Short Interest in HIVE Digital Technologies Ltd. (NASDAQ:HIVE) Increases By 20.1%

Key Points

• HIVE Digital Technologies experienced a **20.1% increase** in short interest, reaching **12,470,000 shares** as of August 31, with **5.4%** of the company’s stock sold short.
• The company reported **earnings** of **($0.06) per share**, surpassing consensus estimates, while **revenue** reached **$45.61 million** for the quarter.
• Hedge funds have significantly increased their positions in HIVE Digital Technologies, with Vident Advisory LLC boosting its stake by **53.0%** in the most recent quarter.

HIVE Digital Technologies Ltd. (NASDAQ:HIVE - Get Free Report) was the recipient of a large growth in short interest in the month of August. As of August 31st, there was short interest totaling 12,470,000 shares, a growth of 20.1% from the August 15th total of 10,380,000 shares. Currently, 5.4% of the shares of the company are sold short. Based on an average daily volume of 22,760,000 shares, the days-to-cover ratio is currently 0.5 days. Based on an average daily volume of 22,760,000 shares, the days-to-cover ratio is currently 0.5 days. Currently, 5.4% of the shares of the company are sold short.

HIVE Digital Technologies Price Performance

HIVE traded down $0.05 during trading on Friday, reaching $3.79. 30,799,926 shares of the company were exchanged, compared to its average volume of 28,869,156. The company's 50-day moving average is $2.62 and its two-hundred day moving average is $2.08. The company has a market cap of $878.41 million, a price-to-earnings ratio of -18.95 and a beta of 3.45. The company has a quick ratio of 3.42, a current ratio of 3.42 and a debt-to-equity ratio of 0.02. HIVE Digital Technologies has a 12-month low of $1.26 and a 12-month high of $5.54.

HIVE Digital Technologies (NASDAQ:HIVE - Get Free Report) last announced its earnings results on Thursday, August 14th. The company reported ($0.06) earnings per share for the quarter, topping analysts' consensus estimates of ($0.08) by $0.02. The business had revenue of $45.61 million for the quarter, compared to analyst estimates of $45.16 million. HIVE Digital Technologies had a negative return on equity of 17.39% and a negative net margin of 17.47%. Research analysts forecast that HIVE Digital Technologies will post -0.32 earnings per share for the current fiscal year.

Hedge Funds Weigh In On HIVE Digital Technologies

Institutional investors have recently added to or reduced their stakes in the business. Y Intercept Hong Kong Ltd bought a new position in HIVE Digital Technologies in the 1st quarter worth about $31,000. Zhang Financial LLC bought a new position in shares of HIVE Digital Technologies during the 1st quarter valued at about $33,000. Caitong International Asset Management Co. Ltd increased its position in shares of HIVE Digital Technologies by 3,966.3% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 24,845 shares of the company's stock valued at $36,000 after purchasing an additional 24,234 shares during the last quarter. Ethos Financial Group LLC bought a new position in shares of HIVE Digital Technologies during the 2nd quarter valued at about $36,000. Finally, Vanguard Personalized Indexing Management LLC bought a new position in shares of HIVE Digital Technologies during the 2nd quarter valued at about $38,000. 24.42% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on HIVE. Wall Street Zen raised HIVE Digital Technologies from a "strong sell" rating to a "hold" rating in a research report on Saturday, August 16th. Rosenblatt Securities dropped their price target on HIVE Digital Technologies from $5.50 to $5.00 and set a "buy" rating on the stock in a research report on Friday, June 27th. Cantor Fitzgerald upped their price target on HIVE Digital Technologies from $5.00 to $5.50 and gave the company an "overweight" rating in a research report on Friday, June 27th. Canaccord Genuity Group upped their price target on HIVE Digital Technologies from $9.00 to $10.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. Finally, Roth Capital upped their price target on HIVE Digital Technologies from $6.00 to $7.50 and gave the company a "buy" rating in a research report on Tuesday, August 26th. Eight analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $6.93.

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.