HIVE Digital Technologies (NASDAQ:HIVE) Receives Buy Rating from Chardan Capital

Key Points

• Chardan Capital reaffirmed a “Buy” rating on HIVE Digital Technologies and set a $7.50 price target, implying approximately 155.5% upside from the stock’s $2.94 price.
• Analyst sentiment is broadly positive, with six Buy ratings, one Hold, and one Sell; the consensus rating is “Moderate Buy” with an average target price of $6.95.
• HIVE reported weaker-than-expected quarterly results, including a $0.54 per-share loss versus the $0.21 consensus estimate and revenue of $79.12 million versus expectations of $81.72 million. The company is also expanding beyond Bitcoin mining into AI, cloud computing, and other high-performance computing infrastructure.

HIVE Digital Technologies (NASDAQ:HIVE - Get Free Report)'s stock had its "buy" rating reissued by investment analysts at Chardan Capital in a research note issued to investors on Wednesday, Benzinga reports. They currently have a $7.50 target price on the stock. Chardan Capital's target price suggests a potential upside of 155.54% from the stock's current price.

Other equities research analysts have also issued research reports about the stock. Canaccord Genuity Group restated a "buy" rating and issued a $10.00 price target on shares of HIVE Digital Technologies in a research note on Tuesday, August 18th. B. Riley Financial lifted their price objective on shares of HIVE Digital Technologies from $5.00 to $8.00 and gave the company 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 research report on Wednesday, June 3rd. Keefe, Bruyette & Woods boosted their price target on shares of 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. Finally, Weiss Ratings upgraded shares of HIVE Digital Technologies from a "sell (d-)" rating to a "sell (d)" rating in a research note on Friday, August 14th. Six research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $6.95.

HIVE Digital Technologies Price Performance

Shares of HIVE traded up $0.04 during trading hours on Wednesday, reaching $2.94. 6,166,531 shares of the company traded hands, compared to its average volume of 19,191,869. The stock has a fifty day simple moving average of $2.95 and a 200 day simple moving average of $2.96. The company has a quick ratio of 1.96, a current ratio of 1.96 and a debt-to-equity ratio of 0.85. The stock has a market capitalization of $803.84 million, a PE ratio of -2.28 and a beta of 3.75. HIVE Digital Technologies has a fifty-two week low of $1.73 and a fifty-two week high of $7.84.

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

Insider Activity at HIVE Digital Technologies

In related news, Director Susan B. Mcgee sold 125,000 shares of the company's stock in a transaction that occurred on Friday, June 19th. The shares were sold at an average price of $4.25, for a total value of $531,250.00. Following the completion of the sale, the director owned 125,000 shares in the company, valued at approximately $531,250. This represents a 50.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Dave Perrill sold 100,000 shares of HIVE Digital Technologies stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $2.72, for a total transaction of $272,000.00. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 400,000 shares of company stock valued at $1,624,000.

Institutional Investors Weigh In On HIVE Digital Technologies

Large investors have recently made changes to their positions in the company. WINTON GROUP Ltd lifted its position in shares of HIVE Digital Technologies by 458.9% during the 2nd quarter. WINTON GROUP Ltd now owns 59,800 shares of the company's stock worth $218,000 after purchasing an additional 49,100 shares during the last quarter. Engineers Gate Manager LP bought a new stake in shares of HIVE Digital Technologies in the second quarter valued at approximately $628,000. Integrated Wealth Concepts LLC acquired a new stake in shares of HIVE Digital Technologies in the second quarter worth $130,000. Situational Awareness LP increased its position in HIVE Digital Technologies by 169.3% during the second quarter. Situational Awareness LP now owns 9,133,726 shares of the company's stock worth $33,247,000 after acquiring an additional 5,742,179 shares during the period. Finally, TD Waterhouse Canada Inc. raised its stake in HIVE Digital Technologies by 35.9% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 18,476 shares of the company's stock valued at $64,000 after purchasing an additional 4,877 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 infrastructure company that develops and operates data centers designed for high-performance computing. Its primary business has historically been the mining of Bitcoin using specialized computing equipment, with operations supported by renewable and low-carbon energy sources where available.

The company is also expanding beyond cryptocurrency mining by evaluating and developing infrastructure for artificial intelligence, cloud computing and other high-performance computing applications.

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