HIVE Digital Technologies (NASDAQ:HIVE) Earns Buy Rating from Canaccord Genuity Group

HIVE Digital Technologies (NASDAQ:HIVE)‘s stock had its “buy” rating reissued by equities research analysts at Canaccord Genuity Group in a research report issued on Monday, Benzinga reports. They currently have a $10.00 price target on the stock. Canaccord Genuity Group‘s price target points to a potential upside of 391.40% from the stock’s current price.

Several other equities analysts also recently commented on the stock. Rosenblatt Securities increased their price objective on shares of HIVE Digital Technologies from $5.50 to $6.00 and gave the company a “buy” rating in a research note on Thursday, August 20th. Wall Street Zen downgraded shares of HIVE Digital Technologies from a “sell” rating to a “strong sell” rating in a research note on Sunday, July 12th. Weiss Ratings raised shares of HIVE Digital Technologies from a “sell (d-)” rating to a “sell (d)” rating in a research note on Friday, August 14th. HC Wainwright reissued a “buy” rating and issued a $7.00 price objective on shares of HIVE Digital Technologies in a research note on Monday, August 17th. Finally, Chardan Capital reissued a “buy” rating and issued a $7.50 price objective on shares of HIVE Digital Technologies in a research note on Wednesday, September 16th. Six research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $6.95.

HIVE Digital Technologies Price Performance

Shares of HIVE Digital Technologies stock traded up $0.06 on Monday, reaching $2.04. 10,488,338 shares of the stock were exchanged, compared to its average volume of 18,233,395. The firm’s 50 day moving average is $2.86 and its 200-day moving average is $3.08. HIVE Digital Technologies has a one year low of $1.73 and a one year high of $6.30. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.96 and a current ratio of 1.96. The firm has a market cap of $562.11 million, a PE ratio of -1.58 and a beta of 3.76.

HIVE Digital Technologies (NASDAQ:HIVE) last issued its quarterly earnings results on Friday, August 14th. The company reported ($0.54) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.33). HIVE Digital Technologies had a negative return on equity of 31.98% and a negative net margin of 98.49%. The firm had revenue of $79.12 million for the quarter, compared to the consensus estimate of $81.72 million. During the same period last year, the company posted $0.18 EPS. As a group, analysts anticipate that HIVE Digital Technologies will post -0.61 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Dave Perrill sold 100,000 shares of the stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $2.72, for a total value of $272,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Hedge Funds Weigh In On HIVE Digital Technologies

Large investors have recently modified their holdings of the business. Situational Awareness LP raised its stake in shares of HIVE Digital Technologies by 169.3% during the second quarter. Situational Awareness LP now owns 9,133,726 shares of the company’s stock valued at $33,247,000 after acquiring an additional 5,742,179 shares during the last quarter. Acasta Partners UK LLP bought a new position in shares of HIVE Digital Technologies during the second quarter valued at $3,640,000. BTG Pactual Asset Management US LLC bought a new position in shares of HIVE Digital Technologies during the second quarter valued at $2,730,000. Empowered Funds LLC bought a new position in shares of HIVE Digital Technologies during the first quarter valued at $1,934,000. Finally, Hennion & Walsh Asset Management Inc. raised its stake 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 valued at $1,452,000 after acquiring an additional 29,641 shares during the last quarter. Institutional investors own 24.42% of the company’s stock.

About HIVE Digital Technologies

HIVE Digital Technologies Ltd. is a digital-asset and data-center infrastructure company focused primarily on the mining of Bitcoin. The company operates specialized computing facilities designed to support energy-intensive digital-asset mining and has also been developing capabilities for high-performance computing and artificial-intelligence applications.

HIVE was founded in 2017 and was formerly known as HIVE Blockchain Technologies Ltd. Its operations have historically included data centers in Canada, Sweden and Iceland, and the company has expanded its infrastructure footprint internationally, including through development activities in Paraguay.