Street Calls of the Week
Hut 8 Corp stock has surged to a 52-week high, reaching 31.97 USD. According to InvestingPro data, the stock’s RSI indicates overbought territory, suggesting caution at current levels. This milestone reflects a substantial increase in investor confidence and interest over the past year, with analyst targets ranging from $24 to $39. The company’s stock has experienced a remarkable 1-year change of 191.64%, showcasing its strong performance in the market. This significant growth indicates robust demand and positive sentiment surrounding Hut 8 Corp, with a "GOOD" overall Financial Health score and current ratio of 1.81 indicating solid liquidity. The 52-week high serves as a testament to the company’s strategic initiatives and market positioning. Discover 15 additional key insights about Hut 8 Corp with an InvestingPro subscription, including detailed valuation metrics and growth forecasts.
In other recent news, IREN Ltd. announced an expansion of its GPU portfolio, purchasing approximately 9,000 GPUs from Nvidia, bringing its total to around 10,900 units. This development led BTIG to raise its price target for IREN to $32, 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 shareholders receiving approximately 98% of Gryphon’s stock on a fully diluted basis. Additionally, Hut 8 secured a $200 million revolving credit facility backed by Bitcoin, with an interest rate of 7.99% per annum. Clear Street increased its price target for Hut 8 to $33, following the company’s announcement of advancing four new U.S. sites into development, expanding its platform potential significantly. Benchmark also raised its price target for Hut 8 to $36, citing the company’s plans to develop new facilities with a combined capacity of 1.53 gigawatts across four locations. These recent developments highlight the strategic growth moves by both IREN and Hut 8 in the cryptocurrency sector.
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