Hut 8 Stock Hits One-Month Low – Analyst Doubles Price Target Amid The Dip

Hut 8 (HUT) price target was nearly doubled by Benchmark analyst Mark Palmer on Tuesday, even as the stock sank to a one-month low.Palmer raised his price target on Hut 8 to $165 from $85 in a research note, while maintaining a ‘Buy’ rating, citing "strong operating momentum" ahead of the company's second-quarter report.Palmer noted that Hut 8 shares have fallen almost 30% over the past six weeks despite that momentum, adding that "numbers have moved so quickly that even close observers may not have fully absorbed them." HUT peaked near $138 in early June before sliding to a one-month low around $96. was trading at $98, down nearly 1% during midday trade. On Stocktwits, retail sentiment around HUT remained in the ‘bearish’ zone, while chatter around it remained at ‘high’ levels over the past day.Wall Street Remains Cautious At current levels, Palmer's $165 target implies a substantial 65% upside, but it is significantly above the consensus average.Palmer’s positive call comes despite a far more conservative outlook from most analysts. According to Koyfin data, forecasts for Hut 8’s stock price range from a low of $70 to a high of $226, with the average Wall Street price target currently $129.88, implying around 31% upside from current levels.The company announced sales of $71 million for , up 225.54% year-over-year, alongside the $10 billion Texas data center lease in May.The company is scheduled to release its earnings report for the quarter that ended in June before the market opens on August 4. As of early July, Hut 8 owns 10,278 BTC, which is worth about $664.7 million, according to BitcoinTreasuries.Despite recent weakness, HUT stock has more than doubled in the past 12 months.