HIVE Digital Technologies (NASDAQ:HIVE) Stock Price Up 10% Following Analyst Upgrade

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) shares were up 10% on Wednesday after Cantor Fitzgerald raised their price target on the stock from $3.00 to $4.60. Cantor Fitzgerald currently has an overweight rating on the stock. HIVE Digital Technologies traded as high as $3.78 and last traded at $3.6840. Approximately 14,896,129 shares were traded during mid-day trading, an increase of 4% from the average daily volume of 14,344,814 shares. The stock had previously closed at $3.35.

Other equities research analysts also recently issued research reports about the stock. Rosenblatt Securities reduced their target price on shares of HIVE Digital Technologies from $6.50 to $4.50 and set a “buy” rating on the stock in a research note on Wednesday, February 18th. Canaccord Genuity Group reissued a “buy” rating and issued a $10.00 target price on shares of HIVE Digital Technologies in a research note on Friday, April 24th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $3.50 price target (down from $11.00) on shares of HIVE Digital Technologies in a report on Tuesday, January 27th. Northland Securities set a $6.00 price target on shares of HIVE Digital Technologies in a report on Wednesday, February 18th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of HIVE Digital Technologies in a report on Monday, May 11th. Six analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, HIVE Digital Technologies presently has an average rating of “Moderate Buy” and an average target price of $6.34.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in HIVE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in HIVE Digital Technologies by 18.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 878,457 shares of the company’s stock worth $1,283,000 after acquiring an additional 137,651 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in HIVE Digital Technologies by 328.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 520,877 shares of the company’s stock worth $755,000 after acquiring an additional 399,223 shares in the last quarter. Geode Capital Management LLC grew its holdings in HIVE Digital Technologies by 11.0% during the 2nd quarter. Geode Capital Management LLC now owns 1,296,531 shares of the company’s stock worth $2,334,000 after acquiring an additional 128,760 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in HIVE Digital Technologies by 397,216.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 397,316 shares of the company’s stock worth $715,000 after acquiring an additional 397,216 shares in the last quarter. Finally, Franklin Resources Inc. grew its holdings in HIVE Digital Technologies by 232.8% during the 2nd quarter. Franklin Resources Inc. now owns 62,061 shares of the company’s stock worth $112,000 after acquiring an additional 43,413 shares in the last quarter. 24.42% of the stock is currently owned by institutional investors.

HIVE Digital Technologies Trading Up 10.0%

The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.74 and a current ratio of 1.74. The company’s fifty day simple moving average is $2.34 and its 200-day simple moving average is $2.79. The company has a market capitalization of $974.50 million, a P/E ratio of -6.12 and a beta of 3.50.

About HIVE Digital Technologies

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.