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

Key Points

• HIVE Digital Technologies shares opened lower at $4.92 after closing at $5.38, resulting in a gap down of approximately 8.6%.
• Multiple brokerages have issued buy ratings on HIVE, with price targets ranging from $7.50 to $10.00, reflecting a generally positive outlook for the stock.
• The company recently reported a quarterly earnings per share (EPS) of ($0.06), surpassing analyst expectations, and its revenue was $45.61 million, which also exceeded forecasts.

HIVE Digital Technologies Ltd. (NASDAQ:HIVE - Get Free Report) gapped down prior to trading on Tuesday . The stock had previously closed at $5.38, but opened at $4.92. HIVE Digital Technologies shares last traded at $5.1560, with a volume of 7,868,982 shares traded.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on HIVE. HC Wainwright reissued a "buy" rating and issued a $8.00 price objective on shares of HIVE Digital Technologies in a research note on Wednesday, October 29th. Roth Capital raised their price objective on shares of HIVE Digital Technologies from $6.00 to $7.50 and gave the stock a "buy" rating in a research note on Tuesday, August 26th. Canaccord Genuity Group reissued a "buy" rating and issued a $10.00 price objective on shares of HIVE Digital Technologies in a research note on Monday, October 13th. Zacks Research raised shares of HIVE Digital Technologies to a "hold" rating in a research note on Friday, August 8th. Finally, B. Riley reissued a "buy" rating on shares of HIVE Digital Technologies in a research note on Wednesday, October 22nd. Nine research 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, the company presently has an average rating of "Moderate Buy" and an average target price of $8.00.

HIVE Digital Technologies Trading Down 6.4%

The firm has a market capitalization of $1.20 billion, a PE ratio of -25.22 and a beta of 3.54. The stock's 50-day moving average price is $4.49 and its 200 day moving average price is $2.89. 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 issued its earnings results on Thursday, August 14th. The company reported ($0.06) EPS for the quarter, topping analysts' consensus estimates of ($0.08) by $0.02. The business had revenue of $45.61 million for the quarter, compared to analyst estimates of $45.16 million. HIVE Digital Technologies had a negative net margin of 17.47% and a negative return on equity of 17.39%. On average, sell-side analysts expect that HIVE Digital Technologies Ltd. will post -0.32 EPS for the current fiscal year.

Hedge Funds Weigh In On HIVE Digital Technologies

Several institutional investors have recently bought and sold shares of HIVE. Vident Advisory LLC increased its holdings in HIVE Digital Technologies by 53.0% during the second quarter. Vident Advisory LLC now owns 3,766,446 shares of the company's stock valued at $6,780,000 after buying an additional 1,305,057 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in HIVE Digital Technologies by 104.2% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,793,562 shares of the company's stock valued at $3,233,000 after buying an additional 915,105 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in HIVE Digital Technologies by 87.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,383,446 shares of the company's stock valued at $2,006,000 after buying an additional 647,159 shares during the period. Voya Investment Management LLC purchased a new position in HIVE Digital Technologies during the third quarter valued at approximately $1,672,000. Finally, Goldman Sachs Group Inc. increased its holdings in HIVE Digital Technologies by 328.2% during the first quarter. Goldman Sachs Group Inc. now owns 520,877 shares of the company's stock valued at $755,000 after buying an additional 399,223 shares during the period. 24.42% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.