HIVE Digital Technologies (NASDAQ:HIVE) Price Target Raised to $7.00

HIVE Digital Technologies (NASDAQ:HIVE) had its target price lifted by analysts at Canaccord Genuity Group from $6.00 to $7.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price would indicate a potential upside of 58.01% from the stock’s previous close.

A number of other research firms have also recently weighed in on HIVE. HC Wainwright raised HIVE Digital Technologies from a “neutral” rating to a “buy” rating and lifted their price target for the company from $4.00 to $5.00 in a report on Thursday, August 15th. B. Riley assumed coverage on HIVE Digital Technologies in a report on Friday, July 19th. They issued a “buy” rating and a $6.00 target price on the stock. Northland Securities initiated coverage on shares of HIVE Digital Technologies in a research note on Thursday, September 19th. They issued an “outperform” rating and a $5.50 target price for the company. Northland Capmk raised shares of HIVE Digital Technologies to a “strong-buy” rating in a report on Thursday, September 19th. Finally, Cantor Fitzgerald initiated coverage on shares of HIVE Digital Technologies in a research report on Tuesday, October 29th. They set an “overweight” rating and a $9.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $7.40.

HIVE Digital Technologies Price Performance

Shares of NASDAQ:HIVE opened at $4.43 on Thursday. The company has a debt-to-equity ratio of 0.06, a current ratio of 5.56 and a quick ratio of 7.35. The business’s 50 day simple moving average is $3.54 and its 200-day simple moving average is $3.21. HIVE Digital Technologies has a 12 month low of $2.18 and a 12 month high of $5.74. The firm has a market capitalization of $561.84 million, a price-to-earnings ratio of -31.64 and a beta of 3.43.

HIVE Digital Technologies (NASDAQ:HIVE) last issued its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.03. The business had revenue of $22.65 million for the quarter, compared to analyst estimates of $25.32 million. HIVE Digital Technologies had a negative return on equity of 10.78% and a negative net margin of 12.04%. During the same period last year, the company posted ($0.29) EPS. As a group, equities analysts forecast that HIVE Digital Technologies will post -0.28 earnings per share for the current fiscal year.

Institutional Investors Weigh In On HIVE Digital Technologies

A number of hedge funds and other institutional investors have recently bought and sold shares of HIVE. Van ECK Associates Corp increased its stake in shares of HIVE Digital Technologies by 35.4% in the 2nd quarter. Van ECK Associates Corp now owns 3,894,605 shares of the company’s stock valued at $11,995,000 after acquiring an additional 1,018,231 shares in the last quarter. Vident Advisory LLC increased its holdings in HIVE Digital Technologies by 78.6% in the 1st quarter. Vident Advisory LLC now owns 1,737,308 shares of the company’s stock worth $5,856,000 after acquiring an additional 764,387 shares during the last quarter. XTX Topco Ltd bought a new stake in HIVE Digital Technologies during the 3rd quarter valued at $463,000. Charles Schwab Investment Management Inc. boosted its position in shares of HIVE Digital Technologies by 48.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 325,216 shares of the company’s stock valued at $1,018,000 after acquiring an additional 106,103 shares during the period. Finally, State Street Corp grew its position in HIVE Digital Technologies by 2.9% during the third quarter. State Street Corp now owns 3,214,101 shares of the company’s stock worth $10,060,000 after buying an additional 91,056 shares in the last quarter. Institutional investors own 24.42% of the company’s stock.

About HIVE Digital Technologies

HIVE Digital Technologies Ltd. operates as a cryptocurrency mining company in Canada, Sweden, and Iceland. The company engages in the mining and sale of digital currencies, including Ethereum Classic, Bitcoin, and other coins. It also operates data centers; and offers infrastructure solutions. The company was formerly known as HIVE Blockchain Technologies Ltd.