Hut 8 Corp (NASDAQ:HUT) shares were down Thursday morning, despite the company reporting upbeat third-quarter results and Bitcoin prices surging past $90,000.

The company reported its results amid an exciting earnings season. Here are some key analyst takeaways.

Needham On Hut 8

Analyst John Todaro reiterated a Buy while lifting the price target from $21 to $32.

Hut 8 reported third-quarter revenues of $44 million, beating consensus of $35 million, with losses of 13 cents per share, better than the consensus of 29 cents per share, Todaro said in a note. The company is moving from being “one of the highest cost Bitcoin producers to one of the lowest,” he added.

The recent efficiency gains and power cost reduction by Hut 8 bode well for its EBITDA growth through 2025, the …

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