Hut 8 Stock Continues To Climb: What's Fueling The Rally?

Shares of Hut 8 Corp. (NASDAQ:HUT) are trending Thursday. Multiple analysts adjusted ratings and price targets on the stock.

• Hut 8 stock is among today’s top performers. Why is HUT stock up today?

What To Know: Canaccord Genuity and Needham published positive notes about the Bitcoin miner turned AI infrastructure company on Thursday.

Canaccord Genuity analyst Joseph Vafi affirmed a buy rating and raised the price target from $54 to $62. Meanwhile, Needham analyst John Todaro affirmed a buy rating and maintained a price target of $60.

Hut 8 announced Wednesday a $7 billion deal to build a data center for AI company Anthropic in Louisiana, leveraging high-performance clusters operated by Fluidstack.

Needham’s Todaro said Hut 8 has signed the “most attractive lease yet” for a data center. His optimism stems from the project’s realistic timeline, Google’s reliability as a financial partner and a favorable lease structure.

Canaccord’s Vafi mentioned in his note that the deal was a “standout outcome” on both pricing and terms since Google is acting as a financial backstop for the project. The company will cover all lease payment obligations in the initial 15-year term, at no cost in equity, warrant or upfront dilution to Hut 8. Completion is targeted for the second quarter of 2027.

Local support for the project also boosts the Canaccord analyst’s sentiment on Hut 8. According to Vafi, Louisiana Governor Jeff Landry has expressed support for the project and the more than 300 jobs the project is expected to bring.

BTIG analyst Gregory Lewis also maintained a buy rating and $55 price target following the news. The widespread positive analyst coverage on Thursday appears to be driving shares higher on continued momentum following the data center deal.

HUT Price Action: Hut 8 shares were up 6.15%, trading at $42.63 at the time of publication, according to Benzinga Pro.

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