HIVE Digital Technologies Ltd. (NASDAQ:HIVE) Stock Has Consensus Target Price of $6.95 According to Analysts

Key Points

• Analysts maintain a “Moderate Buy” consensus on HIVE Digital Technologies, with six buys, one hold and one sell among eight covering firms. The average 12-month price target is $6.95, though targets range as high as $10.00.
• HIVE shares opened at $2.56, well below the consensus target and their 12-month high of $7.84. The company reported a quarterly loss of $0.54 per share, missing estimates, while revenue of $79.12 million also fell short of forecasts.
• Institutional investors own 24.42% of HIVE, with Situational Awareness LP increasing its stake by 169.3% during the second quarter. Separately, director Dave Perrill sold 12,500 shares at an average price of $2.75.

HIVE Digital Technologies Ltd. (NASDAQ:HIVE - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the eight brokerages that are currently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and six have assigned a buy recommendation to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $6.95.

A number of research analysts have weighed in on HIVE shares. Chardan Capital reaffirmed a "buy" rating and set a $7.50 price target on shares of HIVE Digital Technologies in a research report on Wednesday, September 16th. HC Wainwright reissued a "buy" rating and issued a $7.00 price objective on shares of HIVE Digital Technologies in a research report on Monday, August 17th. Canaccord Genuity Group reissued a "buy" rating and issued a $10.00 target price on shares of HIVE Digital Technologies in a research note on Tuesday, August 18th. Weiss Ratings upgraded shares of HIVE Digital Technologies from a "sell (d-)" rating to a "sell (d)" rating in a report on Friday, August 14th. Finally, Wall Street Zen downgraded HIVE Digital Technologies from a "sell" rating to a "strong sell" rating in a report on Sunday, July 12th.

Insider Buying and Selling at HIVE Digital Technologies

In other news, Director Dave Perrill sold 12,500 shares of the company's stock in a transaction dated Wednesday, October 7th. The stock was sold at an average price of $2.75, for a total value of $34,375.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 9.44% of the stock is owned by insiders.

Institutional Investors Weigh In On HIVE Digital Technologies

Several hedge funds have recently modified their holdings of the stock. Situational Awareness LP increased its stake in HIVE Digital Technologies by 169.3% during the 2nd quarter. Situational Awareness LP now owns 9,133,726 shares of the company's stock worth $33,247,000 after buying an additional 5,742,179 shares during the period. Empowered Funds LLC purchased a new position in HIVE Digital Technologies in the 1st quarter valued at about $1,934,000. Acasta Partners UK LLP purchased a new position in HIVE Digital Technologies in the 2nd quarter valued at about $3,640,000. BTG Pactual Asset Management US LLC acquired a new stake in shares of HIVE Digital Technologies during the second quarter valued at about $2,730,000. Finally, Engineers Gate Manager LP acquired a new stake in shares of HIVE Digital Technologies during the second quarter valued at about $628,000. 24.42% of the stock is currently owned by hedge funds and other institutional investors.

HIVE Digital Technologies Stock Performance

Shares of NASDAQ:HIVE opened at $2.56 on Friday. The business has a 50-day moving average of $2.95 and a two-hundred day moving average of $3.07. The firm has a market capitalization of $703.41 million, a PE ratio of -1.98 and a beta of 3.76. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.96 and a quick ratio of 1.96. HIVE Digital Technologies has a 12 month low of $1.73 and a 12 month high of $7.84.

HIVE Digital Technologies (NASDAQ:HIVE - Get Free Report) last released its quarterly earnings data on Friday, August 14th. The company reported ($0.54) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($0.33). The firm had revenue of $79.12 million during 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 period in the prior year, the firm earned $0.18 earnings per share. As a group, research analysts forecast that HIVE Digital Technologies will post -0.61 earnings per share for the current year.

About HIVE Digital Technologies

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.

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