Hut 8 Corp. (NASDAQ:HUT) (TSE:HUT) shares soared by around 20% today after the crypto miner delivered robust numbers for the six months ended December 31, 2023.
Impressive Top Line Gains
Hut 8 merged with U.S. Bitcoin Corp (USBTC) in November 2023. Consequently, HUT has filed transition period results for the six months as a bridge between USBTC’s year-end (June 2023) and HUT’s new year-end (December 2023). During this period, HUT generated a net income of $6.2 million on revenue of $60.6 million. In comparison, HUT had incurred a net loss of $81.3 million in the year-ago period. Furthermore, its adjusted EBITDA zoomed up to $62.3 million from $12.8 million a year ago.
Rising BTC Stash
HUT mined a total of 1,244 Bitcoin (BTC-USD) during the six months ended December 2023. The company held a total of 9,195 self-mined Bitcoin on its books at the end of the year. The total value of HUT’s BTC holdings was pegged at about $557.3 million at the end of February. For the full year 2023, its cost to mine a Bitcoin stood at $15,117.
Is HUT a Good Stock to Buy?
Bitcoin has rallied by nearly 161% over the past year. In comparison, HUT’s share price has increased by around 40% during this period. Overall, the Street has a Hold consensus rating on Hut 8 alongside an average HUT price target of $11.33. However, analysts’ views on the stock could see a revision following today’s earnings report.
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