HIVE Digital Technologies (NASDAQ:HIVE) Shares Up 6.1% – Here’s Why

HIVE Digital Technologies Ltd. (NASDAQ:HIVE)’s share price rose 6.1% during mid-day trading on Monday . The company traded as high as $3.03 and last traded at $3.0230. Approximately 1,924,976 shares traded hands during trading, a decline of 90% from the average daily volume of 19,090,396 shares. The stock had previously closed at $2.85.

Analyst Ratings Changes

Several brokerages have commented on HIVE. Cantor Fitzgerald set a $7.00 price target on shares of HIVE Digital Technologies in a research report on Thursday, June 4th. HC Wainwright reaffirmed a “buy” rating and set a $7.00 price objective on shares of HIVE Digital Technologies in a research report on Wednesday, June 3rd. Rosenblatt Securities increased their price objective on HIVE Digital Technologies from $5.00 to $5.50 and gave the company a “buy” rating in a research note on Wednesday, June 3rd. Keefe, Bruyette & Woods lifted their target price on HIVE Digital Technologies from $3.00 to $5.00 and gave the company a “market perform” rating in a report on Friday, June 5th. Finally, B. Riley Financial upped their price target on HIVE Digital Technologies from $5.00 to $8.00 and gave the stock a “buy” rating in a report on Wednesday, June 3rd. Six investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $6.90.

HIVE Digital Technologies Stock Performance

The firm has a fifty day simple moving average of $3.73 and a 200-day simple moving average of $2.90. The company has a market cap of $854.17 million, a PE ratio of -5.77 and a beta of 3.77. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.10.

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

Insiders Place Their Bets

In other HIVE Digital Technologies news, COO Luke Rossy sold 215,000 shares of HIVE Digital Technologies stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $3.97, for a total transaction of $853,550.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Susan B. Mcgee sold 125,000 shares of the business’s stock in a transaction that occurred on Friday, June 19th. The shares were sold at an average price of $4.25, for a total value of $531,250.00. Following the completion of the sale, the director owned 125,000 shares of the company’s stock, valued at approximately $531,250. This represents a 50.00% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 681,700 shares of company stock valued at $2,937,876 over the last quarter.

Hedge Funds Weigh In On HIVE Digital Technologies

A number of institutional investors have recently modified their holdings of the business. NewEdge Advisors LLC boosted its stake in HIVE Digital Technologies by 1,885.8% during the 4th quarter. NewEdge Advisors LLC now owns 9,929 shares of the company’s stock worth $26,000 after purchasing an additional 9,429 shares during the period. Ground Swell Capital LLC acquired a new position in HIVE Digital Technologies in the fourth quarter valued at $27,000. Private Advisor Group LLC acquired a new position in HIVE Digital Technologies in the first quarter valued at $27,000. Rafferty Asset Management LLC purchased a new stake in shares of HIVE Digital Technologies in the fourth quarter valued at about $28,000. Finally, State of Wyoming purchased a new stake in shares of HIVE Digital Technologies in the fourth quarter valued at about $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.