HIVE Digital Technologies (NASDAQ:HIVE) Trading Up 8.3% – Here’s What Happened

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) rose 8.3% during mid-day trading on Wednesday . The company traded as high as $4.39 and last traded at $4.4390. Approximately 28,011,207 shares traded hands during mid-day trading, an increase of 77% from the average daily volume of 15,836,507 shares. The stock had previously closed at $4.10.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. HC Wainwright reissued a “buy” rating on shares of HIVE Digital Technologies in a report on Tuesday, February 17th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $3.50 price target (down from $11.00) on shares of HIVE Digital Technologies in a research note on Tuesday, January 27th. Canaccord Genuity Group reissued a “buy” rating and issued a $10.00 price objective on shares of HIVE Digital Technologies in a research note on Friday, April 24th. Weiss Ratings restated a “sell (d)” rating on shares of HIVE Digital Technologies in a report on Monday, May 11th. Finally, Cantor Fitzgerald raised their target price on HIVE Digital Technologies from $3.00 to $4.60 and gave the stock an “overweight” rating in a research report on Tuesday, May 19th. Six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $6.34.

HIVE Digital Technologies Price Performance

The firm has a market capitalization of $1.18 billion, a P/E ratio of -7.46 and a beta of 3.50. The company has a fifty day moving average of $2.53 and a 200 day moving average of $2.75. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.74 and a quick ratio of 1.74.

Institutional Investors Weigh In On HIVE Digital Technologies

Institutional investors have recently modified their holdings of the company. Situational Awareness LP bought a new position in HIVE Digital Technologies during the first quarter worth $6,444,000. Empowered Funds LLC bought a new stake in HIVE Digital Technologies during the first quarter valued at $1,934,000. CI Investments Inc. grew its holdings in HIVE Digital Technologies by 37.9% during the 1st quarter. CI Investments Inc. now owns 54,429 shares of the company’s stock worth $103,000 after acquiring an additional 14,964 shares during the period. Chicago Partners Investment Group LLC grew its holdings in HIVE Digital Technologies by 30.3% during the 1st quarter. Chicago Partners Investment Group LLC now owns 205,322 shares of the company’s stock worth $390,000 after acquiring an additional 47,711 shares during the period. Finally, Private Advisor Group LLC bought a new position in shares of HIVE Digital Technologies in the 1st quarter worth about $27,000. 24.42% of the stock is 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.