Hut 8 (HUT) Jumps 21.6% on Buy Recommendation

We recently published a list of 15 Stocks That Stole The Show Last Week. In this article, we are going to take a look at where Hut 8 Corp. (NASDAQ:HUT) stands against other best stocks that stole the show last week.

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.

A close-up of a cryptocurrency mining rig in a large warehouse facility.

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.

Overall, HUT ranks 12th on our list of best stocks that stole the show last week. While we acknowledge the potential of HUT as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.