Hut 8 (HUT) Gets 8.6% Boost Ahead of Q3 Release

We recently published Wall Street Can’t Keep up With These 10 Crushing Stocks; 6 at Fresh Record Highs. Hut 8 Corp. (NASDAQ:HUT) is one of the best-performing on Monday.

Hut 8 grew its share prices by 8.57 percent to close at $55 apiece as investors loaded portfolios ahead of the results of its earnings performance for the third quarter of the year.

According to the company, it is scheduled to release the results of its earnings performance before market open on Tuesday, November 4. A conference call will be held to discuss the financial and operating highlights.

In recent news, Hut 8 Corp. (NASDAQ:HUT) earned a 124 percent price target increase from Piper Sandler to $74 versus $33 previously, on optimism for its ongoing development of 1.5 GW of power across four sites in the US.

Piper Sandler noted that the share price has yet to reflect Hut 8 Corp.’s (NASDAQ:HUT) exclusive rights to build another 1.3 GW, suggesting further upside potential for the stock.

Hut 8 Corp. (NASDAQ:HUT) expects its platform to exceed 2.5 gigawatts of capacity under management across 19 sites.

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: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.