HIVE Digital Technologies (NASDAQ:HIVE) Shares Gap Down - Should You Sell?

Key Points

• HIVE Digital Technologies shares gapped down from $6.76 to $6.32, closing at $6.59 with significant trading volume of 9,150,995 shares.
• Analysts have varying price targets for HIVE, with Northland Securities setting a target of $7.50 and HC Wainwright decreasing theirs from $9.00 to $6.00.
• The company reported quarterly earnings of ($0.06) per share, beating estimates and showing revenue of $45.61 million, compared to expectations of $45.16 million.

Shares of HIVE Digital Technologies Ltd. (NASDAQ:HIVE - Get Free Report) gapped down before the market opened on Tuesday . The stock had previously closed at $6.76, but opened at $6.32. HIVE Digital Technologies shares last traded at $6.59, with a volume of 9,150,995 shares.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Wall Street Zen upgraded HIVE Digital Technologies from a "strong sell" rating to a "hold" rating in a research report on Saturday, August 16th. Northland Securities set a $7.50 price objective on HIVE Digital Technologies in a research report on Tuesday, October 7th. HC Wainwright decreased 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. Zacks Research raised HIVE Digital Technologies to a "hold" rating in a research note on Friday, August 8th. Finally, 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 note on Friday, June 27th. Eight investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $7.00.

HIVE Digital Technologies Stock Performance

The company has a 50-day moving average of $3.46 and a 200 day moving average of $2.43. The company has a quick ratio of 3.42, a current ratio of 3.42 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $1.64 billion, a PE ratio of -34.57 and a beta of 3.51.

HIVE Digital Technologies (NASDAQ:HIVE - Get Free Report) last posted its quarterly earnings data on Thursday, August 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 firm had revenue of $45.61 million during the quarter, compared to analysts' expectations of $45.16 million. Equities research analysts predict that HIVE Digital Technologies Ltd. will post -0.32 EPS for the current year.

Institutional Trading of HIVE Digital Technologies

Institutional investors have recently added to or reduced their stakes in the business. Y Intercept Hong Kong Ltd bought a new position in shares of HIVE Digital Technologies during the 1st quarter valued at $31,000. Caitong International Asset Management Co. Ltd raised its holdings in HIVE Digital Technologies by 3,966.3% during the first quarter. Caitong International Asset Management Co. Ltd now owns 24,845 shares of the company's stock valued at $36,000 after acquiring an additional 24,234 shares during the period. Ethos Financial Group LLC bought a new stake in HIVE Digital Technologies during the second quarter valued at about $36,000. Vanguard Personalized Indexing Management LLC bought a new stake in shares of HIVE Digital Technologies in the second quarter worth about $38,000. Finally, SBI Securities Co. Ltd. increased its holdings in shares of 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 during the last quarter. 24.42% of the stock is currently 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.

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