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Hut 8 Mining Corp.
HUT-T
DON'T BUY
Apr 22, 2024
$12.630
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
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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
HUTs valuation is close to its bitcoin holdings, and we feel this effectively means the market is either pricing in bitcoins price to decline or its operations to be worth near-zero. We think it looks interesting here as a value play. Overall, we would prefer GLXY due to its strong leadership, diverse operations, and history of success across crypto 'bull markets'.
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