HIVE Digital Technologies (NASDAQ:HIVE) Stock Price Up 8.3% – Here’s Why

HIVE Digital Technologies Ltd. (NASDAQ:HIVE)’s share price rose 8.3% during mid-day trading on Thursday . The stock traded as high as $2.88 and last traded at $2.9450. Approximately 2,631,240 shares were traded during mid-day trading, a decline of 86% from the average session volume of 19,446,246 shares. The stock had previously closed at $2.72.

Wall Street Analyst Weigh In

Several brokerages recently commented on HIVE. Cantor Fitzgerald set a $7.00 price target on shares of HIVE Digital Technologies in a research note on Thursday, June 4th. Rosenblatt Securities upped their price objective on shares of HIVE Digital Technologies from $5.50 to $6.00 and gave the company a “buy” rating in a research note on Thursday, August 20th. Keefe, Bruyette & Woods lifted their target price on HIVE Digital Technologies from $3.00 to $5.00 and gave the stock a “market perform” rating in a research report on Friday, June 5th. HC Wainwright reissued a “buy” rating and issued a $7.00 target price on shares of HIVE Digital Technologies in a report on Monday, August 17th. Finally, Chardan Capital reissued a “buy” rating and issued a $7.50 target price on shares of HIVE Digital Technologies in a research report on Monday, August 17th. Six investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $6.95.

HIVE Digital Technologies Stock Up 13.8%

The business’s fifty day moving average price is $3.04 and its 200 day moving average price is $2.90. The firm has a market capitalization of $847.10 million, a price-to-earnings ratio of -2.40 and a beta of 3.75. The company has a current ratio of 1.96, a quick ratio of 1.96 and a debt-to-equity ratio of 0.85.

HIVE Digital Technologies (NASDAQ:HIVE) last issued its quarterly earnings results on Friday, August 14th. The company reported ($0.54) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.33). HIVE Digital Technologies had a negative return on equity of 31.98% and a negative net margin of 98.49%.The business had revenue of $79.12 million for the quarter, compared to analyst estimates of $81.72 million. During the same quarter in the prior year, the company earned $0.18 EPS. On average, equities analysts expect that HIVE Digital Technologies Ltd. will post -0.61 EPS for the current year.

Insider Transactions at HIVE Digital Technologies

In other news, Director Dave Perrill sold 100,000 shares of the stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $2.72, for a total transaction of $272,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Luke Rossy sold 215,000 shares of the firm’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $3.97, for a total value of $853,550.00. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 698,300 shares of company stock worth $2,830,742. Company insiders own 9.44% of the company’s stock.

Institutional Trading of HIVE Digital Technologies

Hedge funds have recently added to or reduced their stakes in the stock. NewEdge Advisors LLC grew its stake in shares of HIVE Digital Technologies by 1,885.8% in the 4th quarter. NewEdge Advisors LLC now owns 9,929 shares of the company’s stock valued at $26,000 after purchasing an additional 9,429 shares during the last quarter. Private Advisor Group LLC purchased a new stake in shares of HIVE Digital Technologies during the first quarter worth approximately $27,000. Ground Swell Capital LLC acquired a new stake in shares of HIVE Digital Technologies during the fourth quarter worth $27,000. Rafferty Asset Management LLC purchased a new position in HIVE Digital Technologies in the 4th quarter valued at $28,000. Finally, State of Wyoming purchased a new position in HIVE Digital Technologies in the 4th quarter valued at $28,000. 24.42% of the stock is owned by institutional investors and hedge funds.

HIVE Digital Technologies Company Profile

HIVE Digital Technologies Ltd is a publicly traded blockchain infrastructure company that specializes in the mining of digital assets such as Bitcoin and Ethereum. Using high-performance GPU and ASIC hardware, HIVE deploys proprietary mining rigs across multiple data centers to validate transactions on major blockchain networks. The company’s operations are designed to maximize hashing power while maintaining efficiency and uptime, enabling it to build and hold a portfolio of mined cryptocurrencies.

Headquartered in Vancouver, British Columbia, HIVE Digital operates data center facilities in North America and Europe, including Canada, Sweden and Iceland.