HIVE Digital Technologies (NASDAQ:HIVE) Given New $6.00 Price Target at Canaccord Genuity Group

HIVE Digital Technologies (NASDAQ:HIVE) had its price target cut by Canaccord Genuity Group from $10.00 to $6.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group‘s target price would suggest a potential upside of 242.86% from the stock’s current price.

Several other brokerages have also commented on HIVE. B. Riley Financial cut their target price on HIVE Digital Technologies from $8.00 to $5.00 and set a “buy” rating on the stock in a research report on Wednesday. Chardan Capital decreased their price target on HIVE Digital Technologies from $7.50 to $7.00 and set a “buy” rating for the company in a report on Tuesday. Rosenblatt Securities decreased their price target on HIVE Digital Technologies from $6.00 to $5.00 and set a “buy” rating for the company in a research report on Thursday. Weiss Ratings upgraded HIVE Digital Technologies from a “sell (d-)” rating to a “sell (d)” rating in a report on Friday, August 14th. Finally, HC Wainwright cut their price objective on HIVE Digital Technologies from $6.00 to $5.00 and set a “buy” rating on the stock in a research report on Wednesday. Six research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $5.90.

HIVE Digital Technologies Trading Up 1.7%

Shares of HIVE Digital Technologies stock opened at $1.75 on Thursday. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.55 and a quick ratio of 1.96. The business has a fifty day simple moving average of $2.54 and a two-hundred day simple moving average of $2.78. HIVE Digital Technologies has a 1 year low of $1.58 and a 1 year high of $5.34. The company has a market capitalization of $484.27 million, a price-to-earnings ratio of -1.16 and a beta of 3.76.

HIVE Digital Technologies (NASDAQ:HIVE) last released its quarterly earnings data on Monday, November 9th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.13). The company had revenue of $84.88 million during the quarter, compared to analyst estimates of $79.44 million. HIVE Digital Technologies had a negative net margin of 118.13% and a negative return on equity of 43.76%. Research analysts forecast that HIVE Digital Technologies will post -0.66 EPS for the current year.

Insider Activity at HIVE Digital Technologies

In related news, Director Dave Perrill sold 100,000 shares of the business’s stock in a transaction that occurred on 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 legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 9.44% of the company’s stock.

Institutional Trading of HIVE Digital Technologies

Several institutional investors and hedge funds have recently bought and sold shares of HIVE. Situational Awareness LP bought a new position in shares of HIVE Digital Technologies in the first quarter worth $6,444,000. BTG Pactual Asset Management US LLC purchased a new stake in shares of HIVE Digital Technologies in the second quarter worth $2,730,000. Acasta Partners UK LLP bought a new stake in HIVE Digital Technologies during the second quarter valued at $3,640,000. Empowered Funds LLC bought a new stake in HIVE Digital Technologies during the first quarter valued at $1,934,000. Finally, Engineers Gate Manager LP bought a new stake in HIVE Digital Technologies during the second quarter valued at $628,000. 24.42% of the stock is currently owned by hedge funds and other institutional investors.

Key Stories Impacting HIVE Digital Technologies

These are some of the HIVE stories that stood out recently:

• Positive Sentiment: HIVE is targeting $45 million in annual AI revenue from its Sweden data center, offering a potential growth opportunity if it can execute on the plan. HIVE targets annual AI revenue from Sweden data center
• Negative Sentiment: HIVE reported a quarterly loss of $0.29 per share, worse than the $0.16 loss analysts expected. The loss may weigh on sentiment despite revenue beating expectations.
• Negative Sentiment: Several firms lowered their price targets: B. Riley cut its target from $8 to $5, HC Wainwright from $6 to $5, and Chardan Capital from $7.50 to $7. All retained Buy ratings, but the reductions signal more cautious valuation expectations. B. Riley cuts HIVE price target

About HIVE Digital Technologies

HIVE Digital Technologies Ltd. is a digital infrastructure company focused on cryptocurrency mining and high-performance computing. Its operations include data centers that support Bitcoin mining, as well as computing services for applications such as artificial intelligence and other data-intensive workloads. Founded in 2017 as HIVE Blockchain Technologies, the company initially focused on mining digital assets, including Ethereum. It has since expanded its emphasis on Bitcoin mining and high-performance computing.