Market Shockers: 10 Stocks Collapse by Double Digits

1. Hut 8 Corp. (NASDAQ:HUT)

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. (NASDAQ:HUT) 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 (NASDAQ:HUT) 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.

While we acknowledge the potential of HUT to grow, 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 AI stock that is more promising than HUT and that has 100x upside potential, check out our report about this cheapest AI stock.

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

Disclosure: None. Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily e-newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email below.