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

Key Points

• Canaccord Genuity Group has reaffirmed a "Buy" rating for HIVE Digital Technologies, setting a price target of $10.00, indicating a potential upside of 55.38% from the previous close.
• The stock currently has a consensus rating of "Moderate Buy" from analysts with eight Buy ratings, one Hold rating, and one Sell rating.
• HIVE Digital Technologies reported a loss of ($0.06) earnings per share, surpassing analyst expectations, with quarterly revenue of $45.61 million against estimates of $45.16 million.

HIVE Digital Technologies (NASDAQ:HIVE - Get Free Report)'s stock had its "buy" rating restated by equities research analysts at Canaccord Genuity Group in a note issued to investors on Monday,Benzinga reports. They currently have a $10.00 price target on the stock. Canaccord Genuity Group's target price points to a potential upside of 55.38% from the company's previous close.

A number of other equities analysts have also commented on HIVE. Zacks Research upgraded shares of HIVE Digital Technologies to a "hold" rating in a research report on Friday, August 8th. HC Wainwright lowered their price objective on HIVE Digital Technologies from $9.00 to $6.00 and set a "buy" rating on the stock in a research report on Friday, June 27th. Rosenblatt Securities reduced their target price on HIVE Digital Technologies from $5.50 to $5.00 and set a "buy" rating for the company in a research report on Friday, June 27th. Weiss Ratings reiterated a "sell (d)" rating on shares of HIVE Digital Technologies in a research report on Wednesday, October 8th. Finally, Roth Capital raised their target price on shares of HIVE Digital Technologies from $6.00 to $7.50 and gave the company a "buy" rating in a research note on Tuesday, August 26th. Eight analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $7.00.

HIVE Digital Technologies Price Performance

Shares of NASDAQ HIVE traded down $0.17 during mid-day trading on Monday, hitting $6.44. 14,287,133 shares of the stock traded hands, compared to its average volume of 19,264,783. The company has a market cap of $1.53 billion, a PE ratio of -32.32 and a beta of 3.51. The firm has a 50 day simple moving average of $3.37 and a two-hundred day simple moving average of $2.40. The company has a debt-to-equity ratio of 0.02, a current ratio of 3.42 and a quick ratio of 3.42. HIVE Digital Technologies has a twelve month low of $1.26 and a twelve month high of $7.84.

HIVE Digital Technologies (NASDAQ:HIVE - Get Free Report) last posted its quarterly earnings data on Thursday, August 14th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.02. HIVE Digital Technologies had a negative return on equity of 17.39% and a negative net margin of 17.47%.The firm had revenue of $45.61 million during the quarter, compared to analyst estimates of $45.16 million. As a group, equities research analysts forecast that HIVE Digital Technologies will post -0.32 EPS for the current fiscal year.

Institutional Investors Weigh In On HIVE Digital Technologies

A number of institutional investors have recently bought and sold shares of HIVE. Vident Advisory LLC increased its position in shares of HIVE Digital Technologies by 53.0% in the second quarter. Vident Advisory LLC now owns 3,766,446 shares of the company's stock worth $6,780,000 after acquiring an additional 1,305,057 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of HIVE Digital Technologies by 104.2% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,793,562 shares of the company's stock worth $3,233,000 after purchasing an additional 915,105 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of HIVE Digital Technologies by 87.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,383,446 shares of the company's stock worth $2,006,000 after buying an additional 647,159 shares during the period. Geode Capital Management LLC grew its stake in shares of HIVE Digital Technologies by 11.0% in the second quarter. Geode Capital Management LLC now owns 1,296,531 shares of the company's stock valued at $2,334,000 after buying an additional 128,760 shares in the last quarter. Finally, Generali Investments CEE investicni spolecnost a.s. raised its holdings in shares of HIVE Digital Technologies by 45.4% during the 2nd quarter. Generali Investments CEE investicni spolecnost a.s. now owns 1,244,230 shares of the company's stock valued at $2,240,000 after buying an additional 388,280 shares during the period. 24.42% of the stock is currently owned by hedge funds and other institutional investors.

HIVE Digital Technologies Company Profile

HIVE Digital Technologies Ltd. operates as a cryptocurrency mining company in Canada, Sweden, and Iceland. The company engages in the mining and sale of digital currencies, including Ethereum Classic, Bitcoin, and other coins. It also operates data centers; and offers infrastructure solutions. The company was formerly known as HIVE Blockchain Technologies Ltd.

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