HIVE Digital Technologies (NASDAQ:HIVE) Shares Up 8.2% – Time to Buy?

Shares of HIVE Digital Technologies Ltd. (NASDAQ:HIVE) were up 8.2% on Friday . The company traded as high as $4.05 and last traded at $4.0990. 44,832,951 shares changed hands during trading, an increase of 134% from the average daily volume of 19,119,428 shares. The stock had previously closed at $3.79.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Keefe, Bruyette & Woods raised their target price on HIVE Digital Technologies from $3.00 to $5.00 and gave the company a “market perform” rating in a research note on Friday, June 5th. B. Riley Financial upped their price target on HIVE Digital Technologies from $5.00 to $8.00 and gave the stock a “buy” rating in a research note on Wednesday, June 3rd. Weiss Ratings downgraded HIVE Digital Technologies from a “sell (d)” rating to a “sell (d-)” rating in a report on Monday, June 15th. HC Wainwright restated a “buy” rating and set a $7.00 target price on shares of HIVE Digital Technologies in a report on Wednesday, June 3rd. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $10.00 target price on shares of HIVE Digital Technologies in a research report on Friday, June 5th. Six research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $6.90.

HIVE Digital Technologies Stock Performance

The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.10 and a current ratio of 1.10. The business has a 50-day moving average price of $3.47 and a 200 day moving average price of $2.85. The stock has a market capitalization of $1.10 billion, a P/E ratio of -7.48 and a beta of 3.74.

HIVE Digital Technologies (NASDAQ:HIVE) last posted its quarterly earnings results on Tuesday, June 2nd. The company reported ($0.28) earnings per share 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, sell-side analysts forecast that HIVE Digital Technologies Ltd. will post -0.74 EPS for the current fiscal year.

Insider Transactions at HIVE Digital Technologies

In other news, Director Dave Perrill sold 175,000 shares of the stock in a transaction on Friday, June 19th. The stock was sold at an average price of $4.69, for a total value of $820,750.00. Following the sale, the director directly owned 162,500 shares of the company’s stock, valued at approximately $762,125. This represents a 51.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Luke Rossy sold 215,000 shares of the firm’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $3.97, for a total value of $853,550.00. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 681,700 shares of company stock valued at $2,937,876. Insiders own 9.44% of the company’s stock.

Institutional Trading of HIVE Digital Technologies

Institutional investors and hedge funds have recently bought and sold shares of the company. Millennium Management LLC lifted its stake in shares of 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 buying an additional 2,536,135 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in HIVE Digital Technologies by 29.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,187,363 shares of the company’s stock worth $13,383,000 after acquiring an additional 1,193,991 shares during the last quarter. Tidal Investments LLC raised its holdings in HIVE Digital Technologies by 15.4% in the 3rd quarter. Tidal Investments LLC now owns 4,771,312 shares of the company’s stock worth $19,228,000 after acquiring an additional 637,679 shares during the last quarter. Two Sigma Investments LP bought a new position in HIVE Digital Technologies in the 3rd quarter valued at approximately $17,584,000. Finally, Vident Advisory LLC boosted its stake in 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 purchasing an additional 1,087,224 shares during the last quarter. 24.42% of the stock is currently owned by institutional investors.

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.