HIVE Digital Technologies (NASDAQ:HIVE) Stock Price Up 6.7% – Still a Buy?

HIVE Digital Technologies Ltd. (NASDAQ:HIVE)’s stock price rose 6.7% during mid-day trading on Tuesday . The company traded as high as $4.25 and last traded at $4.2250. Approximately 16,904,666 shares were traded during mid-day trading, a decline of 4% from the average daily volume of 17,605,582 shares. The stock had previously closed at $3.96.

Wall Street Analyst Weigh In

HIVE has been the topic of several recent research reports. Northland Securities set a $6.00 price target on HIVE Digital Technologies in a report on Wednesday, February 18th. Keefe, Bruyette & Woods boosted their price objective on HIVE Digital Technologies from $3.00 to $5.00 and gave the stock a “market perform” rating in a research report on Friday, June 5th. B. Riley Financial upped their target price on shares of HIVE Digital Technologies from $5.00 to $8.00 and gave the stock 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 report on Wednesday, June 3rd. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of HIVE Digital Technologies in a research note on Monday, May 11th. Six investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, HIVE Digital Technologies presently has an average rating of “Moderate Buy” and a consensus price target of $6.90.

HIVE Digital Technologies Price Performance

The company has a market capitalization of $1.11 billion, a PE ratio of -7.49 and a beta of 3.74. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.10. The stock has a fifty day simple moving average of $3.13 and a 200-day simple moving average of $2.79.

HIVE Digital Technologies (NASDAQ:HIVE) last announced its quarterly earnings results on Tuesday, June 2nd. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.07). The business had revenue of $71.82 million for the quarter, compared to analysts’ expectations 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 anticipate that HIVE Digital Technologies Ltd. will post -0.74 earnings per share for the current year.

Insider Transactions at HIVE Digital Technologies

In other HIVE Digital Technologies news, COO Luke Rossy sold 215,000 shares of the company’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $3.97, for a total value of $853,550.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Susan B. Mcgee sold 16,700 shares of the company’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $4.45, for a total transaction of $74,315.00. Following the completion of the transaction, the director owned 208,300 shares of the company’s stock, valued at $926,935. This represents a 7.42% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 298,400 shares of company stock valued at $1,232,684 over the last ninety days.

Institutional Trading of HIVE Digital Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in HIVE. Two Sigma Investments LP acquired a new stake in shares of HIVE Digital Technologies during the third quarter worth about $17,584,000. Renaissance Technologies LLC acquired a new stake in shares of HIVE Digital Technologies during the fourth quarter worth about $10,914,000. Situational Awareness LP acquired a new stake in shares of HIVE Digital Technologies during the first quarter worth about $6,444,000. Millennium Management LLC increased its position in shares of HIVE Digital Technologies by 58.1% during the fourth quarter. Millennium Management LLC now owns 6,900,828 shares of the company’s stock worth $17,804,000 after purchasing an additional 2,536,135 shares in the last quarter. Finally, Vident Advisory LLC increased its position in shares of HIVE Digital Technologies by 53.0% during the second quarter. Vident Advisory LLC now owns 3,766,446 shares of the company’s stock worth $6,780,000 after purchasing an additional 1,305,057 shares in 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.