Hut 8 Corp. (NASDAQ:HUT) shares traded higher Monday as the price of Bitcoin (CRYPTO: BTC) climbed above $63,000.

The Details: Bitcoin has rallied nearly 6% over the past 24 hours as investors interpret the increasing odds of a second term for former President Donald Trump as a positive development for cryptocurrencies. Shares of Bitcoin miners and crypto-related stocks climbed higher Monday across the board.

On-chain analytics firm Santiment interpreted the rally as the market's "bullish bias" toward a pro-Trump development.

"It goes without saying that surviving an assassination attempt is perceived as pro-Trump news. Therefore, bullish responses have occurred as a result," Santiment noted.

What Else: Last week, the company entered into a power purchase agreement and other definitive agreements for a site in West Texas with exclusive access to 205 megawatts of immediately available power capacity and land. Hut 8 said the site is adjacent to a wind farm and connected to the ERCOT grid with access to some of the lowest locational wholesale power pricing in North America.

Hut 8 shares climbed on heavy trading volume Monday with more than 12 million shares changing hands in the session. According to data from Benzinga Pro, the stock has a 100-day average volume of 4.567 million shares.

Will HUT Stock Go Up?

When trying to assess whether or not Hut 8 will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $13.07 on Hut 8. The Street high target is currently at $22 and the Street low target is $7.50. Of all the analysts covering Hut 8, 12 have positive ratings, no one has neutral ratings and two have negative ratings.

In the last month, four analysts adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Hut 8 have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Hut 8 is 4.02% up year-to-date. The average analyst price target suggests the stock could have further downside ahead.

For a broad overview of everything you need to know about Hut 8, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

HUT Price Action: According to Benzinga Pro, Hut 8 ended Monday's session 17.92% higher at $20.

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Photo: Gerd Altmann from Pixabay