All-Time Rush: 8 of 10 Big Names Hit Fresh Record Highs

8. Hut 8 Corp. (NASDAQ:HUT)

Shares of Hut 8 Corp. (NASDAQ:HUT) rallied to a fresh record high on Wednesday as investors took path from an investment firm’s price target upgrade and positive rating for its stock.

Earlier this week, the company earned a 93-percent price target upgrade from Roth Capital, at $60 versus the $31 previously. It also maintained a “buy” recommendation for its stock.

In Wednesday’s intra-day trading, Hut 8 Corp. (NASDAQ:HUT) soared to its highest price of $38.35 before paring gains to end the day just up by 7.88 percent at $37.79 apiece.

According to Roth, the upgrade was based on optimism for its high-performance computing (HPC) and AI infrastructure, as well as its affiliate, American Bitcoin’s progress towards hitting an operating hash rate of 25 EH/s.

Roth Capital said the new business structure was “one of the more well thought of” in the sector, enabling American Bitcoin to pursue its own crypto strategy while Hut 8 Corp. (NASDAQ:HUT) focuses on providing power and managed services.

Roth Capital believed that any announcement of a signed lease agreement for one of its campuses would bolster stock ratings in the future.