Hut 8 Mining Corp (TSE: HUT), one of the largest innovation-driven digital asset extraction pioneers in North America, announced Tuesday the closing of its definitive agreement to buy the cloud data center and colocation business from TeraGo Inc.
The acquisition consists of five data centers across Canada with a comprehensive information technology offering that includes a selection of scalable cloud services.
TeraGo’s data centers acquisition gives Hut 8 a unique positioning within the digital asset ecosystem and establishes the company as a leading high-performance computing platform.
Wall Street’s Take
Three months ago, H.C. Wainwright analyst Kevin Dede kept a Buy rating on HUT with a C$24 price target. This implies 219.2% upside potential.
Overall, Hut 8 Mining stock scores a Moderate Buy consensus rating based on two Buys.
The average Hut 8 Mining price target of C$24.72 implies upside potential of about 228.7% from current levels.
Download the TipRanks mobile app now
To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.
Related News:
Hut 8 to Buy TeraGO’s Cloud and Colocation Business
Hut 8 Mining Joins Business Renewables Centre Canada
Galaxy Digital Releases Video Providing Crypto Market View
