HIVE Digital Technologies (NASDAQ:HIVE) Trading 17.1% Higher – Time to Buy?

Shares of HIVE Digital Technologies Ltd. (NASDAQ:HIVE) were up 17.1% during trading on Thursday . The company traded as high as $2.95 and last traded at $2.9750. 5,216,142 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 18,884,518 shares. The stock had previously closed at $2.54.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. B. Riley Financial boosted their price objective on HIVE Digital Technologies from $5.00 to $8.00 and gave the company a “buy” rating in a research report on Wednesday, June 3rd. Rosenblatt Securities raised their target price on HIVE Digital Technologies from $5.00 to $5.50 and gave the stock a “buy” rating in a research report on Wednesday, June 3rd. Weiss Ratings downgraded shares of HIVE Digital Technologies from a “sell (d)” rating to a “sell (d-)” rating in a research note on Monday, June 15th. Chardan Capital started coverage on shares of HIVE Digital Technologies in a report on Monday, July 27th. They issued a “buy” rating and a $7.50 price target on the stock. Finally, Keefe, Bruyette & Woods increased their price objective on shares of 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. Seven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $6.95.

HIVE Digital Technologies Stock Performance

The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.10. The stock has a fifty day simple moving average of $3.66 and a 200-day simple moving average of $2.90. The company has a market capitalization of $760.22 million, a P/E ratio of -5.05 and a beta of 3.77.

HIVE Digital Technologies (NASDAQ:HIVE) last posted 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 the consensus estimate of $79.99 million. HIVE Digital Technologies had a negative return on equity of 23.12% and a negative net margin of 49.21%. Equities analysts forecast that HIVE Digital Technologies Ltd. will post -0.74 EPS for the current year.

Insider Buying and Selling at HIVE Digital Technologies

In other news, Director Dave Perrill sold 175,000 shares of HIVE Digital Technologies stock in a transaction that occurred on Friday, June 19th. The shares were sold at an average price of $4.69, for a total value of $820,750.00. Following the completion of the transaction, the director owned 162,500 shares in the company, valued at approximately $762,125. The trade was a 51.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Luke Rossy sold 215,000 shares of HIVE Digital Technologies stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $3.97, for a total transaction of $853,550.00. The SEC filing for this sale provides additional information. Insiders have sold a total of 681,700 shares of company stock worth $2,937,876 over the last ninety days. Corporate insiders own 9.44% of the company’s stock.

Institutional Investors Weigh In On HIVE Digital Technologies

A number of large investors have recently bought and sold shares of HIVE. Heck Capital Advisors LLC bought a new position in HIVE Digital Technologies in the 2nd quarter valued at $67,000. Hennion & Walsh Asset Management Inc. grew its holdings in shares of HIVE Digital Technologies by 8.0% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 398,871 shares of the company’s stock worth $1,452,000 after purchasing an additional 29,641 shares during the last quarter. Acasta Partners UK LLP bought a new stake in shares of HIVE Digital Technologies during the second quarter worth $3,640,000. Stillwater Private Wealth LLC acquired a new stake in shares of HIVE Digital Technologies in the first quarter valued at $38,000. Finally, Situational Awareness LP acquired a new stake in shares of HIVE Digital Technologies in the first quarter valued at $6,444,000. 24.42% of the stock is currently owned by 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.