HIVE Digital Technologies Ltd. (NASDAQ:HIVE) Receives Consensus Recommendation of "Buy" from Brokerages

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.

Shares of HIVE Digital Technologies Ltd. (NASDAQ:HIVE - Get Free Report) have been given a consensus recommendation of "Buy" by the nine analysts that are currently covering the company, MarketBeat.com reports. Seven research analysts have rated the stock with a buy recommendation and two have issued a strong buy recommendation on the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $6.6667.

HIVE has been the topic of a number of research reports. Canaccord Genuity Group reissued a "buy" rating and issued a $9.00 price objective on shares of HIVE Digital Technologies in a research note on Thursday, July 3rd. Rosenblatt Securities decreased their price target on shares of 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. Cantor Fitzgerald raised their price target on shares of HIVE Digital Technologies from $5.00 to $5.50 and gave the stock an "overweight" rating in a research note on Friday, June 27th. Wall Street Zen raised shares of HIVE Digital Technologies to a "sell" rating in a research note on Saturday, May 17th. Finally, HC Wainwright decreased their price target on shares of HIVE Digital Technologies from $9.00 to $6.00 and set a "buy" rating on the stock in a research note on Friday, June 27th.

HIVE Digital Technologies Price Performance

NASDAQ HIVE traded down $0.09 during trading hours on Friday, reaching $2.15. The company's stock had a trading volume of 5,519,919 shares, compared to its average volume of 14,452,883. The stock has a market cap of $491.94 million, a PE ratio of -5.96 and a beta of 3.41. HIVE Digital Technologies has a fifty-two week low of $1.26 and a fifty-two week high of $5.54. The company's 50-day moving average is $2.08 and its two-hundred day moving average is $2.01. 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 (NASDAQ:HIVE - Get Free Report) last issued its quarterly earnings data on Wednesday, June 25th. The company reported ($0.31) EPS for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.20). The business had revenue of $31.16 million during the quarter, compared to analyst estimates of $31.47 million. HIVE Digital Technologies had a negative net margin of 48.65% and a negative return on equity of 20.30%. Analysts forecast that HIVE Digital Technologies will post -0.32 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd raised its holdings in HIVE Digital Technologies by 21.9% in the second quarter. Caitong International Asset Management Co. Ltd now owns 30,280 shares of the company's stock valued at $55,000 after buying an additional 5,435 shares during the period. Wells Fargo & Company MN raised its holdings in HIVE Digital Technologies by 60.9% in the fourth quarter. Wells Fargo & Company MN now owns 15,320 shares of the company's stock valued at $44,000 after buying an additional 5,800 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in HIVE Digital Technologies by 11.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 69,309 shares of the company's stock valued at $100,000 after buying an additional 6,958 shares during the period. SBI Securities Co. Ltd. raised its holdings in HIVE Digital Technologies by 30.9% in the first quarter. SBI Securities Co. Ltd. now owns 31,950 shares of the company's stock valued at $46,000 after buying an additional 7,535 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of HIVE Digital Technologies during the fourth quarter valued at approximately $26,000. Hedge funds and other institutional investors own 24.42% of the company's stock.

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.