HIVE Digital Technologies (NASDAQ:HIVE) Trading 6.7% Higher – Here’s Why

HIVE Digital Technologies Ltd. (NASDAQ:HIVE)’s share price shot up 6.7% on Tuesday . The company traded as high as $4.25 and last traded at $4.2250. 16,904,666 shares changed hands during mid-day trading, a decline of 4% from the average session volume of 17,605,582 shares. The stock had previously closed at $3.96.

Analyst Upgrades and Downgrades

HIVE has been the subject of a number of research analyst reports. Northland Securities set a $6.00 target price on HIVE Digital Technologies in a report on Wednesday, February 18th. Cantor Fitzgerald set a $7.00 price target on shares of HIVE Digital Technologies in a research report on Thursday, June 4th. Keefe, Bruyette & Woods upped their price objective on shares of HIVE Digital Technologies from $3.00 to $5.00 and gave the company a “market perform” rating in a research note on Friday, June 5th. Canaccord Genuity Group reiterated a “buy” rating and issued a $10.00 price objective on shares of HIVE Digital Technologies in a report on Friday, June 5th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of HIVE Digital Technologies in a report on Monday, May 11th. Six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, HIVE Digital Technologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $6.90.

HIVE Digital Technologies Stock Performance

The firm’s fifty day moving average price is $3.13 and its 200 day moving average price is $2.79. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $1.11 billion, a price-to-earnings ratio of -7.49 and a beta of 3.74.

HIVE Digital Technologies (NASDAQ:HIVE) last posted its earnings results on Tuesday, June 2nd. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($0.07). The company had revenue of $71.82 million during the quarter, compared to analyst estimates of $79.99 million. HIVE Digital Technologies had a negative net margin of 49.21% and a negative return on equity of 23.12%. Analysts forecast that HIVE Digital Technologies Ltd. will post -0.74 EPS for the current fiscal year.

Insider Buying and Selling at HIVE Digital Technologies

In related news, Director Susan B. Mcgee sold 16,700 shares of the stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $4.45, for a total transaction of $74,315.00. Following the transaction, the director owned 208,300 shares of the company’s stock, valued at approximately $926,935. This represents a 7.42% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Luke Rossy sold 215,000 shares of the firm’s stock in a transaction dated Monday, June 8th. The shares were 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 90 days, insiders have sold 298,400 shares of company stock valued at $1,232,684.

Institutional Trading of HIVE Digital Technologies

Several hedge funds have recently made changes to their positions in the business. NewEdge Advisors LLC boosted its stake in shares of HIVE Digital Technologies by 1,885.8% in the fourth 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 period. Ground Swell Capital LLC acquired a new stake in HIVE Digital Technologies during the 4th quarter worth approximately $27,000. Rafferty Asset Management LLC purchased a new position in HIVE Digital Technologies in the 4th quarter valued at approximately $28,000. State of Wyoming purchased a new position in HIVE Digital Technologies in the 4th quarter valued at approximately $28,000. Finally, PKS Advisory Services LLC acquired a new position in shares of HIVE Digital Technologies in the third quarter worth $44,000. Institutional investors and hedge funds own 24.42% of the company’s stock.

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.