HIVE Digital Technologies (NASDAQ:HIVE) Shares Gap Down – Here’s What Happened

HIVE Digital Technologies Ltd. (NASDAQ:HIVE)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $4.38, but opened at $4.11. HIVE Digital Technologies shares last traded at $4.2670, with a volume of 11,892,390 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on HIVE shares. Cantor Fitzgerald set a $7.00 price objective on HIVE Digital Technologies in a research note on Thursday. Weiss Ratings reiterated a “sell (d)” rating on shares of HIVE Digital Technologies in a research note on Monday, May 11th. Canaccord Genuity Group restated a “buy” rating and issued a $10.00 price target on shares of HIVE Digital Technologies in a research report on Friday, April 24th. Rosenblatt Securities boosted their price target on HIVE Digital Technologies from $5.00 to $5.50 and gave the company a “buy” rating in a research report on Wednesday. Finally, HC Wainwright restated a “buy” rating and issued a $7.00 price target on shares of HIVE Digital Technologies in a research report on Wednesday. Six research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $6.75.

HIVE Digital Technologies Trading Down 0.6%

The firm has a market cap of $1.15 billion, a PE ratio of -7.79 and a beta of 3.74. The company’s fifty day moving average price is $2.82 and its two-hundred day moving average price is $2.75. The company has a quick ratio of 1.74, a current ratio of 1.74 and a debt-to-equity ratio of 0.02.

HIVE Digital Technologies (NASDAQ:HIVE) last issued its 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 firm had revenue of $71.82 million during the quarter, compared to analysts’ expectations of $79.99 million. HIVE Digital Technologies had a negative net margin of 49.21% and a negative return on equity of 22.60%. As a group, sell-side analysts forecast that HIVE Digital Technologies Ltd. will post -0.65 earnings per share for the current fiscal year.

Institutional Investors Weigh In On HIVE Digital Technologies

Several institutional investors have recently made changes to their positions in the stock. ACT Wealth Management LLC raised its holdings in HIVE Digital Technologies by 33.3% during the fourth quarter. ACT Wealth Management LLC now owns 16,000 shares of the company’s stock worth $41,000 after purchasing an additional 4,000 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of HIVE Digital Technologies by 3.5% in the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 128,801 shares of the company’s stock valued at $519,000 after purchasing an additional 4,351 shares in the last quarter. Vanguard Personalized Indexing Management LLC lifted its holdings in shares of HIVE Digital Technologies by 21.4% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 25,388 shares of the company’s stock valued at $102,000 after purchasing an additional 4,472 shares in the last quarter. SBI Securities Co. Ltd. lifted its holdings in shares of HIVE Digital Technologies by 23.4% in the fourth quarter. SBI Securities Co. Ltd. now owns 26,148 shares of the company’s stock valued at $67,000 after purchasing an additional 4,964 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd lifted its holdings in shares of HIVE Digital Technologies by 98.8% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 13,996 shares of the company’s stock valued at $36,000 after purchasing an additional 6,956 shares in the last quarter. 24.42% of the stock is currently owned by hedge funds and other institutional investors.

About HIVE Digital Technologies

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.