Hut 8 ( (TSE:HUT) ) is experiencing volatility. Read on for a possible explanation for the stock’s unusual movement.
Claim 70% Off TipRanks Premium
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential
Hut 8 shares climbed after the company announced a major new data center deal at its River Bend site and revealed strategic partnerships with cloud provider Fluidstack and AI firm Anthropic. The River Bend facility, secured under a long-term lease and designed for large-scale IT power, is planned as the anchor of a broader AI and high-performance computing (HPC) campus. Engineering firm Jacobs has been selected to provide EPCM services for the site, signaling that development is moving ahead at scale. These operational wins and the ambitious scope of the project led analysts to revisit their models, raising expectations for Hut 8’s future revenue and capacity growth and prompting upward revisions to their price targets.
More about Hut 8
YTD Price Performance: 27.30%
Average Trading Volume: 1,583,712
Technical Sentiment Signal: Buy
Current Market Cap: C$8.66B
For further insights into HUT stock on TipRanks’ Stock Analysis page.
See more of today’s top stock gainers and losers.