TSX gains after CPI shows US inflation rose 3%
Hut 8 Corp stock reached a significant milestone, hitting a 52-week high of 51.49 USD. With a market capitalization of $5.18 billion and a P/E ratio of 33.13, InvestingPro analysis indicates the stock is currently trading above its Fair Value. This marks a notable increase in investor confidence and market performance over the past year. The company’s stock has experienced a remarkable 1-year change, soaring by 310.2%. Such a substantial rise highlights the company’s strong growth trajectory and the positive sentiment surrounding its future prospects. Investors and market analysts are closely monitoring Hut 8 Corp as it continues to perform robustly in the current economic climate.
In other recent news, IREN Ltd. announced an expansion of its GPU portfolio, acquiring approximately 9,000 GPUs from Nvidia, bringing its total to around 10,900 units. This development prompted BTIG to raise its price target for IREN to $32 from $22, while maintaining a Buy rating. Meanwhile, Hut 8 Corp. completed a merger of its subsidiary, American Bitcoin Corp., with Gryphon Digital Mining, resulting in American Bitcoin Corp. owning about 98% of Gryphon’s stock on a fully diluted basis.
Additionally, Hut 8 Corp. secured a $200 million revolving credit facility backed by Bitcoin, with an interest rate of 7.99% per annum, maturing 364 days after the first borrowing date. Clear Street increased its price target for Hut 8 Mining to $33 from $23, following the company’s announcement of advancing four new U.S. sites into development, which expanded its platform potential to 2.5 gigawatts across 19 sites. Furthermore, Benchmark raised its price target for Hut 8 Mining to $36 from $33, maintaining a Buy rating, as the company plans to develop facilities with a total capacity of 1.53 gigawatts across four U.S. locations.
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