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

HIVE Digital Technologies Ltd. (NASDAQ:HIVE - Get Free Report) shares saw unusually-high trading volume on Tuesday . Approximately 32,752,307 shares traded hands during mid-day trading, an increase of 231% from the previous session's volume of 9,900,394 shares.The stock last traded at $2.49 and had previously closed at $2.27.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on HIVE. Rosenblatt Securities cut their target price on shares of HIVE Digital Technologies from $5.50 to $5.00 and set a "buy" rating on the stock in a research note on Friday, June 27th. Wall Street Zen raised shares of HIVE Digital Technologies to a "sell" rating in a report on Saturday, May 17th. Cantor Fitzgerald lifted their price target 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. Canaccord Genuity Group reissued a "buy" rating and set a $9.00 target price on shares of HIVE Digital Technologies in a research note on Thursday, July 3rd. Finally, HC Wainwright reduced their price target on shares of HIVE Digital Technologies from $9.00 to $6.00 and set a "buy" rating for the company in a research note on Friday, June 27th. One investment analyst has rated the stock with a sell rating, seven have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $6.67.

HIVE Digital Technologies Price Performance

The stock's fifty day moving average price is $2.03 and its 200-day moving average price is $2.11. The firm has a market cap of $502.43 million, a price-to-earnings ratio of -6.15 and a beta of 3.40. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.72 and a quick ratio of 3.72.

HIVE Digital Technologies (NASDAQ:HIVE - Get Free Report) last announced its quarterly earnings data on Wednesday, June 25th. The company reported ($0.31) EPS for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.20). HIVE Digital Technologies had a negative net margin of 48.65% and a negative return on equity of 20.30%. The company had revenue of $31.16 million for the quarter, compared to analysts' expectations of $31.47 million. Equities research analysts predict that HIVE Digital Technologies Ltd. will post -0.32 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in HIVE. Wells Fargo & Company MN grew its position in HIVE Digital Technologies by 60.9% in the fourth quarter. Wells Fargo & Company MN now owns 15,320 shares of the company's stock worth $44,000 after acquiring an additional 5,800 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in HIVE Digital Technologies by 11.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 69,309 shares of the company's stock worth $100,000 after acquiring an additional 6,958 shares in the last quarter. SBI Securities Co. Ltd. grew its position in HIVE Digital Technologies by 30.9% in the first quarter. SBI Securities Co. Ltd. now owns 31,950 shares of the company's stock worth $46,000 after acquiring an additional 7,535 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in HIVE Digital Technologies in the fourth quarter worth approximately $26,000. Finally, Invesco Ltd. grew its position in HIVE Digital Technologies by 12.8% in the fourth quarter. Invesco Ltd. now owns 101,092 shares of the company's stock worth $288,000 after acquiring an additional 11,458 shares in 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.