Hansen, Mueller Industries director, sells $105,710 in stock
Investing.com - Piper Sandler has raised its price target on Hut 8 Mining Corp. (NASDAQ:HUT) to $74.00 from $33.00 while maintaining an Overweight rating on the stock. The company’s shares, currently trading at $48.46, have shown remarkable strength with a 234.9% return over the past year, according to InvestingPro data.
The significant price target increase reflects Hut 8’s approximately 1.5 gigawatts of power under development across four U.S. sites and exclusive rights to another 1.3 gigawatts, according to the research firm.
Piper Sandler’s valuation model values Hut 8’s power pipeline at a discounted $5 million per critical IT megawatt, compared to approximately $7 million to $9 million for peers like GLXY.
The research firm noted that Hut 8 holds approximately $1 billion of bitcoin on its balance sheet and maintains a 64% ownership stake in American Bitcoin (ABTC), which is not covered in their analysis.
Piper Sandler clarified that its price target does not place any value on the 1.3 gigawatts that Hut 8 has exclusive rights to across various sites, suggesting potential additional upside not reflected in the current valuation.
In other recent news, IREN Ltd. announced an expansion of its GPU portfolio with the purchase of approximately 9,000 GPUs from Nvidia, increasing its fleet to about 10,900 units. This development led BTIG to raise its price target for IREN to $32 from $22, while maintaining a Buy rating. Meanwhile, Hut 8 Corp. completed a merger between its subsidiary, American Bitcoin Corp., and Gryphon Digital Mining, resulting in American Bitcoin Corp. owning approximately 98% of Gryphon’s stock on a fully diluted basis. Additionally, Hut 8 Corp. secured a $200 million revolving credit facility backed by Bitcoin, with an interest rate of 7.99% per annum.
Furthermore, Clear Street increased its price target for Hut 8 Mining to $33 from $23, citing the company’s expansion of four new U.S. sites, enhancing its platform potential to 2.5 GW across 19 sites. Benchmark also raised its price target for Hut 8 Mining to $36 from $33, maintaining a Buy rating due to the company’s plans to develop facilities with 1.53 gigawatts of capacity across four locations. These developments reflect significant growth and expansion efforts by both IREN Ltd. and Hut 8 Corp.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.