Santa Came Early for These 10 Double-Digit Gainers

5. Hut 8 Corp. (NASDAQ:HUT)

Hut 8 rallied for a second day on Monday, soaring 14.21 percent to finish at $50.39 apiece after receiving bullish coverage and a higher price target from an investment firm.

In a market note, investment firm Benchmark issued a “buy” recommendation on shares of Hut 8 Corp. (NASDAQ:HUT), and raised its price target by 8.9 percent to $85 from $78 previously. The new figure marked a 69 percent upside potential from its latest closing price.

According to Benchmark, the upgrade was based on Hut 8 Corp.’s (NASDAQ:HUT) newly signed $7-billion data center deal, which the investment firm believed would support the company’s transformation to AI and high-performance computing servicing from being a crypto-focused company at present.

“The transaction combined superior deal economics relative to peer deals, long-dated, investment-grade-backstopped cash flows, and multiple layers of embedded expansion optionality across three counterparties—Anthropic, Fluidstack, and Google,” Benchmark said.

Additionally, Benchmark said that it expects Hut 8 Corp.’s (NASDAQ:HUT) cash flow and power demand for its 245 MW River Bend data center campus to be at $7.6 billion.