HIVE Digital Technologies (NASDAQ:HIVE) Shares Down 5.6% – Should You Sell?

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) dropped 5.6% on Friday. The company traded as low as $3.13 and last traded at $3.1150. Approximately 6,481,868 shares were traded during trading, a decline of 66% from the average session volume of 18,987,434 shares. The stock had previously closed at $3.30.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Canaccord Genuity Group reiterated a “buy” rating and set a $10.00 price objective on shares of HIVE Digital Technologies in a research note on Tuesday, August 18th. UBS Group set a $8.00 price target on HIVE Digital Technologies in a report on Wednesday, June 3rd. Weiss Ratings upgraded shares of HIVE Digital Technologies from a “sell (d-)” rating to a “sell (d)” rating in a report on Friday, August 14th. B. Riley Financial increased their target price on shares of HIVE Digital Technologies from $5.00 to $8.00 and gave the company a “buy” rating in a research report on Wednesday, June 3rd. Finally, Keefe, Bruyette & Woods raised 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 research note on Friday, June 5th. Six investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, HIVE Digital Technologies has an average rating of “Moderate Buy” and a consensus price target of $6.95.

HIVE Digital Technologies Trading Down 5.6%

The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.96 and a current ratio of 1.96. The company has a market cap of $852.86 million, a price-to-earnings ratio of -2.41 and a beta of 3.75. The company’s fifty day moving average is $2.96 and its two-hundred day moving average is $3.01.

HIVE Digital Technologies (NASDAQ:HIVE) last released 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 last year, the company earned $0.18 earnings per share. On average, research analysts anticipate that HIVE Digital Technologies Ltd. will post -0.61 EPS for the current year.

Insider Buying and Selling at HIVE Digital Technologies

In other news, Director Dave Perrill sold 100,000 shares of the business’s stock in a transaction dated Wednesday, August 19th. The stock was 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 available at the SEC website. Insiders own 9.44% of the company’s stock.

Hedge Funds Weigh In On HIVE Digital Technologies

Institutional investors have recently made changes to their positions in the company. Situational Awareness LP grew its position in shares of HIVE Digital Technologies by 169.3% in the second quarter. Situational Awareness LP now owns 9,133,726 shares of the company’s stock valued at $33,247,000 after purchasing an additional 5,742,179 shares during the last quarter. Empowered Funds LLC acquired a new position in HIVE Digital Technologies during the first quarter worth approximately $1,934,000. Acasta Partners UK LLP purchased a new stake in HIVE Digital Technologies during the second quarter valued at about $3,640,000. BTG Pactual Asset Management US LLC acquired a new stake in HIVE Digital Technologies in the 2nd quarter valued at $2,730,000. Finally, Engineers Gate Manager LP acquired a new position in shares of HIVE Digital Technologies in the 2nd quarter valued at approximately $628,000. 24.42% of the stock is owned by hedge funds and other institutional investors.

HIVE Digital Technologies Company Profile

HIVE Digital Technologies Ltd. is a digital infrastructure company that develops and operates data centers designed for high-performance computing. Its primary business has historically been the mining of Bitcoin using specialized computing equipment, with operations supported by renewable and low-carbon energy sources where available.

The company is also expanding beyond cryptocurrency mining by evaluating and developing infrastructure for artificial intelligence, cloud computing and other high-performance computing applications.