Jim Cramer Suggest Ringing the Register on Hut 8

Hut 8 Corp. (NASDAQ:HUT)is one of the stocks Jim Cramer was focused on recently. During the lightning round, a caller asked if the stock is a long-term hold, given that it is making money. In response, Cramer said:

“It’s making, it is making money, and so the, 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.”

Hut 8 Corp. (NASDAQ:HUT) is an energy and Bitcoin mining company that provides infrastructure development, data center hosting, and cloud services. During the June 10 episode, Cramer mentioned the stock and said:

“But what they’re really interested in are stocks that don’t get coverage, even if they trade millions and millions of shares every day. Look at the volumes of these things. We all ought to be talking about them constantly, stocks like Hut 8… When I think of this cohort, I wonder why we don’t devote hours to this stuff because there’s a hunger for it like no other I’ve ever seen. Any stock that trades 10 million shares a day is worth covering, but there’s no analyst covering them, and nobody knows anything about them. Wall Street ignores them entirely. Now that the IPO window’s open again, I believe we’ll see dozens of these companies come public, and they’ll continue to go uncovered because they have no pedigree and no sponsorship. It’s amazing how irrelevant they are to the older folks, even as younger investors can’t get enough of Hut 8… Now, do you think any analyst on Wall Street cares about… Hut 8 or quantum this, quantum that? But you know what? No one, if they report a number, no one’s going to be disappointed…”

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