HIVE Digital Technologies (NASDAQ:HIVE) Stock Price Up 8.3% – Time to Buy?

HIVE Digital Technologies Ltd. (NASDAQ:HIVE)’s share price was up 8.3% during mid-day trading on Thursday . The company traded as high as $2.88 and last traded at $2.9450. 2,631,240 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 19,446,246 shares. The stock had previously closed at $2.72.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on HIVE shares. Rosenblatt Securities increased their price objective on shares of HIVE Digital Technologies from $5.50 to $6.00 and gave the stock a “buy” rating in a research report on Thursday, August 20th. Keefe, Bruyette & Woods lifted their target price on shares of HIVE Digital Technologies from $3.00 to $5.00 and gave the company a “market perform” rating in a report on Friday, June 5th. HC Wainwright reissued a “buy” rating and issued a $7.00 target price on shares of HIVE Digital Technologies in a research report on Monday, August 17th. Wall Street Zen cut HIVE Digital Technologies from a “sell” rating to a “strong sell” rating in a research note on Sunday, July 12th. Finally, B. Riley Financial raised their price target on HIVE Digital Technologies from $5.00 to $8.00 and gave the stock a “buy” rating in a research report on Wednesday, June 3rd. Six analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, HIVE Digital Technologies has an average rating of “Moderate Buy” and a consensus target price of $6.95.

HIVE Digital Technologies Price Performance

The company has a market capitalization of $851.77 million, a PE ratio of -2.41 and a beta of 3.75. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.96 and a quick ratio of 1.96. The stock’s 50 day simple moving average is $3.00 and its 200-day simple moving average is $2.91.

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

Insiders Place Their Bets

In other HIVE Digital Technologies news, Director Dave Perrill sold 100,000 shares of the firm’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 legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Susan Mcgee sold 125,000 shares of the business’s stock in a transaction on Friday, June 19th. The stock was sold at an average price of $4.25, for a total transaction of $531,250.00. Following the completion of the transaction, the director owned 125,000 shares of the company’s stock, valued at approximately $531,250. This trade represents a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 698,300 shares of company stock worth $2,830,742 in the last ninety days. 9.44% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of HIVE. Situational Awareness LP increased its holdings 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 worth $33,247,000 after purchasing an additional 5,742,179 shares during the period. Two Sigma Investments LP purchased a new position in shares of HIVE Digital Technologies in the 3rd quarter valued at about $17,584,000. Renaissance Technologies LLC acquired a new position in shares of HIVE Digital Technologies during the fourth quarter worth about $10,914,000. Millennium Management LLC grew its position in shares of HIVE Digital Technologies by 58.1% during 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. Finally, Vident Advisory LLC increased its stake in shares of HIVE Digital Technologies by 53.0% during the second quarter. Vident Advisory LLC now owns 3,766,446 shares of the company’s stock worth $6,780,000 after buying an additional 1,305,057 shares during the period. 24.42% of the stock is owned by institutional investors and hedge funds.

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.