Acasta Partners UK LLP Buys Shares of 1,000,000 HIVE Digital Technologies Ltd. $HIVE

Key Points

• Acasta Partners UK LLP acquired 1 million HIVE shares worth approximately $3.64 million, giving it a 0.38% stake and making HIVE its seventh-largest holding. Institutional investors collectively own 24.42% of the company.
• HIVE reported weaker-than-expected quarterly results, with a loss of $0.28 per share versus estimates of $0.21 and revenue of $71.82 million versus $79.99 million expected. The company also posted a negative net margin of 49.21%.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $6.95, although insiders sold 681,700 shares worth about $2.94 million over the past 90 days.

Acasta Partners UK LLP bought a new stake in HIVE Digital Technologies Ltd. (NASDAQ:HIVE - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,000,000 shares of the company's stock, valued at approximately $3,640,000. HIVE Digital Technologies makes up 1.9% of Acasta Partners UK LLP's holdings, making the stock its 7th biggest position. Acasta Partners UK LLP owned approximately 0.38% of HIVE Digital Technologies at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. Two Sigma Investments LP acquired a new position in shares of HIVE Digital Technologies during the 3rd quarter valued at about $17,584,000. Renaissance Technologies LLC acquired a new stake in HIVE Digital Technologies during the fourth quarter worth about $10,914,000. Situational Awareness LP purchased a new position in HIVE Digital Technologies during the first quarter worth about $6,444,000. Millennium Management LLC raised its stake in HIVE Digital Technologies by 58.1% during the fourth quarter. Millennium Management LLC now owns 6,900,828 shares of the company's stock worth $17,804,000 after purchasing an additional 2,536,135 shares during the period. Finally, Vident Advisory LLC raised its stake in HIVE Digital Technologies by 53.0% during the second quarter. Vident Advisory LLC now owns 3,766,446 shares of the company's stock worth $6,780,000 after purchasing an additional 1,305,057 shares during the period. Hedge funds and other institutional investors own 24.42% of the company's stock.

HIVE Digital Technologies Stock Performance

Shares of HIVE stock opened at $2.89 on Tuesday. The firm's 50 day moving average price is $3.64 and its 200-day moving average price is $2.90. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.10 and a current ratio of 1.10. HIVE Digital Technologies Ltd. has a one year low of $1.73 and a one year high of $7.84. The firm has a market cap of $776.34 million, a P/E ratio of -5.16 and a beta of 3.79.

HIVE Digital Technologies (NASDAQ:HIVE - Get Free Report) last posted its quarterly earnings data on Tuesday, June 2nd. The company reported ($0.28) earnings per share for the quarter, missing analysts' consensus estimates of ($0.21) by ($0.07). HIVE Digital Technologies had a negative return on equity of 23.12% and a negative net margin of 49.21%.The company had revenue of $71.82 million for the quarter, compared to analysts' expectations of $79.99 million. As a group, equities research analysts predict that HIVE Digital Technologies Ltd. will post -0.78 EPS for the current year.

Insider Activity

In related news, Director Dave Perrill sold 175,000 shares of the business's stock in a transaction on Friday, June 19th. The stock was sold at an average price of $4.69, for a total value of $820,750.00. Following the sale, the director owned 162,500 shares in the company, valued at approximately $762,125. The trade was a 51.85% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Susan B. Mcgee sold 125,000 shares of the stock in a transaction dated Friday, June 19th. The stock was sold at an average price of $4.25, for a total value of $531,250.00. Following the transaction, the director directly owned 125,000 shares in the company, valued at approximately $531,250. The trade was a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 681,700 shares of company stock valued at $2,937,876.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on HIVE. HC Wainwright reissued a "buy" rating and issued a $7.00 price target on shares of HIVE Digital Technologies in a research note on Wednesday, June 3rd. Wall Street Zen lowered shares of HIVE Digital Technologies from a "sell" rating to a "strong sell" rating in a research report on Sunday, July 12th. Chardan Capital started coverage on HIVE Digital Technologies in a report on Monday, July 27th. They issued a "buy" rating and a $7.50 price objective on the stock. B. Riley Financial increased their price objective on HIVE Digital Technologies from $5.00 to $8.00 and gave the stock a "buy" rating in a research report on Wednesday, June 3rd. Finally, Keefe, Bruyette & Woods raised their target price on HIVE Digital Technologies from $3.00 to $5.00 and gave the stock a "market perform" rating in a research note on Friday, June 5th. Seven research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $6.95.

HIVE Digital Technologies Company Profile

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.

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