Canaccord Genuity Group Reaffirms "Buy" Rating for HIVE Digital Technologies (NASDAQ:HIVE)

Key Points

• Canaccord Genuity reaffirmed a “Buy” rating on HIVE Digital Technologies with a $10 price target, implying substantial upside from the stock’s $2.03 price. The broader analyst consensus is “Moderate Buy,” with an average target of $6.95.
• HIVE reported weaker-than-expected quarterly results, including an EPS loss of $0.54 versus the $0.21 expected and revenue of $79.12 million versus an $81.72 million estimate. The company posted a negative net margin of 98.49%.
• HIVE shares have traded between $1.73 and $6.30 over the past year, while institutional investors own 24.42% of the stock. A company director recently sold 12,500 shares at an average price of $2.75.

HIVE Digital Technologies (NASDAQ:HIVE - Get Free Report)'s stock had its "buy" rating reiterated by analysts at Canaccord Genuity Group in a note issued to investors on Monday, Benzinga reports. They presently have a $10.00 price target on the stock. Canaccord Genuity Group's price objective suggests a potential upside of 392.61% from the company's current price.

Other equities research analysts also recently issued reports about the company. Weiss Ratings raised HIVE Digital Technologies from a "sell (d-)" rating to a "sell (d)" rating in a research report on Friday, August 14th. HC Wainwright reaffirmed a "buy" rating and issued a $7.00 price target on shares of HIVE Digital Technologies in a report on Monday, August 17th. Wall Street Zen downgraded HIVE Digital Technologies from a "sell" rating to a "strong sell" rating in a research report on Sunday, July 12th. Chardan Capital restated a "buy" rating and set a $7.50 price objective on shares of HIVE Digital Technologies in a research report on Wednesday, September 16th. Finally, Rosenblatt Securities upped their target price on HIVE Digital Technologies from $5.50 to $6.00 and gave the company a "buy" rating in a research note on Thursday, August 20th. Six equities 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 company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $6.95.

HIVE Digital Technologies Price Performance

HIVE opened at $2.03 on Monday. HIVE Digital Technologies has a 1-year low of $1.73 and a 1-year high of $6.30. The business has a 50 day moving average of $2.89 and a 200-day moving average of $3.08. The stock has a market capitalization of $560.73 million, a price-to-earnings ratio of -1.57 and a beta of 3.76. The company has a current ratio of 1.96, a quick ratio of 1.96 and a debt-to-equity ratio of 0.85.

HIVE Digital Technologies (NASDAQ:HIVE - Get Free Report) last released its earnings results on Friday, August 14th. The company reported ($0.54) EPS for the quarter, missing the consensus estimate of ($0.21) by ($0.33). The company had revenue of $79.12 million for the quarter, compared to analyst estimates of $81.72 million. HIVE Digital Technologies had a negative net margin of 98.49% and a negative return on equity of 31.98%. During the same quarter in the previous year, the company earned $0.18 earnings per share. As a group, sell-side analysts anticipate that HIVE Digital Technologies will post -0.61 earnings per share for the current year.

Insider Buying and Selling

In other HIVE Digital Technologies news, Director Dave Perrill sold 12,500 shares of the stock in a transaction on Wednesday, October 7th. The stock was sold at an average price of $2.75, for a total transaction of $34,375.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 9.44% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On HIVE Digital Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in HIVE. Situational Awareness LP acquired a new position in shares of HIVE Digital Technologies in the 1st quarter worth approximately $6,444,000. BTG Pactual Asset Management US LLC bought a new position in HIVE Digital Technologies in the second quarter valued at about $2,730,000. Acasta Partners UK LLP acquired a new stake in shares of HIVE Digital Technologies during the 2nd quarter worth approximately $3,640,000. Empowered Funds LLC acquired a new stake in HIVE Digital Technologies during the 1st quarter worth $1,934,000. Finally, Engineers Gate Manager LP acquired a new stake in shares of HIVE Digital Technologies during the second quarter worth $628,000. 24.42% of the stock is currently owned by institutional investors and hedge funds.

HIVE Digital Technologies Company Profile

HIVE Digital Technologies Ltd. is a digital-asset and data-center infrastructure company focused primarily on the mining of Bitcoin. The company operates specialized computing facilities designed to support energy-intensive digital-asset mining and has also been developing capabilities for high-performance computing and artificial-intelligence applications.

HIVE was founded in 2017 and was formerly known as HIVE Blockchain Technologies Ltd. Its operations have historically included data centers in Canada, Sweden and Iceland, and the company has expanded its infrastructure footprint internationally, including through development activities in Paraguay.