HIVE Digital Technologies Ltd. (NASDAQ:HIVE) Receives Average Recommendation of “Moderate Buy” from Brokerages

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) has been assigned a consensus rating of “Moderate Buy” from the nine brokerages that are currently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $6.90.

HIVE has been the subject of a number of analyst reports. Cantor Fitzgerald set a $7.00 price objective on shares of HIVE Digital Technologies in a research note on Thursday, June 4th. Rosenblatt Securities upped their target price on shares of HIVE Digital Technologies from $5.00 to $5.50 and gave the stock a “buy” rating in a research note on Wednesday, June 3rd. Weiss Ratings cut shares of HIVE Digital Technologies from a “sell (d)” rating to a “sell (d-)” rating in a report on Monday, June 15th. B. Riley Financial boosted their price objective on shares of HIVE Digital Technologies from $5.00 to $8.00 and gave the stock a “buy” rating in a report on Wednesday, June 3rd. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $10.00 price objective on shares of HIVE Digital Technologies in a research report on Friday, June 5th.

HIVE Digital Technologies Trading Down 6.9%

NASDAQ HIVE opened at $2.96 on Friday. HIVE Digital Technologies has a 12 month low of $1.73 and a 12 month high of $7.84. 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’s fifty day moving average price is $3.75 and its 200-day moving average price is $2.91. The stock has a market cap of $782.77 million, a P/E ratio of -5.29 and a beta of 3.77.

HIVE Digital Technologies (NASDAQ:HIVE) last posted its quarterly earnings results on Tuesday, June 2nd. The company reported ($0.28) earnings per share (EPS) 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 analysts’ expectations of $79.99 million. HIVE Digital Technologies had a negative return on equity of 23.12% and a negative net margin of 49.21%. As a group, equities analysts forecast that HIVE Digital Technologies will post -0.74 EPS for the current fiscal year.

Insider Transactions at HIVE Digital Technologies

In related news, Director Susan B. Mcgee sold 125,000 shares of HIVE Digital Technologies stock in a transaction dated Friday, June 19th. The stock was sold at an average price of $4.25, for a total value of $531,250.00. Following the completion of the sale, the director directly owned 125,000 shares in the company, valued at approximately $531,250. This trade represents a 50.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Luke Rossy sold 215,000 shares of HIVE Digital Technologies stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $3.97, for a total value of $853,550.00. The SEC filing for this sale provides additional information. Insiders sold 681,700 shares of company stock worth $2,937,876 over the last quarter. 9.44% of the stock is currently owned by insiders.

Hedge Funds Weigh In On HIVE Digital Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Two Sigma Investments LP bought a new stake in shares of HIVE Digital Technologies in the third quarter worth approximately $17,584,000. Renaissance Technologies LLC bought a new position in HIVE Digital Technologies during the fourth quarter valued at approximately $10,914,000. Situational Awareness LP bought a new position in HIVE Digital Technologies during the first quarter valued at approximately $6,444,000. Millennium Management LLC boosted its holdings in HIVE Digital Technologies by 58.1% in the fourth quarter. Millennium Management LLC now owns 6,900,828 shares of the company’s stock worth $17,804,000 after purchasing an additional 2,536,135 shares during the last quarter. Finally, Vident Advisory LLC boosted its holdings in HIVE Digital Technologies by 53.0% in the second quarter. Vident Advisory LLC now owns 3,766,446 shares of the company’s stock worth $6,780,000 after purchasing an additional 1,305,057 shares during the last quarter. Institutional investors own 24.42% of the company’s stock.

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.