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

Key Points

• HIVE Digital Technologies shares saw a gap up, opening at $3.59 after previously closing at $3.38, with a trading volume of over 6 million shares.
• Analysts have recently revised their ratings and price targets, with Canaccord Genuity raising the target to $10.00 and the average consensus price target now at $6.93.
• The company reported earnings of ($0.06) per share, exceeding expectations, and had revenues of $45.61 million for the last quarter, signaling potential growth despite negative financial metrics.

Shares of HIVE Digital Technologies Ltd. (NASDAQ:HIVE - Get Free Report) gapped up prior to trading on Friday . The stock had previously closed at $3.38, but opened at $3.59. HIVE Digital Technologies shares last traded at $3.59, with a volume of 6,266,812 shares traded.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Rosenblatt Securities reduced 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. Cantor Fitzgerald raised their target price on HIVE Digital Technologies from $5.00 to $5.50 and gave the stock an "overweight" rating in a research note on Friday, June 27th. Zacks Research upgraded HIVE Digital Technologies to a "hold" rating in a research note on Friday, August 8th. Wall Street Zen raised HIVE Digital Technologies from a "strong sell" rating to a "hold" rating in a research report on Saturday, August 16th. Finally, Roth Capital increased their price target on HIVE Digital Technologies from $6.00 to $7.50 and gave the stock a "buy" rating in a research report on Tuesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, HIVE Digital Technologies currently has a consensus rating of "Buy" and a consensus price target of $6.93.

HIVE Digital Technologies Trading Up 0.2%

The firm has a market capitalization of $901.35 million, a price-to-earnings ratio of -19.92 and a beta of 3.45. The company has a fifty day moving average price of $2.52 and a two-hundred day moving average price of $2.04. The company has a current ratio of 3.42, a quick ratio of 3.42 and a debt-to-equity ratio of 0.02.

HIVE Digital Technologies (NASDAQ:HIVE - Get Free Report) last issued its earnings results on Thursday, August 14th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.02. The business had revenue of $45.61 million for the quarter, compared to analysts' expectations of $45.16 million. HIVE Digital Technologies had a negative return on equity of 17.39% and a negative net margin of 17.47%. As a group, research analysts forecast that HIVE Digital Technologies Ltd. will post -0.32 earnings per share for the current fiscal year.

Institutional Trading of HIVE Digital Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in HIVE. Man Group plc purchased a new stake in HIVE Digital Technologies in the fourth quarter valued at approximately $1,118,000. Point72 Asset Management L.P. purchased a new stake in HIVE Digital Technologies in the fourth quarter valued at approximately $249,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in HIVE Digital Technologies in the fourth quarter valued at approximately $26,000. Vident Advisory LLC raised its position in HIVE Digital Technologies by 26.1% in the fourth quarter. Vident Advisory LLC now owns 2,831,492 shares of the company's stock valued at $8,072,000 after purchasing an additional 585,511 shares during the period. Finally, Zhang Financial LLC purchased a new stake in HIVE Digital Technologies in the first quarter valued at approximately $33,000. Hedge funds and other institutional investors own 24.42% of the company's stock.

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.