HIVE Digital Technologies (NASDAQ:HIVE) Stock Price Down 6.5% – Here’s Why

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) traded down 6.5% on Monday . The stock traded as low as $2.68 and last traded at $2.6550. Approximately 4,961,850 shares traded hands during trading, a decline of 74% from the average daily volume of 18,775,678 shares. The stock had previously closed at $2.84.

Analysts Set New Price Targets

Several analysts recently weighed in on HIVE shares. Weiss Ratings downgraded HIVE Digital Technologies from a “sell (d)” rating to a “sell (d-)” rating in a research report on Monday, June 15th. Cantor Fitzgerald set a $7.00 target price on HIVE Digital Technologies in a research note on Thursday, June 4th. Keefe, Bruyette & Woods increased their target price on shares of HIVE Digital Technologies from $3.00 to $5.00 and gave the stock a “market perform” rating in a report on Friday, June 5th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $10.00 price target on shares of HIVE Digital Technologies in a report on Friday, June 5th. Finally, HC Wainwright reiterated a “buy” rating and set a $7.00 price objective on shares of HIVE Digital Technologies in a research report on Wednesday, June 3rd. Seven analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, HIVE Digital Technologies currently has an average rating of “Moderate Buy” and a consensus target price of $6.95.

HIVE Digital Technologies Trading Down 7.6%

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 firm has a market capitalization of $705.15 million, a price-to-earnings ratio of -4.69 and a beta of 3.79. The firm’s 50-day moving average is $3.52 and its 200 day moving average is $2.88.

HIVE Digital Technologies (NASDAQ:HIVE) last released its quarterly earnings results on Tuesday, June 2nd. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($0.07). The business had revenue of $71.82 million for the quarter, compared to the consensus estimate of $79.99 million. HIVE Digital Technologies had a negative net margin of 49.21% and a negative return on equity of 23.12%. On average, equities analysts predict that HIVE Digital Technologies Ltd. will post -0.78 earnings per share for the current fiscal year.

Insider Transactions at HIVE Digital Technologies

In related news, COO Luke Rossy sold 215,000 shares of HIVE Digital Technologies stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $3.97, for a total value of $853,550.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Dave Perrill sold 175,000 shares of the company’s 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 sale, the director owned 162,500 shares in the company, valued at $762,125. The trade was a 51.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 681,700 shares of company stock worth $2,937,876 over the last ninety days.

Hedge Funds Weigh In On HIVE Digital Technologies

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