HIVE Digital Technologies (NASDAQ:HIVE) Shares Down 8.7% Following Insider Selling

Shares of HIVE Digital Technologies Ltd. (NASDAQ:HIVE) fell 8.7% during mid-day trading on Wednesday following insider selling activity. The company traded as low as $4.18 and last traded at $4.2250. Approximately 10,415,848 shares changed hands during mid-day trading, a decline of 44% from the average session volume of 18,506,205 shares. The stock had previously closed at $4.63.

Specifically, Director Dave Perrill sold 175,000 shares of the business’s stock in a transaction dated Friday, June 19th. The stock was sold at an average price of $4.69, for a total value of $820,750.00. Following the transaction, the director directly owned 162,500 shares of the company’s stock, valued at $762,125. The trade was a 51.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Susan B. Mcgee sold 125,000 shares of the firm’s stock in a transaction that occurred on Friday, June 19th. The stock was sold at an average price of $4.25, for a total value of $531,250.00. Following the sale, the director directly owned 125,000 shares of the company’s stock, valued at $531,250. This represents a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. In other HIVE Digital Technologies news, Director Susan B. Mcgee sold 83,300 shares of HIVE Digital Technologies stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $4.24, for a total value of $353,192.00. Following the completion of the sale, the director directly owned 125,000 shares in the company, valued at approximately $530,000. The trade was a 39.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on HIVE. Weiss Ratings lowered HIVE Digital Technologies from a “sell (d)” rating to a “sell (d-)” rating in a research note on Monday, June 15th. Rosenblatt Securities lifted their price objective on shares of HIVE Digital Technologies from $5.00 to $5.50 and gave the company a “buy” rating in a research note on Wednesday, June 3rd. UBS Group set a $8.00 target price on shares of HIVE Digital Technologies in a research report on Wednesday, June 3rd. Cantor Fitzgerald set a $7.00 target price on shares of HIVE Digital Technologies in a research note on Thursday, June 4th. Finally, B. Riley Financial raised their price target on shares of HIVE Digital Technologies from $5.00 to $8.00 and gave the stock a “buy” rating in a report on Wednesday, June 3rd. Six research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, HIVE Digital Technologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $6.90.

HIVE Digital Technologies Trading Down 9.0%

The company has a debt-to-equity ratio of 0.10, a current ratio of 1.10 and a quick ratio of 1.10. The firm has a fifty day simple moving average of $3.41 and a 200-day simple moving average of $2.84. The firm has a market cap of $1.11 billion, a P/E ratio of -7.53 and a beta of 3.74.

HIVE Digital Technologies (NASDAQ:HIVE) last released its quarterly earnings data on Tuesday, June 2nd. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.21) by ($0.07). HIVE Digital Technologies had a negative net margin of 49.21% and a negative return on equity of 23.12%. The firm had revenue of $71.82 million for the quarter, compared to the consensus estimate of $79.99 million. On average, equities research analysts expect that HIVE Digital Technologies Ltd. will post -0.74 earnings per share for the current year.

Institutional Trading of HIVE Digital Technologies

Hedge funds have recently bought and sold shares of the business. Millennium Management LLC increased its stake in HIVE Digital Technologies by 58.1% in the 4th quarter. Millennium Management LLC now owns 6,900,828 shares of the company’s stock valued at $17,804,000 after buying an additional 2,536,135 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of HIVE Digital Technologies by 29.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,187,363 shares of the company’s stock worth $13,383,000 after buying an additional 1,193,991 shares during the last quarter. Tidal Investments LLC grew its holdings in shares of HIVE Digital Technologies by 15.4% in the third quarter. Tidal Investments LLC now owns 4,771,312 shares of the company’s stock valued at $19,228,000 after acquiring an additional 637,679 shares in the last quarter. Two Sigma Investments LP bought a new position in shares of HIVE Digital Technologies in the third quarter valued at approximately $17,584,000. Finally, Vident Advisory LLC increased its position in shares of HIVE Digital Technologies by 33.6% during the fourth quarter. Vident Advisory LLC now owns 4,327,141 shares of the company’s stock valued at $11,164,000 after acquiring an additional 1,087,224 shares during the last quarter. Institutional investors and hedge funds own 24.42% of the company’s stock.

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.