HIVE Digital Technologies’ (HIVE) “Buy” Rating Reaffirmed at Canaccord Genuity Group

Canaccord Genuity Group reaffirmed their buy rating on shares of HIVE Digital Technologies (NASDAQ:HIVE) in a report issued on Monday,Benzinga reports. Canaccord Genuity Group currently has a $10.00 price target on the stock.

HIVE has been the subject of a number of other research reports. Chardan Capital reaffirmed a “buy” rating and set a $7.50 price objective on shares of HIVE Digital Technologies in a research report on Wednesday, September 16th. Rosenblatt Securities lifted their price objective on HIVE Digital Technologies from $5.50 to $6.00 and gave the company a “buy” rating in a research note on Thursday, August 20th. Wall Street Zen downgraded HIVE Digital Technologies from a “sell” rating to a “strong sell” rating in a report on Sunday, July 12th. HC Wainwright reissued a “buy” rating and issued a $7.00 target price on shares of HIVE Digital Technologies in a report on Monday, August 17th. Finally, Weiss Ratings raised HIVE Digital Technologies from a “sell (d-)” rating to a “sell (d)” rating in a research note on Friday, August 14th. Six research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $6.95.

HIVE Digital Technologies Price Performance

Shares of HIVE opened at $2.00 on Monday. HIVE Digital Technologies has a fifty-two week low of $1.73 and a fifty-two week high of $6.30. The firm’s 50-day simple moving average is $2.87 and its two-hundred day simple moving average is $3.08. The stock has a market cap of $552.44 million, a PE ratio of -1.55 and a beta of 3.76. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.96 and a current ratio of 1.96.

HIVE Digital Technologies (NASDAQ:HIVE) last released its earnings results on Friday, August 14th. The company reported ($0.54) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($0.33). HIVE Digital Technologies had a negative net margin of 98.49% and a negative return on equity of 31.98%. The business had revenue of $79.12 million for the quarter, compared to analysts’ expectations of $81.72 million. During the same quarter in the previous year, the business posted $0.18 earnings per share. Analysts anticipate that HIVE Digital Technologies will post -0.61 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Dave Perrill sold 100,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $2.72, for a total value of $272,000.00. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Institutional Investors Weigh In On HIVE Digital Technologies

Several institutional investors and hedge funds have recently made changes to their positions in HIVE. Situational Awareness LP lifted its stake in HIVE Digital Technologies by 169.3% during the 2nd quarter. Situational Awareness LP now owns 9,133,726 shares of the company’s stock valued at $33,247,000 after acquiring an additional 5,742,179 shares during the period. Empowered Funds LLC purchased a new stake in shares of HIVE Digital Technologies during the 1st quarter valued at about $1,934,000. Acasta Partners UK LLP purchased a new stake in shares of HIVE Digital Technologies during the 2nd quarter valued at about $3,640,000. BTG Pactual Asset Management US LLC bought a new stake in shares of HIVE Digital Technologies in the second quarter worth approximately $2,730,000. Finally, Hennion & Walsh Asset Management Inc. grew its stake in shares of HIVE Digital Technologies by 8.0% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 398,871 shares of the company’s stock worth $1,452,000 after acquiring an additional 29,641 shares during the period. Institutional investors own 24.42% of the company’s stock.

About HIVE Digital Technologies

HIVE Digital Technologies Ltd. is a digital-asset and data-center infrastructure company focused primarily on the mining of Bitcoin. The company operates specialized computing facilities designed to support energy-intensive digital-asset mining and has also been developing capabilities for high-performance computing and artificial-intelligence applications.

HIVE was founded in 2017 and was formerly known as HIVE Blockchain Technologies Ltd. Its operations have historically included data centers in Canada, Sweden and Iceland, and the company has expanded its infrastructure footprint internationally, including through development activities in Paraguay.