Hut 8 ( (TSE:HUT) ) is experiencing volatility. Read on for a possible explanation for the stock’s unusual movement.
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Hut 8’s stock price is on the rise as Piper Sandler raised its price target, driven by the company’s impressive power development projects and substantial bitcoin holdings. With 1.5 GW of power under development, exclusive rights to an additional 1.3 GW, and $1 billion in bitcoin on its balance sheet, Hut 8’s power pipeline is valued optimistically, contributing to the upward momentum.
More about Hut 8
YTD Price Performance: 115.18%
Average Trading Volume: 1,649,696
Technical Sentiment Signal: Buy
Current Market Cap: C$7.17B
For further insights into HUT stock on TipRanks’ Stock Analysis page.
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