specifically, the analyst expects Hut 8 to navigate the complex challenge of maximizing the value of its Bitcoin (CRYPTO: BTC/USD) miner power portfolio and existing assets while simultaneously pursuing emerging opportunities in AI hosting without hindering either endeavor.
The analyst notes that the U.S. Bitcoin miners have grown via capital markets, but public markets often undervalue them despite strong returns and potential cost advantage over direct BTC buys.
The analyst adds that the company’s American Bitcoin vision might prioritize BTC accumulation over max mining output, potentially mirroring MicroStrategy’s treasury success.
Overall, the involvement of Eric and Donald Trump Jr. in American Bitcoin suggests that the new company’s activities will likely extend beyond solely mining Bitcoin, writes the analyst.
Today, Gryphon Digital Mining, Inc. (NASDAQ:GRYP) disclosed a definitive stock-for-stock merger deal with American Bitcoin, a majority-owned subsidiary of Hut 8, for an undisclosed amount. Upon closing, the combined entity will operate under the American Bitcoin brand and is expected to trade on the Nasdaq under the ticker “ABTC.”
On Thursday, Hut 8 reported a loss per share of $1.30, below the estimated 24 cents, and sales of $21.82 million fell short of the estimated $33.28 million.
Price Action: HUT shares are up 11.1% at $15.43 at the last check on Monday.
Read Next:
Bitcoin Mining Costs Jump To $137,000 Per Coin When Accounting For Non-Cash Expenses: CoinShares
Image via Shutterstock
Latest Ratings for HUT
Date | Firm | Action | From | To |
|---|---|---|---|---|
Nov 2021 | Canaccord Genuity | Maintains | Buy | |
Nov 2021 | HC Wainwright & Co. | Maintains | Buy | |
Nov 2021 | HC Wainwright & Co. | Maintains | Buy |
View More Analyst Ratings for HUT
View the Latest Analyst Ratings
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This article American Bitcoin Spin-Off, AI Ambitions To Boost Hut 8 Stock: Analyst originally appeared on Benzinga.com
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