Chardan Capital Begins Coverage on HIVE Digital Technologies (NASDAQ:HIVE)

Stock analysts at Chardan Capital initiated coverage on shares of HIVE Digital Technologies (NASDAQ:HIVE) in a report issued on Monday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $7.50 price target on the stock. Chardan Capital’s price target suggests a potential upside of 164.08% from the stock’s current price.

A number of other research analysts have also recently issued reports on HIVE. Keefe, Bruyette & Woods lifted their price target on HIVE Digital Technologies from $3.00 to $5.00 and gave the company a “market perform” rating in a report on Friday, June 5th. Wall Street Zen lowered shares of HIVE Digital Technologies from a “sell” rating to a “strong sell” rating in a report on Sunday, July 12th. UBS Group set a $8.00 price objective on shares of HIVE Digital Technologies in a research report on Wednesday, June 3rd. Weiss Ratings downgraded shares of HIVE Digital Technologies from a “sell (d)” rating to a “sell (d-)” rating in a research note on Monday, June 15th. Finally, B. Riley Financial upped their target price on shares of HIVE Digital Technologies from $5.00 to $8.00 and gave the stock a “buy” rating in a research report on Wednesday, June 3rd. Seven equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $6.95.

HIVE Digital Technologies Stock Down 3.7%

NASDAQ HIVE opened at $2.84 on Monday. The stock’s 50 day simple moving average is $3.73 and its 200 day simple moving average is $2.91. HIVE Digital Technologies has a one year low of $1.73 and a one year high of $7.84. The firm has a market cap of $751.04 million, a PE ratio of -5.07 and a beta of 3.77. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.10 and a quick ratio of 1.10.

HIVE Digital Technologies (NASDAQ:HIVE) last issued its quarterly earnings data 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 business had revenue of $71.82 million during the quarter, compared to the consensus estimate of $79.99 million. HIVE Digital Technologies had a negative net margin of 49.21% and a negative return on equity of 23.12%. As a group, sell-side analysts forecast that HIVE Digital Technologies will post -0.74 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Susan B. Mcgee sold 125,000 shares of the business’s stock in a transaction that occurred on 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. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Dave Perrill sold 175,000 shares of the stock in a transaction that occurred on Friday, June 19th. The shares were sold at an average price of $4.69, for a total transaction of $820,750.00. Following the completion of the transaction, the director owned 162,500 shares in the company, valued at $762,125. This represents a 51.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 681,700 shares of company stock valued at $2,937,876.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Millennium Management LLC increased 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 valued at $17,804,000 after purchasing an additional 2,536,135 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in HIVE Digital Technologies by 29.9% during 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 last quarter. Tidal Investments LLC boosted its holdings in HIVE Digital Technologies by 15.4% during the third quarter. Tidal Investments LLC now owns 4,771,312 shares of the company’s stock worth $19,228,000 after buying an additional 637,679 shares during the last quarter. Two Sigma Investments LP acquired a new position in shares of HIVE Digital Technologies during the 3rd quarter worth about $17,584,000. Finally, Vident Advisory LLC grew its position 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 worth $11,164,000 after buying an additional 1,087,224 shares during the period. Institutional investors and hedge funds 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.