Opinions
The Monthly Gems by Allan Tong
Hut 8 Mining Corp.
HUT-T
TOP PICK
Mar 02, 2021
Hut-8 is another Canadian Bitcoin miner headquarted in Toronto, though it trades on the TSX. Daily volumes average 2.5 million, but swing wildly. Over 12 months, Bitfarms outperforms HUT-T 753% vs 858%, but the stocks have run in parallel the past month. Neither stock pays a dividend (no surprise). HUT's EPS in -0.22 while BITF's is -0.12.
Out of Vancouver comes another miner, HIVE Blockchain Technologies (HIVE on the Venture). HIVE boasts a positive EPS of 0.05 with average volumes of 8 million. Over the past year, HIVE stock has performed twice as well as BITF or HUT, but badly lags them since Bitcoin boomed last fall. At least, some Bay Street analysts have looked at HIVE and one (Jaime Carrasco) recommends it. There's scant coverage on the other names.
$10.610
Stock price when the opinion was issued
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TOP PICK
Stockchase Research Editor: Michael O'Reilly
HUT operates energy infrastructure platforms for the development of data centres and bitcoin mining in North America. It recently announced it has created "American Bitcoin" in conjunction with Eric Trump. It trades at 4x earnings, 1.3x book and supports a 45% ROE. We recommend setting a stop-loss at $10, looking to achieve $24 -- upside potential of 28%. Yield 0%
(Analysts’ price target is $41.67)
Energy Infrastructure, Industrials & Utilities
PAST TOP PICK
(A Top Pick May 01/25, Up 29.8%)Stockchase Research Editor: Michael O'Reilly
Our PAST TOP PICK with HUT has achieved its target at $24. To remain disciplined, we recommend covering half the position at this time and trailing up the stop (from $10) to $15.
Energy Infrastructure, Industrials & Utilities