HIVE Digital Technologies (NASDAQ:HIVE) Sees Strong Trading Volume – Time to Buy?

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) shares saw unusually-high trading volume on Friday . Approximately 52,831,151 shares traded hands during mid-day trading, an increase of 191% from the previous session’s volume of 18,144,221 shares.The stock last traded at $4.48 and had previously closed at $4.36.

Wall Street Analyst Weigh In

HIVE has been the subject of a number of analyst reports. Canaccord Genuity Group upped their price objective on shares of HIVE Digital Technologies from $9.00 to $10.00 and gave the stock a “buy” rating in a research report on Wednesday, August 20th. Cantor Fitzgerald upped their price objective on shares of HIVE Digital Technologies from $5.00 to $5.50 and gave the stock an “overweight” rating in a research report on Friday, June 27th. Rosenblatt Securities decreased their price objective on shares of HIVE Digital Technologies from $5.50 to $5.00 and set a “buy” rating for the company in a research report on Friday, June 27th. Roth Capital upped their price objective on shares of HIVE Digital Technologies from $6.00 to $7.50 and gave the stock a “buy” rating in a research report on Tuesday, August 26th. Finally, HC Wainwright decreased their price objective on shares of HIVE Digital Technologies from $9.00 to $6.00 and set a “buy” rating for the company in a research report on Friday, June 27th. Eight research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, HIVE Digital Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $6.93.

HIVE Digital Technologies Stock Performance

The stock’s fifty day simple moving average is $2.95 and its 200 day simple moving average is $2.23. 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 company has a market cap of $1.05 billion, a price-to-earnings ratio of -22.25 and a beta of 3.51.

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

Institutional Trading of HIVE Digital Technologies

Several hedge funds have recently made changes to their positions in HIVE. Zhang Financial LLC purchased a new stake in shares of HIVE Digital Technologies in the 1st quarter valued at approximately $33,000. Generali Investments CEE investicni spolecnost a.s. boosted its position in shares of HIVE Digital Technologies by 18.5% during the 1st quarter. Generali Investments CEE investicni spolecnost a.s. now owns 855,950 shares of the company’s stock worth $1,241,000 after purchasing an additional 133,840 shares during the period. SBI Securities Co. Ltd. boosted 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 worth $46,000 after purchasing an additional 7,535 shares during the period. Y Intercept Hong Kong Ltd purchased a new position in shares of HIVE Digital Technologies during the 1st quarter worth approximately $31,000. Finally, Phoenix Financial Ltd. boosted its position in shares of HIVE Digital Technologies by 81.3% during the 1st quarter. Phoenix Financial Ltd. now owns 208,904 shares of the company’s stock worth $304,000 after purchasing an additional 93,704 shares during the period. Hedge funds and other institutional investors own 24.42% of the company’s stock.

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.