HIVE Digital Technologies (NASDAQ:HIVE) Stock Price Up 7.5% – Here’s What Happened

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) shares traded up 7.5% during mid-day trading on Tuesday . The company traded as high as $3.68 and last traded at $3.4950. 8,935,152 shares changed hands during trading, a decline of 31% from the average session volume of 12,990,026 shares. The stock had previously closed at $3.25.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Northland Securities set a $7.50 target price on HIVE Digital Technologies in a research note on Tuesday, October 7th. B. Riley cut their target price on HIVE Digital Technologies from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Friday, November 21st. Rosenblatt Securities reiterated a “buy” rating and issued a $10.00 target price on shares of HIVE Digital Technologies in a report on Tuesday, November 18th. Weiss Ratings restated a “sell (d+)” rating on shares of HIVE Digital Technologies in a research note on Friday, October 31st. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $10.00 price objective on shares of HIVE Digital Technologies in a report on Friday, November 21st. Six equities research 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. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $8.21.

HIVE Digital Technologies Stock Performance

The stock has a 50 day simple moving average of $3.27 and a 200 day simple moving average of $3.39. The company has a market cap of $859.15 million, a price-to-earnings ratio of -16.79 and a beta of 3.58. The company has a quick ratio of 2.55, a current ratio of 2.55 and a debt-to-equity ratio of 0.02.

HIVE Digital Technologies (NASDAQ:HIVE) last announced its earnings results on Friday, November 14th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.01). The company had revenue of $83.37 million for the quarter, compared to analysts’ expectations of $80.62 million. HIVE Digital Technologies had a negative net margin of 16.18% and a negative return on equity of 14.15%. As a group, analysts predict that HIVE Digital Technologies Ltd. will post -0.32 EPS for the current year.

Institutional Investors Weigh In On HIVE Digital Technologies

A number of large investors have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in HIVE Digital Technologies by 18.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 878,457 shares of the company’s stock worth $1,283,000 after buying an additional 137,651 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of HIVE Digital Technologies by 328.2% in the first quarter. Goldman Sachs Group Inc. now owns 520,877 shares of the company’s stock worth $755,000 after acquiring an additional 399,223 shares in the last quarter. Plancorp LLC grew its stake in HIVE Digital Technologies by 55.6% during the 2nd quarter. Plancorp LLC now owns 35,000 shares of the company’s stock valued at $63,000 after purchasing an additional 12,500 shares in the last quarter. Generali Investments CEE investicni spolecnost a.s. increased its holdings in HIVE Digital Technologies by 45.4% during the 2nd quarter. Generali Investments CEE investicni spolecnost a.s. now owns 1,244,230 shares of the company’s stock worth $2,240,000 after purchasing an additional 388,280 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC acquired a new position in shares of HIVE Digital Technologies in the 2nd quarter valued at approximately $38,000. 24.42% of the stock is owned by institutional investors and hedge funds.

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.