Hut 8 price target raised to $32 from $15 at Craig-Hallum

Craig-Hallum raised the firm’s price target on Hut 8 (HUT) to $32 from $15 and keeps a Buy rating on the shares. The firm really likes the team’s philosophy around the building of their power pipeline. Management is agnostic about everything other than the ultimate return for shareholders but is also very focused on flexibility. That is shown well in its buildout of the Vega project, which is built for an ASIC use case for a very palatable $400K per MW but can quickly be redeployed for an AI use case through the addition of redundant power, Craig-Hallum notes. They are already equipped with high rack density and liquid to chip cooling, both key to the AI application. “It doesn’t hurt to have about 9100 Bitcoins in your stack to throw up on the bar to demonstrate your wherewithal either,” the firm adds.