HIVE Digital Technologies (NASDAQ:HIVE) Shares Gap Down - Here's Why

Key Points

• HIVE Digital Technologies shares gapped down from a previous close of $5.50 to open at $5.15, with the stock last trading at $5.19.
• Analysts have mixed views on HIVE, with B. Riley maintaining a "buy" rating, while other firms like HC Wainwright have reduced their price targets, leading to an average target of $7.71.
• The company reported a negative EPS of ($0.06), surpassing expectations, and achieved revenue of $45.61 million for the latest quarter.

HIVE Digital Technologies Ltd. (NASDAQ:HIVE - Get Free Report)'s share price gapped down before the market opened on Wednesday . The stock had previously closed at $5.50, but opened at $5.15. HIVE Digital Technologies shares last traded at $5.19, with a volume of 6,223,555 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on HIVE. B. Riley restated a "buy" rating on shares of HIVE Digital Technologies in a research report on Wednesday. HC Wainwright cut their price objective on HIVE Digital Technologies from $9.00 to $6.00 and set a "buy" rating for the company in a research report on Friday, June 27th. Cantor Fitzgerald raised their price objective on HIVE Digital Technologies from $5.00 to $5.50 and gave the company an "overweight" rating in a research report on Friday, June 27th. Rosenblatt Securities raised their price objective on HIVE Digital Technologies from $5.00 to $10.00 and gave the company a "buy" rating in a research report on Thursday, October 16th. Finally, Roth Capital raised their price objective on HIVE Digital Technologies from $6.00 to $7.50 and gave the company a "buy" rating in a research report on Tuesday, August 26th. Nine analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $7.71.

HIVE Digital Technologies Trading Down 11.8%

The company has a 50-day moving average of $3.94 and a 200 day moving average of $2.62. The company has a market cap of $1.15 billion, a PE ratio of -24.25 and a beta of 3.51. The company has a debt-to-equity ratio of 0.02, a current ratio of 3.42 and a quick ratio of 3.42.

HIVE Digital Technologies (NASDAQ:HIVE - Get Free Report) last announced its earnings results on Thursday, August 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.02. HIVE Digital Technologies had a negative return on equity of 17.39% and a negative net margin of 17.47%.The business had revenue of $45.61 million during the quarter, compared to analyst estimates of $45.16 million. Analysts predict that HIVE Digital Technologies Ltd. will post -0.32 earnings per share for the current year.

Institutional Trading of HIVE Digital Technologies

A number of hedge funds have recently bought and sold shares of HIVE. Generali Investments CEE investicni spolecnost a.s. increased its holdings in shares of HIVE Digital Technologies by 18.5% in the 1st quarter. Generali Investments CEE investicni spolecnost a.s. now owns 855,950 shares of the company's stock valued at $1,241,000 after acquiring an additional 133,840 shares during the period. SBI Securities Co. Ltd. raised its holdings 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 purchasing an additional 7,535 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in shares of HIVE Digital Technologies during the first quarter valued at about $31,000. Phoenix Financial Ltd. lifted its position in shares of HIVE Digital Technologies by 81.3% during the first quarter. Phoenix Financial Ltd. now owns 208,904 shares of the company's stock valued at $304,000 after buying an additional 93,704 shares during the last quarter. Finally, Arkadios Wealth Advisors purchased a new stake in shares of HIVE Digital Technologies during the first quarter valued at about $72,000. Hedge funds and other institutional investors own 24.42% of the company's stock.

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.

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