What Drove Hut 8 Earnings Beat? 4 Analysts Provide Their Q1 Takeaways
Hut 8 Corp (NASDAQ:HUT) reported financial results Wednesday after merging with U.S. Bitcoin Corporation (USBTC) in November 2023.
The results came amid an exciting earnings season. Here are some key analyst takeaways.
- Needham analyst John Todaro maintained a Buy rating, while raising the price target from $12 to $13.
- H.C. Wainwright analyst Mike Colonnese reiterated a Sell rating, while cutting the price target from $9.00 to $7.50.
- Canaccord Genuity analyst Joseph Vafi reaffirmed a Buy rating and price target of $14.
- Benchmark analyst Mark Palmer maintained a Buy rating and price target of $12.
Check out other analyst stock ratings.
Needham: Hut 8 reported first-quarter revenue of $52 million, in-line with Needham estimates, while EBITDA came in at $22 million, beating expectations of $19 million. “Power costs also came lower than we forecast,” and management expects this to fall to below 4c/kwh in self-mining for the remainder of 2024, Todaro added.
Lower power costs and AI are expected to contribute to the company’s performance in the back half of the year, the analyst stated. “HUT expects $20m in revenue from its third-party HPC …
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