Why Is HUT 8 CORP (HUT) Stock Up Today?

Hut 8 Corp (HUT) rose 5.72% to $116.14 on Thursday, driven by a series of developments in its AI data center infrastructure business. The company announced the full commercialization of the second phase of its Beacon Point campus in Texas, doubling contracted capacity to 704 megawatts. A 15-year, $9.8 billion triple-net lease and a second 352 MW agreement with an AI hyperscaler have positioned Hut 8 as a key player in the AI infrastructure sector. Analysts have responded with upgraded price targets and an overweight rating, reflecting optimism about the company's pivot from bitcoin mining to high-margin AI infrastructure.

What Happened

Hut 8’s stock surged following the announcement of the second Beacon Point lease, which expands its contracted AI data center capacity and revenue potential. The lease doubles Hut 8’s capacity at the Texas campus and adds $19.6 billion in contracted AI data center revenue, projecting $1.31 billion in annual net operating income. The company’s CEO highlighted the strategic shift, emphasizing that power is a critical resource for AI development. Analysts at Morgan Stanley and Benchmark have upgraded their ratings and price targets, with Morgan Stanley setting a $263 price target and Benchmark raising its target to $195. The stock opened with a 6.1% gap up and saw a high of $120.38 before settling near $116.37.

What The Data Shows

Hut 8’s stock has gained 12.5% over the last eight sessions, moving from $98.94 to $111.32. The current session saw a volume of 1.5 million shares, or 0.3 times the 3-month average, with a wide intraday range from $109.00 to $120.38. Unusual options activity included a notable $3.1 million call premium, indicating speculative interest. The company’s fundamentals remain unprofitable, with a net margin of -109.8% and a beta of 6.07, but its revenue has grown 114.6% in the trailing twelve months. Insiders have sold $11.4 million worth of shares in the last 90 days, with the most recent sale on June 18.

What To Watch

Hut 8 is not scheduled to report earnings in the near term. Investors should monitor the breadth of analyst coverage and how the market reacts to future energization milestones at Beacon Point. The company’s ability to execute on its AI infrastructure model will be key to its next phase of valuation.