Why Hut 8 Corp. (HUT) Soared On Friday

We recently published a list of 10 Stocks Are Dominating Like Wall Street Titans. In this article, we are going to take a look at where Hut 8 Corp. (NASDAQ:HUT) stands against other Friday’s best-performing stocks.

Hut 8 saw its share prices rise by 13.79 percent on Friday to close at $18.57 apiece as investors gobbled up shares following an investment firm’s bullish rating on the company.

In its first coverage of Hut 8 Corp. (NASDAQ:HUT), Roth Capital gave a “buy” recommendation on the Bitcoin miner with a price target of $25, representing a 34.6 percent upside from its last closing price.

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

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,” the investment firm said.

Overall, HUT ranks 4th on our list of Friday’s best-performing stocks. 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.