HIVE Digital Technologies (NASDAQ:HIVE) Trading Down 4.2% – Here’s What Happened

Shares of HIVE Digital Technologies Ltd. (NASDAQ:HIVE) dropped 4.2% on Friday . The company traded as low as $2.90 and last traded at $2.93. Approximately 1,390,653 shares changed hands during trading, a decline of 93% from the average daily volume of 19,607,811 shares. The stock had previously closed at $3.06.

Analyst Upgrades and Downgrades

HIVE has been the topic of several research reports. Chardan Capital restated a “buy” rating and set a $7.50 price target on shares of HIVE Digital Technologies in a report on Monday, August 17th. Rosenblatt Securities boosted their target price on shares of HIVE Digital Technologies from $5.50 to $6.00 and gave the stock a “buy” rating in a report on Thursday, August 20th. Wall Street Zen cut shares of HIVE Digital Technologies from a “sell” rating to a “strong sell” rating in a research report on Sunday, July 12th. Cantor Fitzgerald set a $7.00 price objective on HIVE Digital Technologies in a report on Thursday, June 4th. Finally, Keefe, Bruyette & Woods increased their price target 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. Six equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $6.95.

HIVE Digital Technologies Trading Down 9.2%

The firm has a market cap of $762.49 million, a P/E ratio of -2.16 and a beta of 3.78. 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 firm has a fifty day simple moving average of $3.18 and a 200-day simple moving average of $2.89.

HIVE Digital Technologies (NASDAQ:HIVE) last posted its earnings results on Friday, August 14th. The company reported ($0.54) EPS for the quarter, missing the consensus estimate of ($0.21) by ($0.33). The firm had revenue of $79.12 million for the quarter, compared to the consensus estimate of $81.72 million. HIVE Digital Technologies had a negative return on equity of 31.98% and a negative net margin of 98.49%.During the same period in the prior year, the business earned $0.18 EPS. On average, equities research analysts expect that HIVE Digital Technologies Ltd. will post -0.61 earnings per share for the current year.

Insider Activity at HIVE Digital Technologies

In other HIVE Digital Technologies news, Director Dave Perrill sold 100,000 shares of the company’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $2.72, for a total transaction of $272,000.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Luke Rossy sold 215,000 shares of HIVE Digital Technologies stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $3.97, for a total transaction of $853,550.00. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 781,700 shares of company stock worth $3,209,876. Company insiders own 9.44% of the company’s stock.

Hedge Funds Weigh In On HIVE Digital Technologies

Hedge funds have recently made changes to their positions in the stock. NewEdge Advisors LLC lifted its holdings in HIVE Digital Technologies by 1,885.8% during the 4th quarter. NewEdge Advisors LLC now owns 9,929 shares of the company’s stock worth $26,000 after purchasing an additional 9,429 shares in the last quarter. Ground Swell Capital LLC purchased a new position in HIVE Digital Technologies in the fourth quarter worth $27,000. Rafferty Asset Management LLC bought a new position in HIVE Digital Technologies in the fourth quarter valued at $28,000. State of Wyoming bought a new position in HIVE Digital Technologies in the fourth quarter valued at $28,000. Finally, Verity Asset Management Inc. purchased a new stake in HIVE Digital Technologies during the second quarter valued at about $44,000. 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.