Canaccord Genuity Group Raises HIVE Digital Technologies (NASDAQ:HIVE) Price Target to $10.00

Key Points

• HIVE Digital Technologies experienced a price target increase by Canaccord Genuity Group, from $9.00 to $10.00, indicating a potential upside of 341.50% from its current price.
• Despite this positive outlook, the stock is currently trading down 5.2%, with recent trading at $2.2650 and a market cap of $519.46 million.
• Analysts display mixed sentiments, with two ratings of Strong Buy, seven Buy, and one Hold, while HIVE has a consensus rating of Buy and an average price target of $6.83.

HIVE Digital Technologies (NASDAQ:HIVE - Get Free Report) had its price objective raised by equities researchers at Canaccord Genuity Group from $9.00 to $10.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Canaccord Genuity Group's target price would indicate a potential upside of 296.83% from the company's previous close.

A number of other analysts also recently issued reports on the stock. Zacks Research upgraded shares of HIVE Digital Technologies to a "hold" rating in a report on Friday, August 8th. Cantor Fitzgerald raised their target price on shares of HIVE Digital Technologies from $5.00 to $5.50 and gave the company an "overweight" rating in a report on Friday, June 27th. Wall Street Zen raised shares of HIVE Digital Technologies from a "strong sell" rating to a "hold" rating in a report on Saturday, August 16th. HC Wainwright lowered their price target 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, Rosenblatt Securities cut 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. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, HIVE Digital Technologies presently has an average rating of "Buy" and an average target price of $6.83.

HIVE Digital Technologies Price Performance

Shares of HIVE Digital Technologies stock traded up $0.19 on Wednesday, hitting $2.52. 16,988,845 shares of the company were exchanged, compared to its average volume of 17,632,638. The stock has a market capitalization of $577.94 million, a price-to-earnings ratio of -12.60 and a beta of 3.41. The company has a 50-day moving average price of $2.14 and a 200 day moving average price of $1.99. 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.

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

Institutional Investors Weigh In On HIVE Digital Technologies

A number of institutional investors have recently bought and sold shares of HIVE. Vident Advisory LLC grew its holdings in HIVE Digital Technologies by 53.0% in the second quarter. Vident Advisory LLC now owns 3,766,446 shares of the company's stock valued at $6,780,000 after purchasing an additional 1,305,057 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in HIVE Digital Technologies by 104.2% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,793,562 shares of the company's stock worth $3,233,000 after acquiring an additional 915,105 shares during the period. Cubist Systematic Strategies LLC boosted its holdings in HIVE Digital Technologies by 332.8% in the 4th quarter. Cubist Systematic Strategies LLC now owns 962,677 shares of the company's stock worth $2,744,000 after acquiring an additional 740,247 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in HIVE Digital Technologies by 87.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,383,446 shares of the company's stock worth $2,006,000 after acquiring an additional 647,159 shares during the period. Finally, Goldman Sachs Group Inc. increased its holdings 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 purchasing an additional 399,223 shares during the last quarter. 24.42% of the stock is currently owned by hedge funds and other institutional investors.

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.