HIVE Digital Technologies Ltd. (NASDAQ:HIVE) Receives Consensus Rating of "Buy" from Analysts

Key Points

• HIVE Digital Technologies Ltd. has received a consensus recommendation of "Buy" from nine research firms, with an average 1-year price target of $6.6667.
• Despite a recent drop in stock value by 1.4%, the company has seen significant hedge fund interest, including Cubist Systematic Strategies increasing its holdings by 332.8%.
• HIVE reported earnings with a loss of ($0.31) per share, missing expectations, and had a revenue of $31.16 million for the quarter.

HIVE Digital Technologies Ltd. (NASDAQ:HIVE - Get Free Report) has earned an average rating of "Buy" from the nine ratings firms that are presently covering the firm, Marketbeat Ratings reports. Seven research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $6.6667.

A number of analysts have weighed in on the company. Cantor Fitzgerald upped their target price on HIVE Digital Technologies from $5.00 to $5.50 and gave the stock an "overweight" rating in a report on Friday, June 27th. Rosenblatt Securities decreased their price objective on HIVE Digital Technologies from $5.50 to $5.00 and set a "buy" rating for the company in a report on Friday, June 27th. Wall Street Zen upgraded HIVE Digital Technologies to a "sell" rating in a report on Saturday, May 17th. HC Wainwright decreased their price objective on HIVE Digital Technologies from $9.00 to $6.00 and set a "buy" rating for the company in a report on Friday, June 27th. Finally, Canaccord Genuity Group reiterated a "buy" rating and set a $9.00 price objective on shares of HIVE Digital Technologies in a report on Thursday, July 3rd.

Institutional Investors Weigh In On HIVE Digital Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sei Investments Co. purchased a new stake in shares of HIVE Digital Technologies during the 4th quarter worth about $232,000. LPL Financial LLC purchased a new stake in shares of HIVE Digital Technologies during the 4th quarter worth about $54,000. Arrowstreet Capital Limited Partnership purchased a new stake in shares of HIVE Digital Technologies during the 4th quarter worth about $811,000. Franklin Resources Inc. purchased a new stake in shares of HIVE Digital Technologies during the 4th quarter worth about $53,000. Finally, Wells Fargo & Company MN boosted its stake in shares of HIVE Digital Technologies by 60.9% during the 4th quarter. Wells Fargo & Company MN now owns 15,320 shares of the company's stock worth $44,000 after acquiring an additional 5,800 shares in the last quarter. 24.42% of the stock is owned by institutional investors and hedge funds.

HIVE Digital Technologies Trading Up 1.4%

Shares of NASDAQ HIVE traded up $0.03 during trading hours on Friday, reaching $2.15. The stock had a trading volume of 6,302,840 shares, compared to its average volume of 14,551,895. The business's fifty day moving average price is $2.07 and its two-hundred day moving average price is $2.01. The company has a current ratio of 3.72, a quick ratio of 3.72 and a debt-to-equity ratio of 0.03. The firm has a market cap of $492.65 million, a price-to-earnings ratio of -5.97 and a beta of 3.41. HIVE Digital Technologies has a 52-week low of $1.26 and a 52-week high of $5.54.

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