What's Going On With Shares Of Bitcoin Miner Hut 8 Today?
Portfolio Pulse from Adam Eckert
Hut 8 Corp (NASDAQ:HUT) shares are rising due to a $150 million strategic investment from Coatue Management to build an AI infrastructure platform. The investment is through a convertible note with a 5-year term and an 8% interest rate. Needham analyst John Todaro has maintained a Buy rating and raised the price target from $13 to $15.
June 24, 2024 | 3:22 pm
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Hut 8 Corp shares are rising due to a $150 million investment from Coatue Management to build an AI infrastructure platform. The investment is through a convertible note with a 5-year term and an 8% interest rate. Needham analyst John Todaro has maintained a Buy rating and raised the price target from $13 to $15.
The $150 million investment from Coatue Management is a significant boost for Hut 8, providing capital for AI infrastructure development. The convertible note terms are favorable, and the raised price target from Needham analyst John Todaro further supports a positive outlook.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100