HIVE Digital Technologies Sees Unusually High Options Volume (NASDAQ:HIVE)

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) saw some unusual options trading activity on Thursday. Traders bought 32,001 call options on the company. This is an increase of approximately 326% compared to the typical volume of 7,508 call options.

HIVE Digital Technologies Stock Performance

HIVE Digital Technologies stock opened at $3.38 on Friday. The stock has a market cap of $782.54 million, a P/E ratio of -16.90 and a beta of 3.45. The company has a current ratio of 3.42, a quick ratio of 3.42 and a debt-to-equity ratio of 0.02. The stock has a 50 day moving average of $2.42 and a 200-day moving average of $2.00. HIVE Digital Technologies has a 52 week low of $1.26 and a 52 week high of $5.54.

HIVE Digital Technologies (NASDAQ:HIVE) last released its earnings results on Thursday, August 14th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.02. The company had revenue of $45.61 million during the quarter, compared to analysts’ expectations of $45.16 million. HIVE Digital Technologies had a negative return on equity of 17.39% and a negative net margin of 17.47%. On average, analysts expect that HIVE Digital Technologies will post -0.32 EPS for the current fiscal year.

Hedge Funds Weigh In On HIVE Digital Technologies

Several institutional investors and hedge funds have recently made changes to their positions in the business. Caitong International Asset Management Co. Ltd boosted its stake in shares of HIVE Digital Technologies by 21.9% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 30,280 shares of the company’s stock valued at $55,000 after buying an additional 5,435 shares during the last quarter. Wells Fargo & Company MN boosted its stake in shares of HIVE Digital Technologies by 60.9% during the 4th quarter. Wells Fargo & Company MN now owns 15,320 shares of the company’s stock valued at $44,000 after buying an additional 5,800 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of HIVE Digital Technologies by 11.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 69,309 shares of the company’s stock valued at $100,000 after buying an additional 6,958 shares during the last quarter. SBI Securities Co. Ltd. raised its position in shares of HIVE Digital Technologies by 30.9% during the 1st quarter. SBI Securities Co. Ltd. now owns 31,950 shares of the company’s stock valued at $46,000 after acquiring an additional 7,535 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of HIVE Digital Technologies during the 4th quarter valued at approximately $26,000. 24.42% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on HIVE shares. HC Wainwright decreased their target price on HIVE Digital Technologies from $9.00 to $6.00 and set a “buy” rating for the company in a report on Friday, June 27th. Cantor Fitzgerald boosted their target price on HIVE Digital Technologies from $5.00 to $5.50 and gave the stock an “overweight” rating in a report on Friday, June 27th. Roth Capital boosted their target price on HIVE Digital Technologies from $6.00 to $7.50 and gave the stock a “buy” rating in a report on Tuesday, August 26th. Zacks Research upgraded HIVE Digital Technologies to a “hold” rating in a report on Friday, August 8th. Finally, Rosenblatt Securities decreased their target price on HIVE Digital Technologies from $5.50 to $5.00 and set a “buy” rating for the company in a report on Friday, June 27th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $6.93.

About HIVE Digital Technologies

HIVE Digital Technologies Ltd. operates as a cryptocurrency mining company in Canada, Sweden, and Iceland. The company engages in the mining and sale of digital currencies, including Ethereum Classic, Bitcoin, and other coins. It also operates data centers; and offers infrastructure solutions. The company was formerly known as HIVE Blockchain Technologies Ltd.