Hut 8 Corp. (NASDAQ:HUT) suffered a 7.87 percent drop in shares on Thursday, closing at $34.88 following profit-taking by investors after recent gains. The company’s subsidiary, American Bitcoin (NASDAQ:ABTC), switched auditors from RBSM LLP to KPMG LLC effective September 19. Hut 8 Corp. owns the majority of American Bitcoin and focuses on building America’s Bitcoin infrastructure platform. Investment firm Roth Capital upgraded Hut 8 Corp.’s price target to $60 with a “buy” recommendation, citing optimism for its AI and high-performance computing infrastructure. Roth Capital highlighted American Bitcoin’s progress towards an operating hash rate of 25 EH/s and praised the company’s business structure for pursuing its crypto strategy. Roth Capital also noted that a signed lease agreement for one of its campuses could boost stock ratings in the future.

Read more at Yahoo Finance: Hut 8 (HUT) Drops Hard on Profit-Taking