HIVE Digital Technologies (NASDAQ:HIVE) Shares Gap Up – What’s Next?

HIVE Digital Technologies Ltd. (NASDAQ:HIVE)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $3.97, but opened at $4.31. HIVE Digital Technologies shares last traded at $4.1950, with a volume of 9,944,935 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on HIVE shares. New Street Research set a $5.00 target price on HIVE Digital Technologies in a research report on Thursday, February 19th. Northland Securities set a $6.00 price target on HIVE Digital Technologies in a report on Wednesday, February 18th. Keefe, Bruyette & Woods increased their price objective on shares of HIVE Digital Technologies from $3.00 to $5.00 and gave the stock a “market perform” rating in a report on Friday, June 5th. Canaccord Genuity Group reissued a “buy” rating and issued a $10.00 target price on shares of HIVE Digital Technologies in a research report on Friday, June 5th. Finally, UBS Group set a $8.00 target price on shares of HIVE Digital Technologies 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, HIVE Digital Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $6.90.

HIVE Digital Technologies Stock Up 8.4%

The stock has a fifty day moving average of $3.21 and a two-hundred day moving average of $2.80. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.10. The stock has a market cap of $1.14 billion, a price-to-earnings ratio of -7.71 and a beta of 3.74.

HIVE Digital Technologies (NASDAQ:HIVE) last announced its quarterly earnings results on Tuesday, June 2nd. The company reported ($0.28) EPS for the quarter, missing the consensus estimate 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%. As a group, analysts predict that HIVE Digital Technologies Ltd. will post -0.74 EPS for the current fiscal year.

Insider Buying and Selling

In other HIVE Digital Technologies news, Director Susan B. Mcgee sold 16,700 shares of HIVE Digital Technologies stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $4.45, for a total transaction of $74,315.00. Following the transaction, the director directly owned 208,300 shares of the company’s stock, valued at $926,935. The trade was a 7.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO Luke Rossy sold 215,000 shares of the business’s 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. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 298,400 shares of company stock valued at $1,232,684. Corporate insiders own 9.44% of the company’s stock.

Institutional Trading of HIVE Digital Technologies

A number of institutional investors have recently added to or reduced their stakes in the business. Millennium Management LLC raised its position 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 valued at $17,804,000 after purchasing an additional 2,536,135 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of HIVE Digital Technologies by 29.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,187,363 shares of the company’s stock worth $13,383,000 after buying an additional 1,193,991 shares during the period. Tidal Investments LLC grew its stake in shares of HIVE Digital Technologies by 15.4% in the third quarter. Tidal Investments LLC now owns 4,771,312 shares of the company’s stock valued at $19,228,000 after buying an additional 637,679 shares in the last quarter. Two Sigma Investments LP purchased a new stake in shares of HIVE Digital Technologies during the 3rd quarter valued at about $17,584,000. Finally, Vident Advisory LLC raised its holdings in shares of HIVE Digital Technologies by 33.6% during the 4th quarter. Vident Advisory LLC now owns 4,327,141 shares of the company’s stock valued at $11,164,000 after buying an additional 1,087,224 shares during the period. 24.42% of the stock is owned by hedge funds and other institutional investors.

About HIVE Digital Technologies

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.