Hut 8 Stock Got a Price Target Cut. But There Are Reasons to Be Bullish.

The performance of bitcoin mining companies is naturally closely correlated to the price of BTC. Given the current overall bearish trends of the crypto industry – bitcoin is down 35% year-to-date - it’s hardly surprising to see depressed share prices for public bitcoin miners. For example, shares of Hut 8 (HUT) have shaved off 66% of their value since the turn of the year. However, even in the face of the current difficult environment, following the company’s latest quarterly update, Canaccord analyst Joseph Vafi thinks Hut 8 is making all the right moves.