Shares of Bitcoin (CRYPTO: BTC) miner Hut 8 Corp (NASDAQ:HUT) are trading higher Thursday. The company is set to be added to the Russell 3000. The stock may also be moving on the back of positive analyst coverage.

What Happened: Canaccord Genuity analyst Joseph Vafi maintained Hut 8 with a Buy rating and raised the price target from $14 to $22.

The price target increase follows several other analyst updates in recent weeks. Needham maintained a Buy rating and raised its price target to $15, Benchmark maintained a Buy rating and raised its target from $12 to $17 and Craig-Hallum maintained a Buy rating and raised its price target to $14. HC Wainwright & Co reiterated Sell earlier this week and maintained a price target of $7.50.

Hut 8 shares may also be getting a lift after it was announced that the company will join the broad-market Russell 3000 Index at the conclusion of the 2024 Russell U.S. Indexes annual reconstitution.

“Our inclusion in the Russell Indexes is another important milestone for Hut 8, as it will help enhance the Company’s liquidity and visibility,” said Asher Genoot, Chief Executive Officer of Hut 8.

“We believe the impact of the inclusion, together with our recently announced and ongoing growth initiatives, will continue to drive us toward our north star of maximizing shareholder value.”

The reconstitution will become effective at the market open on July 1. Membership in the Russell 3000 Index, which remains in place for one year, also means automatic inclusion in the large-cap Russell 1000 Index or small-cap Russell 2000 Index.

Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. 

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HUT Price Action: Hut 8 shares were up 3.72% at $15.89 at the time of publication, according to Benzinga Pro.

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