HIVE Digital Technologies (NASDAQ:HIVE) Trading Up 10.3% – Should You Buy?

HIVE Digital Technologies Ltd. (NASDAQ:HIVE)’s stock price shot up 10.3% on Friday . The stock traded as high as $5.68 and last traded at $5.65. 9,792,223 shares traded hands during mid-day trading, a decline of 50% from the average session volume of 19,688,680 shares. The stock had previously closed at $5.12.

Wall Street Analyst Weigh In

Several research firms have commented on HIVE. Rosenblatt Securities boosted their price target on shares of HIVE Digital Technologies from $5.00 to $10.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Zacks Research raised shares of HIVE Digital Technologies to a “hold” rating in a research report on Friday, August 8th. Weiss Ratings reissued a “sell (d)” rating on shares of HIVE Digital Technologies in a report on Wednesday, October 8th. Canaccord Genuity Group restated a “buy” rating and issued a $10.00 price target on shares of HIVE Digital Technologies in a research note on Monday, October 13th. Finally, Northland Securities set a $7.50 price target on HIVE Digital Technologies in a report on Tuesday, October 7th. Nine investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $7.71.

HIVE Digital Technologies Price Performance

The stock’s 50-day moving average is $4.13 and its 200 day moving average is $2.70. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.42 and a current ratio of 3.42. The stock has a market capitalization of $1.43 billion, a PE ratio of -30.15 and a beta of 3.51.

HIVE Digital Technologies (NASDAQ:HIVE) last released its quarterly earnings data on Thursday, August 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.02. HIVE Digital Technologies had a negative net margin of 17.47% and a negative return on equity of 17.39%. The company had revenue of $45.61 million during the quarter, compared to the consensus estimate of $45.16 million. As a group, equities analysts expect that HIVE Digital Technologies Ltd. will post -0.32 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd boosted its holdings in shares of HIVE Digital Technologies by 21.9% in the second quarter. Caitong International Asset Management Co. Ltd now owns 30,280 shares of the company’s stock valued at $55,000 after acquiring an additional 5,435 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in HIVE Digital Technologies by 11.2% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 69,309 shares of the company’s stock valued at $100,000 after purchasing an additional 6,958 shares during the last quarter. SBI Securities Co. Ltd. boosted its stake in HIVE Digital Technologies by 30.9% during the 1st quarter. SBI Securities Co. Ltd. now owns 31,950 shares of the company’s stock worth $46,000 after purchasing an additional 7,535 shares during the period. Invesco Ltd. boosted its stake in HIVE Digital Technologies by 6.4% during the 2nd quarter. Invesco Ltd. now owns 152,782 shares of the company’s stock worth $275,000 after purchasing an additional 9,241 shares during the period. Finally, WMG Financial Advisors LLC purchased a new position in HIVE Digital Technologies during the 3rd quarter worth $40,000. Institutional investors and hedge funds 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.