Renaissance Technologies LLC Sells 1,966,907 Shares of HIVE Digital Technologies Ltd. $HIVE

Key Points

• Renaissance Technologies reduced its HIVE Digital Technologies stake by 46.5%, selling 1,966,907 shares in the first quarter while retaining 2.26 million shares worth approximately $4.3 million.
• Insider selling has continued, with company insiders selling 681,700 shares worth about $2.94 million over the past 90 days. Institutional investors own 24.42% of HIVE, while insiders hold 9.44%.
• Analyst sentiment remains mixed but leans positive: HIVE has a “Moderate Buy” consensus rating and a $6.95 average price target, despite missing quarterly earnings and revenue estimates and reporting a net loss.

Renaissance Technologies LLC cut its position in shares of HIVE Digital Technologies Ltd. (NASDAQ:HIVE - Free Report) by 46.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,263,293 shares of the company's stock after selling 1,966,907 shares during the period. Renaissance Technologies LLC owned approximately 0.86% of HIVE Digital Technologies worth $4,300,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in HIVE. Millennium Management LLC raised its position in HIVE Digital Technologies by 58.1% in the 4th 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. Charles Schwab Investment Management Inc. boosted its position in shares of HIVE Digital Technologies by 29.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,187,363 shares of the company's stock valued at $13,383,000 after buying an additional 1,193,991 shares during the period. Tidal Investments LLC boosted its position in shares of HIVE Digital Technologies by 15.4% during the third quarter. Tidal Investments LLC now owns 4,771,312 shares of the company's stock valued at $19,228,000 after buying an additional 637,679 shares during the period. Two Sigma Investments LP bought a new position in shares of HIVE Digital Technologies during the third quarter valued at approximately $17,584,000. Finally, Vident Advisory LLC grew its stake in shares of HIVE Digital Technologies by 33.6% during the fourth quarter. Vident Advisory LLC now owns 4,327,141 shares of the company's stock valued at $11,164,000 after buying an additional 1,087,224 shares during the last quarter. 24.42% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other HIVE Digital Technologies news, COO Luke Rossy sold 215,000 shares of the company's stock in a transaction on Monday, June 8th. The stock was sold at an average price of $3.97, for a total value of $853,550.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Susan B. Mcgee sold 125,000 shares of the stock in a transaction on 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 $531,250. The trade was a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 681,700 shares of company stock worth $2,937,876 in the last ninety days. 9.44% of the stock is owned by company insiders.

Analysts Set New Price Targets

HIVE has been the subject of a number of research analyst reports. Wall Street Zen lowered HIVE Digital Technologies from a "sell" rating to a "strong sell" rating in a research note on Sunday, July 12th. Cantor Fitzgerald set a $7.00 price objective on HIVE Digital Technologies in a report on Thursday, June 4th. UBS Group set a $8.00 price objective on HIVE Digital Technologies in a research report on Wednesday, June 3rd. Weiss Ratings lowered HIVE Digital Technologies from a "sell (d)" rating to a "sell (d-)" rating in a research note on Monday, June 15th. Finally, HC Wainwright reiterated a "buy" rating and set a $7.00 target price on shares of HIVE Digital Technologies in a research report on Wednesday, June 3rd. Seven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $6.95.

HIVE Digital Technologies Price Performance

Shares of HIVE stock opened at $2.76 on Friday. The company has a market capitalization of $741.42 million, a P/E ratio of -4.93 and a beta of 3.78. The company's 50-day simple moving average is $3.55 and its two-hundred day simple moving average is $2.88. HIVE Digital Technologies Ltd. has a one year low of $1.73 and a one year high of $7.84. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.10 and a quick ratio of 1.10.

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

HIVE Digital Technologies 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.

Want to see what other hedge funds are holding HIVE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for HIVE Digital Technologies Ltd. (NASDAQ:HIVE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source