Been watching Hut 8 make some interesting moves lately. The stock has basically been climbing for three straight months and just keeps getting closer to those levels we haven't seen in a while. What caught my attention is the cup-and-handle pattern that's formed on the monthly chart, and there's a real caveat here that traders should keep in mind: this pattern typically takes months or even years to fully play out, so patience is key.

The company's been pivoting hard into the AI data center space, which honestly seems to be working. They landed that massive Anthropic deal to build out the River Bend campus with 2,295 megawatts of infrastructure capacity. Wall Street analysts are pretty bullish overall, with average price targets sitting around $64, suggesting there's still some upside from current levels. Some of the more aggressive calls are pushing for $80.

On the fundamentals side, revenue projections look solid too. They're expecting annual revenue to potentially hit over $425 million once the Anthropic and Google deals fully ramp up. The thing is, there's always a caveat when looking at these kinds of projections, especially in the data center space where execution matters a lot. The technical setup looks decent, but I'm keeping an eye on whether they can actually deliver on those earnings expectations they've been guiding toward.