HIVE Digital Technologies (NASDAQ:HIVE) Trading Up 6.7% – Here’s What Happened

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) shares shot up 6.7% during mid-day trading on Friday . The company traded as high as $3.31 and last traded at $3.2750. 9,660,283 shares were traded during mid-day trading, a decline of 28% from the average session volume of 13,501,448 shares. The stock had previously closed at $3.07.

Wall Street Analyst Weigh In

Several analysts have issued reports on HIVE shares. Wall Street Zen downgraded shares of HIVE Digital Technologies from a “hold” rating to a “sell” rating in a report on Saturday, November 22nd. Weiss Ratings restated a “sell (d+)” rating on shares of HIVE Digital Technologies in a research note on Friday, October 31st. B. Riley dropped their target price on shares of HIVE Digital Technologies from $8.00 to $7.00 and set a “buy” rating for the company in a report on Friday, November 21st. Canaccord Genuity Group reiterated a “buy” rating and issued a $10.00 price target on shares of HIVE Digital Technologies in a research note on Friday, November 21st. Finally, Rosenblatt Securities restated a “buy” rating and issued a $10.00 price objective on shares of HIVE Digital Technologies in a research report on Tuesday, November 18th. Six investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $8.21.

HIVE Digital Technologies Stock Performance

The company has a debt-to-equity ratio of 0.02, a current ratio of 2.55 and a quick ratio of 2.55. The company has a market capitalization of $801.14 million, a P/E ratio of -15.33 and a beta of 3.58. The business has a 50-day moving average of $3.07 and a 200-day moving average of $3.46.

HIVE Digital Technologies (NASDAQ:HIVE) last issued its quarterly earnings results on Friday, November 14th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01). The business had revenue of $83.37 million for the quarter, compared to the consensus estimate of $80.62 million. HIVE Digital Technologies had a negative return on equity of 14.15% and a negative net margin of 16.18%. On average, sell-side analysts anticipate that HIVE Digital Technologies Ltd. will post -0.32 EPS for the current year.

Hedge Funds Weigh In On HIVE Digital Technologies

Several institutional investors have recently made changes to their positions in HIVE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of 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 purchasing an additional 137,651 shares during the period. Goldman Sachs Group Inc. raised its stake in 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 buying an additional 399,223 shares in the last quarter. Plancorp LLC lifted its holdings in HIVE Digital Technologies by 55.6% during the second quarter. Plancorp LLC now owns 35,000 shares of the company’s stock worth $63,000 after buying an additional 12,500 shares during the period. Generali Investments CEE investicni spolecnost a.s. lifted its holdings in HIVE Digital Technologies by 45.4% during the second quarter. Generali Investments CEE investicni spolecnost a.s. now owns 1,244,230 shares of the company’s stock worth $2,240,000 after buying an additional 388,280 shares during the period. Finally, Vanguard Personalized Indexing Management LLC bought a new stake in HIVE Digital Technologies during the 2nd quarter valued at $38,000. Hedge funds and other institutional investors own 24.42% of the company’s stock.

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.