HIVE Digital Technologies (NASDAQ:HIVE) Shares Gap Up – Here’s What Happened

HIVE Digital Technologies Ltd. (NASDAQ:HIVE)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $2.69, but opened at $3.60. HIVE Digital Technologies shares last traded at $3.6030, with a volume of 44,778,095 shares.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. B. Riley Financial dropped their target price on shares of HIVE Digital Technologies from $7.00 to $6.00 and set a “buy” rating for the company in a research report on Friday, February 13th. Weiss Ratings reiterated a “sell (d)” rating on shares of HIVE Digital Technologies in a research report on Monday, May 11th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $3.50 target price (down from $11.00) on shares of HIVE Digital Technologies in a research report on Tuesday, January 27th. Northland Securities set a $6.00 price objective on shares of HIVE Digital Technologies in a research report on Wednesday, February 18th. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $10.00 price objective on shares of HIVE Digital Technologies in a research report on Friday, April 24th. Six analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $6.17.

HIVE Digital Technologies Stock Up 28.4%

The firm’s 50 day moving average is $2.29 and its two-hundred day moving average is $2.82. The firm has a market cap of $913.41 million, a P/E ratio of -5.72 and a beta of 3.50. The company has a current ratio of 1.74, a quick ratio of 1.74 and a debt-to-equity ratio of 0.02.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Millennium Management LLC boosted its stake in HIVE Digital Technologies by 58.1% during the 4th quarter. Millennium Management LLC now owns 6,900,828 shares of the company’s stock worth $17,804,000 after acquiring an additional 2,536,135 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in HIVE Digital Technologies by 29.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,187,363 shares of the company’s stock worth $13,383,000 after acquiring an additional 1,193,991 shares during the last quarter. Tidal Investments LLC boosted its stake in HIVE Digital Technologies by 15.4% during the 3rd quarter. Tidal Investments LLC now owns 4,771,312 shares of the company’s stock worth $19,228,000 after acquiring an additional 637,679 shares during the last quarter. Two Sigma Investments LP bought a new position in HIVE Digital Technologies during the 3rd quarter worth approximately $17,584,000. Finally, Vident Advisory LLC boosted its stake in HIVE Digital Technologies by 33.6% during the 4th quarter. Vident Advisory LLC now owns 4,327,141 shares of the company’s stock worth $11,164,000 after acquiring an additional 1,087,224 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 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.