5 Stocks That Could Have Boosted Your Portfolios by Double Digits

3. Hut 8 Corp. (NASDAQ:HUT)

Hut 8 grew its share prices for a 6th consecutive day on Wednesday, as investor sentiment was fueled by the easing tensions in the Middle East that allayed fears for worst-case scenarios for the global economy.

This followed the US and Iran’s announcement on Tuesday that they have agreed to a two-week ceasefire, paving the way for the reopening of the Strait of Hormuz, whose closure sent crude oil prices soaring globally over the past few weeks.

Meanwhile, Hut 8 Corp.’s (NASDAQ:HUT) rally was supported by investor optimism for companies tied to the US government’s priority industries, such as AI, rare earths, and semiconductors, among others.

For its part, Hut 8 Corp. (NASDAQ:HUT) is underway with the development of a $10 billion data center called River Bend with a designed 245 MW of power capacity.

Late last month, the company earned bullish coverage from Arete Research, issuing a “buy” recommendation and a $136 price target for the stock on optimism that Hut 8 Corp. (NASDAQ:HUT) would largely benefit from River Bend.

In December last year, Hut 8 Corp. (NASDAQ:HUT) inked a 15-year leasing deal with Google, which has the potential to generate up to $17.7 billion in revenues if and when the latter exercises all its renewal options.

The base term covers 245 MW of IT capacity for Fluidstack, for $7.7 billion. It also gives the latter the right of first offer for 1,000 MW of capacity in the campus’s future expansion.