MMCAP International Inc. SPC Cuts Stock Position in HIVE Digital Technologies Ltd. (NASDAQ:HIVE)

Key Points

• MMCAP International Inc. SPC reduced its stake in HIVE Digital Technologies by 21.7%, selling 519,349 shares and owning approximately 1.10% of the company valued at $2.7 million.
• In response to recent market changes, multiple institutional investors such as Wells Fargo and Mitsubishi UFJ Asset Management have increased their holdings in HIVE Digital Technologies.
• HIVE Digital Technologies reported a loss of ($0.31) earnings per share, missing expectations, and had a negative net margin of 48.65% for the recent quarter.

MMCAP International Inc. SPC lowered its position in HIVE Digital Technologies Ltd. (NASDAQ:HIVE - Free Report) by 21.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,873,215 shares of the company's stock after selling 519,349 shares during the period. MMCAP International Inc. SPC owned about 1.10% of HIVE Digital Technologies worth $2,716,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of HIVE Digital Technologies in the fourth quarter worth $26,000. Y Intercept Hong Kong Ltd bought a new stake in HIVE Digital Technologies during the first quarter valued at about $31,000. Zhang Financial LLC bought a new position in shares of HIVE Digital Technologies in the first quarter worth about $33,000. Wells Fargo & Company MN raised its position in HIVE Digital Technologies by 60.9% during the fourth quarter. Wells Fargo & Company MN now owns 15,320 shares of the company's stock valued at $44,000 after purchasing an additional 5,800 shares during the period. Finally, SBI Securities Co. Ltd. raised its position in HIVE Digital Technologies by 30.9% during the first quarter. SBI Securities Co. Ltd. now owns 31,950 shares of the company's stock valued at $46,000 after purchasing an additional 7,535 shares during the period. Institutional investors own 24.42% of the company's stock.

Analyst Upgrades and Downgrades

HIVE has been the topic of a number of analyst reports. Rosenblatt Securities cut their target price on HIVE Digital Technologies from $5.50 to $5.00 and set a "buy" rating on the stock in a research note on Friday, June 27th. HC Wainwright reduced their price objective on HIVE Digital Technologies from $9.00 to $6.00 and set a "buy" rating for the company in a research note on Friday, June 27th. Cantor Fitzgerald lifted their price objective on HIVE Digital Technologies from $5.00 to $5.50 and gave the company an "overweight" rating in a research note on Friday, June 27th. Canaccord Genuity Group restated a "buy" rating and set a $9.00 target price on shares of HIVE Digital Technologies in a research report on Thursday, July 3rd. Finally, Wall Street Zen upgraded HIVE Digital Technologies to a "sell" rating in a report on Saturday, May 17th. One equities research analyst has rated the stock with a sell rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $6.67.

HIVE Digital Technologies Stock Performance

NASDAQ HIVE traded down $0.02 during trading hours on Thursday, hitting $2.22. The company had a trading volume of 9,391,390 shares, compared to its average volume of 14,481,899. The company has a debt-to-equity ratio of 0.03, a quick ratio of 3.72 and a current ratio of 3.72. HIVE Digital Technologies Ltd. has a 1-year low of $1.26 and a 1-year high of $5.54. The company has a market cap of $507.99 million, a PE ratio of -6.15 and a beta of 3.41. The business has a 50 day moving average of $2.08 and a 200-day moving average of $2.01.

HIVE Digital Technologies (NASDAQ:HIVE - Get Free Report) last posted its quarterly earnings results on Wednesday, June 25th. The company reported ($0.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.20). HIVE Digital Technologies had a negative return on equity of 20.30% and a negative net margin of 48.65%. The firm had revenue of $31.16 million for the quarter, compared to analysts' expectations of $31.47 million. As a group, equities research analysts expect that HIVE Digital Technologies Ltd. will post -0.32 EPS for the current year.

About HIVE Digital Technologies

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.