HIVE Digital Technologies (NASDAQ:HIVE) Trading Down 4.2% - What's Next?

HIVE Digital Technologies Ltd. (NASDAQ:HIVE - Get Free Report)'s stock price was down 4.2% during trading on Wednesday . The company traded as low as $2.39 and last traded at $2.40. Approximately 2,494,574 shares were traded during mid-day trading, a decline of 75% from the average daily volume of 9,919,791 shares. The stock had previously closed at $2.50.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on HIVE shares. Wall Street Zen upgraded HIVE Digital Technologies to a "sell" rating in a research report on Saturday, May 17th. Rosenblatt Securities lowered their target price 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. HC Wainwright lowered their target price on 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. Cantor Fitzgerald upped their price objective on HIVE Digital Technologies from $5.00 to $5.50 and gave the stock an "overweight" rating in a research report on Friday, June 27th. Finally, Canaccord Genuity Group restated a "buy" rating and set a $9.00 price target on shares of HIVE Digital Technologies in a research note on Thursday, July 3rd. One analyst has rated the stock with a sell rating, seven have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $6.67.

HIVE Digital Technologies Trading Down 3.4%

The firm has a market capitalization of $512.59 million, a PE ratio of -6.31 and a beta of 3.40. The business has a 50 day moving average price of $2.03 and a 200-day moving average price of $2.10. The company has a current ratio of 3.72, a quick ratio of 3.72 and a debt-to-equity ratio of 0.03.

HIVE Digital Technologies (NASDAQ:HIVE - Get Free Report) last released its quarterly earnings data on Wednesday, June 25th. The company reported ($0.31) earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $31.16 million during the quarter, compared to analysts' expectations of $31.47 million. Analysts expect that HIVE Digital Technologies Ltd. will post -0.32 earnings per share for the current year.

Hedge Funds Weigh In On HIVE Digital Technologies

Several hedge funds have recently bought and sold shares of HIVE. Charles Schwab Investment Management Inc. increased its stake in HIVE Digital Technologies by 126.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 736,287 shares of the company's stock valued at $2,098,000 after purchasing an additional 411,071 shares in the last quarter. Quantbot Technologies LP acquired a new stake in HIVE Digital Technologies during the 4th quarter valued at $854,000. Sei Investments Co. acquired a new stake in HIVE Digital Technologies during the 4th quarter valued at $232,000. LPL Financial LLC acquired a new stake in HIVE Digital Technologies during the 4th quarter valued at $54,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of HIVE Digital Technologies by 15.1% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 62,351 shares of the company's stock valued at $178,000 after purchasing an additional 8,158 shares during the period. 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.