15 Stocks That Stole The Show Last Week

12. Hut 8 Corp. (NASDAQ:HUT)

Hut 8 rallied by 21.6 percent week-on-week as investors gobbled up shares in the company following an investment firm’s bullish rating.

Earlier last week, Roth Capital initiated coverage on Hut 8 Corp. (NASDAQ:HUT), giving a “buy” recommendation with a price target of $25, representing a 34.6 percent upside from its $18.57 closing price last Friday.

According to Roth Capital, the rating and price target reflected Hut 8 Corp.’s (NASDAQ:HUT) transformation into a power-focused digital infrastructure platform with significant growth potential.

“HUT sources and allocates power to the highest-return use cases…This enables strategic site selection, efficient capex ($400K/MW BTC builds), and faster speed-to-market. Its in-house design and energy optimization software allows cost control and scalability that peers often lack. ~430MW of HPC CITL and other sites in diligence support a highly scalable roadmap,” it said.

In the first quarter of the year, Hut 8 Corp. (NASDAQ:HUT) swung to a net loss of $134 million from a $251 million net income in the same period last year.