Hut 8 (HUT) Loses 17% as Analyst Issues ‘Sell’ Reco

We recently published Market Shockers: 10 Stocks Collapse by Double Digits. Hut 8 Corp. (NASDAQ:HUT) is one of the best performers on Wednesday.

Hut 8 Corp. fell for a second day on Wednesday, losing 17.22 percent to close at $38.84 apiece as investors took path from an analyst’s sell recommendation for its stock.

In the latest episode of Mad Money, host and former hedge fund manager Jim Cramer suggested a caller to “ring the register,” or start booking profits.

“It is making money … but it’s still a parabolic move, and you know that I feel that parabolic moves are very, very suspect. I think you should ring the register on some,” Cramer said.

Meanwhile, Piper Sandler shared a different view, maintaining an “overweight” rating for Hut 8 Corp. with a higher price target of $74, or a 124 percent increase from the $33 previously.

For its part, Piper Sandler said that the revision reflected Hut 8 Corp.’s ongoing development of 1.5 GW of power across four sites in the US.

It added that the share price has yet to reflect the company’s exclusive rights to build another 1.3 GW, suggesting further upside potential.

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This article is originally published at Insider Monkey.