HIVE Digital Technologies (NASDAQ:HIVE) Trading 17.1% Higher – Should You Buy?

HIVE Digital Technologies Ltd. (NASDAQ:HIVE)’s share price shot up 17.1% during trading on Thursday . The company traded as high as $2.95 and last traded at $2.9750. Approximately 5,216,142 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 18,884,518 shares. The stock had previously closed at $2.54.

Analyst Ratings Changes

A number of brokerages have commented on HIVE. Wall Street Zen lowered HIVE Digital Technologies from a “sell” rating to a “strong sell” rating in a research report on Sunday, July 12th. Rosenblatt Securities raised their price target on shares of HIVE Digital Technologies from $5.00 to $5.50 and gave the stock a “buy” rating in a report on Wednesday, June 3rd. 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. Chardan Capital assumed coverage on shares of HIVE Digital Technologies in a research note on Monday. They issued a “buy” rating and a $7.50 price objective on the stock. Finally, Keefe, Bruyette & Woods lifted their target price 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. Seven equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, HIVE Digital Technologies presently has a consensus rating of “Moderate Buy” and an average price target of $6.95.

HIVE Digital Technologies Trading Up 19.9%

The firm has a market cap of $817.98 million, a PE ratio of -5.44 and a beta of 3.77. The company has a 50-day simple moving average of $3.70 and a 200 day simple moving average of $2.90. The company has a current ratio of 1.10, a quick 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) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($0.07). HIVE Digital Technologies had a negative net margin of 49.21% and a negative return on equity of 23.12%. The firm had revenue of $71.82 million for the quarter, compared to analysts’ expectations of $79.99 million. As a group, sell-side analysts forecast that HIVE Digital Technologies Ltd. will post -0.74 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Dave Perrill sold 175,000 shares of the firm’s stock in a transaction that occurred on Friday, June 19th. The stock was sold at an average price of $4.69, for a total value of $820,750.00. Following the transaction, the director owned 162,500 shares in the company, valued at $762,125. This trade represents a 51.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Susan B. Mcgee sold 125,000 shares of the company’s stock in a transaction dated Friday, June 19th. The shares were sold at an average price of $4.25, for a total transaction of $531,250.00. Following the completion of the sale, the director directly owned 125,000 shares of the company’s stock, valued at $531,250. This represents a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 681,700 shares of company stock worth $2,937,876. 9.44% of the stock is owned by corporate insiders.

Institutional Trading of HIVE Digital Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of HIVE. Two Sigma Investments LP acquired a new position in shares of HIVE Digital Technologies during the third quarter worth about $17,584,000. Renaissance Technologies LLC acquired a new position in HIVE Digital Technologies in the fourth quarter valued at $10,914,000. Situational Awareness LP purchased a new position in HIVE Digital Technologies during the 1st quarter worth approximately $6,444,000. Millennium Management LLC increased its holdings in shares of HIVE Digital Technologies by 58.1% in the 4th quarter. Millennium Management LLC now owns 6,900,828 shares of the company’s stock valued at $17,804,000 after acquiring an additional 2,536,135 shares during the period. Finally, Vident Advisory LLC increased its position in HIVE Digital Technologies by 53.0% in the 2nd quarter. Vident Advisory LLC now owns 3,766,446 shares of the company’s stock valued at $6,780,000 after acquiring an additional 1,305,057 shares during the period. 24.42% of the stock is currently owned by hedge funds and other institutional investors.

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.