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

Key Points

• HIVE Digital Technologies shares gapped up at the open, rising from a prior close of $3.36 to an opening price of $3.51 before easing back to around $3.3850 on heavy volume.
• Analysts remain mostly constructive on the stock, with several firms raising price targets; the consensus rating is now “Moderate Buy” with a consensus target of $6.90.
• The company recently posted a wider-than-expected quarterly loss and weaker-than-expected revenue, while insiders have also been selling shares in recent months.

HIVE Digital Technologies Ltd. (NASDAQ:HIVE - Get Free Report)'s stock price gapped up before the market opened on Friday . The stock had previously closed at $3.36, but opened at $3.51. HIVE Digital Technologies shares last traded at $3.3850, with a volume of 4,130,637 shares traded.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Rosenblatt Securities raised their price objective on HIVE Digital Technologies from $5.00 to $5.50 and gave the stock a "buy" rating in a research note on Wednesday, June 3rd. Wall Street Zen raised HIVE Digital Technologies from a "strong sell" rating to a "sell" rating in a report on Saturday, July 4th. Keefe, Bruyette & Woods raised their price target on HIVE Digital Technologies from $3.00 to $5.00 and gave the stock a "market perform" rating in a research report on Friday, June 5th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $10.00 price target on shares of HIVE Digital Technologies in a research note on Friday, June 5th. Finally, UBS Group set a $8.00 price target on HIVE Digital Technologies in a research note on Wednesday, June 3rd. Six research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, HIVE Digital Technologies presently has a consensus rating of "Moderate Buy" and a consensus target price of $6.90.

HIVE Digital Technologies Price Performance

The firm has a market capitalization of $874.00 million, a P/E ratio of -5.96 and a beta of 3.77. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.10. The business's 50 day moving average is $3.67 and its 200-day moving average is $2.88.

HIVE Digital Technologies (NASDAQ:HIVE - Get Free Report) last released its earnings results on Tuesday, June 2nd. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($0.07). The business had revenue of $71.82 million for the quarter, compared to the consensus estimate of $79.99 million. HIVE Digital Technologies had a negative return on equity of 23.12% and a negative net margin of 49.21%. As a group, sell-side analysts predict that HIVE Digital Technologies Ltd. will post -0.74 EPS for the current fiscal year.

Insider Buying and Selling

In other HIVE Digital Technologies news, Director Dave Perrill sold 175,000 shares of HIVE Digital Technologies stock in a transaction dated Friday, June 19th. The stock was sold at an average price of $4.69, for a total value of $820,750.00. Following the transaction, the director owned 162,500 shares in the company, valued at $762,125. The trade was a 51.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Susan B. Mcgee sold 125,000 shares of the business's stock in a transaction dated Friday, June 19th. The stock was sold at an average price of $4.25, for a total value of $531,250.00. Following the transaction, the director directly owned 125,000 shares of the company's stock, valued at approximately $531,250. The trade was a 50.00% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 681,700 shares of company stock worth $2,937,876 in the last ninety days. 9.44% of the stock is owned by insiders.

Hedge Funds Weigh In On HIVE Digital Technologies

Institutional investors have recently added to or reduced their stakes in the stock. NewEdge Advisors LLC lifted its stake in HIVE Digital Technologies by 1,885.8% in the 4th quarter. NewEdge Advisors LLC now owns 9,929 shares of the company's stock valued at $26,000 after purchasing an additional 9,429 shares during the last quarter. Ground Swell Capital LLC acquired a new position in shares of HIVE Digital Technologies during the fourth quarter worth $27,000. Private Advisor Group LLC acquired a new position in shares of HIVE Digital Technologies during the first quarter worth $27,000. Rafferty Asset Management LLC bought a new position in shares of HIVE Digital Technologies in the 4th quarter valued at $28,000. Finally, State of Wyoming bought a new position in shares of HIVE Digital Technologies in the 4th quarter valued at $28,000. 24.42% of the stock is currently owned by institutional investors and hedge funds.

HIVE Digital Technologies Company Profile

HIVE Digital Technologies Ltd is a publicly traded blockchain infrastructure company that specializes in the mining of digital assets such as Bitcoin and Ethereum. Using high-performance GPU and ASIC hardware, HIVE deploys proprietary mining rigs across multiple data centers to validate transactions on major blockchain networks. The company’s operations are designed to maximize hashing power while maintaining efficiency and uptime, enabling it to build and hold a portfolio of mined cryptocurrencies.

Headquartered in Vancouver, British Columbia, HIVE Digital operates data center facilities in North America and Europe, including Canada, Sweden and Iceland.

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