Canaccord Genuity has lowered the target price of Hut 8 from $17.5 to $14, while maintaining a buy rating

According to a research report by broker Canaccord Genuity, Bitcoin miner Hut 8 (HUT) has multiple sources of revenue after completing its merger with US Bitcoin Corporation (USBTC) at the end of last year. The report states that the new Hut 8 has mining capacity of approximately 7 exhashes per second (EH/s), with mining revenue accounting for approximately 68% of today's revenue, while the rest comes from custody services, custody, and high-performance computing (HPC). The brokerage firm has lowered the target price of the stock from $17.5 to $14 while maintaining a buy rating. Hut 8 closed at $9.69 on Thursday.