Hut 8 upgraded to Buy from Sell at H.C. Wainwright

H.C. Wainwright double upgraded Hut 8 to Buy from Sell with a price target of $13.50, up from $7.50. The analyst now believes the stock’s risk/reward skews to the upside. Hut now has competitive blended average electricity costs after successfully completing its restructuring program and energizing its newest 63 MW facility in Texas during the quarter, the analyst tells investors in a research note. The firm believes the company has the capital and infrastructure in place to purchase and deploy the latest-generation mining equipment “at an opportune time in the cycle.”