HIVE Digital Technologies (NASDAQ:HIVE) Announces Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Key Points

• HIVE Digital Technologies reported earnings of ($0.06) per share, exceeding analysts' expectations of ($0.08), with revenues of $45.61 million compared to estimates of $45.16 million.
• Several brokerages have adjusted their price targets, with HC Wainwright lowering its goal to $6.00, while Canaccord Genuity maintained a target of $9.00 and a "buy" rating.
• Institutional investors are adjusting their stakes, with Franklin Resources boosting its position by 232.8% during the second quarter, indicating increased interest in HIVE's stock.

HIVE Digital Technologies (NASDAQ:HIVE - Get Free Report) announced its earnings results on Thursday, August 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.08) by $0.02, Zacks reports. The business had revenue of $45.61 million during the quarter, compared to analysts' expectations of $45.16 million. HIVE Digital Technologies had a negative net margin of 17.47% and a negative return on equity of 17.39%.

HIVE Digital Technologies Price Performance

HIVE Digital Technologies stock traded down $0.07 during midday trading on Thursday, reaching $2.33. The stock had a trading volume of 11,073,161 shares, compared to its average volume of 18,578,538. HIVE Digital Technologies has a 1-year low of $1.26 and a 1-year high of $5.54. The company has a quick ratio of 3.72, a current ratio of 3.42 and a debt-to-equity ratio of 0.02. The firm's fifty day simple moving average is $2.12 and its 200-day simple moving average is $1.99.

Wall Street Analysts Forecast Growth

HIVE has been the subject of several research analyst reports. HC Wainwright cut their price objective on HIVE Digital Technologies from $9.00 to $6.00 and set a "buy" rating for the company in a research report on Friday, June 27th. Canaccord Genuity Group lifted their price objective on HIVE Digital Technologies from $9.00 to $10.00 and gave the stock a "buy" rating in a research report on Wednesday. Cantor Fitzgerald boosted their price objective 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 lowered their price target on shares of HIVE Digital Technologies from $5.50 to $5.00 and set a "buy" rating for the company in a research report on Friday, June 27th. Finally, Zacks Research raised shares of HIVE Digital Technologies to a "hold" rating in a research note on Friday, August 8th. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Buy" and an average target price of $6.83.

Hedge Funds Weigh In On HIVE Digital Technologies

Large investors have recently bought and sold shares of the company. Franklin Resources Inc. boosted its position in HIVE Digital Technologies by 232.8% during the 2nd quarter. Franklin Resources Inc. now owns 62,061 shares of the company's stock worth $112,000 after acquiring an additional 43,413 shares during the last quarter. Invesco Ltd. boosted its position in HIVE Digital Technologies by 6.4% during the 2nd quarter. Invesco Ltd. now owns 152,782 shares of the company's stock worth $275,000 after acquiring an additional 9,241 shares during the last quarter. Qube Research & Technologies Ltd boosted its position in HIVE Digital Technologies by 1,611.3% during the 2nd quarter. Qube Research & Technologies Ltd now owns 213,432 shares of the company's stock worth $384,000 after acquiring an additional 200,960 shares during the last quarter. JPMorgan Chase & Co. boosted its position in HIVE Digital Technologies by 397,216.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 397,316 shares of the company's stock worth $715,000 after acquiring an additional 397,216 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in HIVE Digital Technologies by 328.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 520,877 shares of the company's stock worth $755,000 after acquiring an additional 399,223 shares during the last quarter. Institutional investors and hedge funds own 24.42% of the company's stock.

HIVE Digital Technologies Company Profile

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.