HIVE Digital Technologies (NASDAQ:HIVE) Stock Price Down 5.6% – Should You Sell?

HIVE Digital Technologies Ltd. (NASDAQ:HIVE)’s stock price traded down 5.6% during mid-day trading on Wednesday . The company traded as low as $3.32 and last traded at $3.2850. 4,068,904 shares traded hands during trading, a decline of 80% from the average session volume of 19,863,135 shares. The stock had previously closed at $3.48.

Analyst Upgrades and Downgrades

Several analysts have recently commented on HIVE shares. Roth Capital raised their price objective on shares of HIVE Digital Technologies from $6.00 to $7.50 and gave the company a “buy” rating in a research report on Tuesday, August 26th. Wall Street Zen upgraded shares of HIVE Digital Technologies from a “strong sell” rating to a “hold” rating in a research note on Saturday, August 16th. HC Wainwright lifted their target price on HIVE Digital Technologies from $8.00 to $10.00 and gave the stock a “buy” rating in a report on Tuesday. Northland Securities set a $7.50 price objective on HIVE Digital Technologies in a research note on Tuesday, October 7th. Finally, Zacks Research upgraded shares of HIVE Digital Technologies to a “hold” rating in a research report on Friday, August 8th. Eight analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $8.29.

HIVE Digital Technologies Stock Performance

The business has a 50 day moving average price of $4.80 and a 200 day moving average price of $3.09. The company has a quick ratio of 3.42, a current ratio of 3.42 and a debt-to-equity ratio of 0.02. The stock has a market cap of $746.41 million, a P/E ratio of -14.98 and a beta of 3.54.

HIVE Digital Technologies (NASDAQ:HIVE) last released its earnings results on Friday, November 14th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.01). The business had revenue of $83.37 million for the quarter, compared to the consensus estimate of $80.62 million. HIVE Digital Technologies had a negative return on equity of 15.20% and a negative net margin of 16.18%. As a group, sell-side analysts expect that HIVE Digital Technologies Ltd. will post -0.32 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of HIVE. Charles Schwab Investment Management Inc. grew its stake in HIVE Digital Technologies by 87.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,383,446 shares of the company’s stock valued at $2,006,000 after purchasing an additional 647,159 shares during the last quarter. Generali Investments CEE investicni spolecnost a.s. lifted its position in HIVE Digital Technologies by 45.4% during the second quarter. Generali Investments CEE investicni spolecnost a.s. now owns 1,244,230 shares of the company’s stock valued at $2,240,000 after acquiring an additional 388,280 shares during the last quarter. Chicago Partners Investment Group LLC acquired a new stake in HIVE Digital Technologies in the second quarter valued at approximately $139,000. Goldman Sachs Group Inc. grew its holdings in HIVE Digital Technologies by 328.2% in the first quarter. Goldman Sachs Group Inc. now owns 520,877 shares of the company’s stock worth $755,000 after purchasing an additional 399,223 shares during the last quarter. Finally, Tobam lifted its holdings in shares of HIVE Digital Technologies by 428.0% during the 2nd quarter. Tobam now owns 65,234 shares of the company’s stock valued at $117,000 after purchasing an additional 52,880 shares during the last quarter. 24.42% of the stock is currently owned by hedge funds and other institutional investors.

HIVE Digital Technologies Company Profile

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.