HIVE Digital Technologies (NASDAQ:HIVE) Shares Gap Up - What's Next?

Key Points

• HIVE Digital Technologies shares opened at $6.05 after a previous close of $5.57, with a last trade at $5.75 and a volume of over 15 million shares exchanged.
• Recent analyst ratings show a consensus of Moderate Buy with an average target price of $6.93, despite some target price cuts from various firms.
• The company reported a quarterly revenue of $45.61 million, beating estimates, but still has a negative return on equity of 17.39% and a negative net margin of 17.47%.

HIVE Digital Technologies Ltd. (NASDAQ:HIVE - Get Free Report)'s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $5.57, but opened at $6.05. HIVE Digital Technologies shares last traded at $5.75, with a volume of 15,324,656 shares changing hands.

Analyst Upgrades and Downgrades

Several research firms recently commented on HIVE. HC Wainwright cut their target price on shares of 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. Roth Capital lifted their target price on HIVE Digital Technologies from $6.00 to $7.50 and gave the stock a "buy" rating in a report on Tuesday, August 26th. Cantor Fitzgerald upped their target price on HIVE Digital Technologies from $5.00 to $5.50 and gave the company an "overweight" rating in a report on Friday, June 27th. Rosenblatt Securities dropped their price target on HIVE Digital Technologies from $5.50 to $5.00 and set a "buy" rating on the stock in a research note on Friday, June 27th. Finally, Wall Street Zen upgraded HIVE Digital Technologies from a "strong sell" rating to a "hold" rating in a report on Saturday, August 16th. Eight research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $6.93.

HIVE Digital Technologies Stock Performance

The stock has a market capitalization of $1.34 billion, a PE ratio of -28.37 and a beta of 3.51. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.42 and a current ratio of 3.42. The firm has a 50 day moving average of $3.02 and a 200-day moving average of $2.26.

HIVE Digital Technologies (NASDAQ:HIVE - Get Free Report) last released its earnings results on Thursday, August 14th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.02. The company 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%. Research analysts forecast that HIVE Digital Technologies Ltd. will post -0.32 earnings per share for the current year.

Institutional Investors Weigh In On HIVE Digital Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. boosted its stake in shares of HIVE Digital Technologies by 87.9% during the 1st 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. Generali Investments CEE investicni spolecnost a.s. boosted its position in HIVE Digital Technologies by 45.4% during the second quarter. Generali Investments CEE investicni spolecnost a.s. now owns 1,244,230 shares of the company's stock valued at $2,240,000 after purchasing an additional 388,280 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in HIVE Digital Technologies by 328.2% in the first quarter. Goldman Sachs Group Inc. now owns 520,877 shares of the company's stock valued at $755,000 after purchasing an additional 399,223 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new position in HIVE Digital Technologies in the first quarter valued at about $31,000. Finally, Invesco Ltd. increased its position in HIVE Digital Technologies by 42.0% in the 1st quarter. Invesco Ltd. now owns 143,541 shares of the company's stock worth $208,000 after purchasing an additional 42,449 shares during the last quarter. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.