HIVE Digital Technologies (NASDAQ:HIVE) Posts Earnings Results

Key Points

• HIVE Digital Technologies reported quarterly EPS of ($0.19), beating the consensus estimate of ($0.21), but remained unprofitable with a negative net margin of 49.21% and negative return on equity of 23.12%.
• The stock closed at $2.69 after trading higher, while analysts maintained an overall “Moderate Buy” rating with an average price target of $6.95.
• Insiders sold 681,700 shares worth approximately $2.94 million over the past 90 days, including sales by a director and the COO.

HIVE Digital Technologies (NASDAQ:HIVE - Get Free Report) posted its earnings results on Friday. The company reported ($0.19) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.02, Zacks reports. HIVE Digital Technologies had a negative net margin of 49.21% and a negative return on equity of 23.12%.

HIVE Digital Technologies Stock Performance

HIVE Digital Technologies stock traded up $0.11 during trading on Friday, hitting $2.69. The stock had a trading volume of 29,542,555 shares, compared to its average volume of 18,969,832. The stock's 50 day moving average is $3.37 and its two-hundred day moving average is $2.86. HIVE Digital Technologies has a 1 year low of $1.73 and a 1 year high of $7.84. The stock has a market cap of $722.61 million, a price-to-earnings ratio of -4.80 and a beta of 3.78. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.10.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Chardan Capital started coverage on HIVE Digital Technologies in a research note on Monday, July 27th. They set a "buy" rating and a $7.50 price objective on the stock. Canaccord Genuity Group reiterated a "buy" rating and issued a $10.00 target price on shares of HIVE Digital Technologies in a research note on Friday, June 5th. B. Riley Financial increased their target price on shares of HIVE Digital Technologies from $5.00 to $8.00 and gave the company a "buy" rating in a report on Wednesday, June 3rd. Rosenblatt Securities raised their price target on shares of HIVE Digital Technologies from $5.00 to $5.50 and gave the company a "buy" rating in a research report on Wednesday, June 3rd. Finally, Wall Street Zen cut shares of HIVE Digital Technologies from a "sell" rating to a "strong sell" rating in a report on Sunday, July 12th. Seven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, HIVE Digital Technologies presently has an average rating of "Moderate Buy" and an average target price of $6.95.

Insider Buying and Selling at HIVE Digital Technologies

In related news, Director Susan B. Mcgee sold 125,000 shares of HIVE Digital Technologies stock in a transaction dated Friday, June 19th. The stock was sold at an average price of $4.25, for a total value of $531,250.00. Following the completion of the sale, the director owned 125,000 shares of the company's stock, valued at approximately $531,250. This trade represents a 50.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Luke Rossy sold 215,000 shares of HIVE Digital Technologies stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $3.97, for a total value of $853,550.00. The SEC filing for this sale provides additional information. Insiders have sold a total of 681,700 shares of company stock worth $2,937,876 over the last ninety days. 9.44% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On HIVE Digital Technologies

Several large investors have recently modified their holdings of HIVE. Two Sigma Investments LP purchased a new stake in shares of HIVE Digital Technologies during the 3rd quarter valued at approximately $17,584,000. Renaissance Technologies LLC purchased a new position in HIVE Digital Technologies in the 4th quarter valued at approximately $10,914,000. Millennium Management LLC raised its holdings in HIVE Digital Technologies by 58.1% during the 4th quarter. Millennium Management LLC now owns 6,900,828 shares of the company's stock valued at $17,804,000 after acquiring an additional 2,536,135 shares during the period. Vident Advisory LLC raised its holdings in HIVE Digital Technologies by 53.0% during the 2nd quarter. Vident Advisory LLC now owns 3,766,446 shares of the company's stock valued at $6,780,000 after acquiring an additional 1,305,057 shares during the period. Finally, Jump Financial LLC bought a new stake in HIVE Digital Technologies during the 4th quarter valued at $3,344,000. Hedge funds and other institutional investors own 24.42% of the company's stock.

HIVE Digital Technologies Company Profile

HIVE Digital Technologies Ltd is a publicly traded blockchain infrastructure company that specializes in the mining of digital assets such as Bitcoin and Ethereum. Using high-performance GPU and ASIC hardware, HIVE deploys proprietary mining rigs across multiple data centers to validate transactions on major blockchain networks. The company’s operations are designed to maximize hashing power while maintaining efficiency and uptime, enabling it to build and hold a portfolio of mined cryptocurrencies.

Headquartered in Vancouver, British Columbia, HIVE Digital operates data center facilities in North America and Europe, including Canada, Sweden and Iceland.

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