HIVE Digital Technologies (NASDAQ:HIVE) Sees Large Volume Increase - Here's What Happened

Key Points

• HIVE Digital Technologies experienced a significant surge in trading volume, with approximately 52.83 million shares traded, marking a 191% increase from the previous session.
• The stock recently closed at $4.48, following adjustments from various analysts, including a reduction in price target by Rosenblatt Securities from $5.50 to $5.00.
• Despite the positive earnings report exceeding analyst expectations, the company maintains a negative net margin of 17.47% and a consensus rating of "Moderate Buy" with an average price target of $6.93.

HIVE Digital Technologies Ltd. (NASDAQ:HIVE - Get Free Report) saw unusually-high trading volume on Friday . Approximately 52,831,151 shares were traded during mid-day trading, an increase of 191% from the previous session's volume of 18,144,221 shares.The stock last traded at $4.48 and had previously closed at $4.36.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on HIVE. Rosenblatt Securities lowered their price objective on HIVE Digital Technologies from $5.50 to $5.00 and set a "buy" rating for the company in a research note on Friday, June 27th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of HIVE Digital Technologies in a research report on Saturday, September 27th. Wall Street Zen raised shares of HIVE Digital Technologies from a "strong sell" rating to a "hold" rating in a research report on Saturday, August 16th. Cantor Fitzgerald lifted their target price on shares of HIVE Digital Technologies from $5.00 to $5.50 and gave the stock an "overweight" rating in a report on Friday, June 27th. Finally, Roth Capital increased their price target on shares of HIVE Digital Technologies from $6.00 to $7.50 and gave the company a "buy" rating in a report on Tuesday, August 26th. Eight analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $6.93.

HIVE Digital Technologies Price Performance

The company has a debt-to-equity ratio of 0.02, a current ratio of 3.42 and a quick ratio of 3.42. The business's 50 day moving average price is $2.95 and its 200 day moving average price is $2.23. The stock has a market capitalization of $1.05 billion, a P/E ratio of -22.25 and a beta of 3.51.

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 (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.02. The company had revenue of $45.61 million for 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%. Sell-side analysts forecast that HIVE Digital Technologies Ltd. will post -0.32 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of HIVE. Caitong International Asset Management Co. Ltd increased its position in shares of HIVE Digital Technologies by 21.9% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 30,280 shares of the company's stock valued at $55,000 after purchasing an additional 5,435 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in HIVE Digital Technologies by 11.2% during 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. increased its holdings in HIVE Digital Technologies by 30.9% during 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 last quarter. Invesco Ltd. raised its position in HIVE Digital Technologies by 6.4% in the second 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 period. Finally, Plancorp LLC boosted its stake in shares of HIVE Digital Technologies by 55.6% during the 2nd quarter. Plancorp LLC now owns 35,000 shares of the company's stock worth $63,000 after acquiring an additional 12,500 shares during the last quarter. 24.42% of the stock is owned by hedge funds and other institutional investors.

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.

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