HIVE Digital Technologies (NASDAQ:HIVE) Shares Up 6.1% - Here's Why

Key Points

• HIVE Digital Technologies shares rose 6.1% in midday trading Monday, briefly reaching $3.03 after closing at $2.85 the prior session.
• Analyst sentiment remains mostly positive, with six Buy ratings, two Holds, and one Sell; the consensus price target is $6.90, though some recent reports showed mixed moves including a Weiss Ratings downgrade.
• The company’s latest quarterly results disappointed, with EPS of -$0.28 versus expectations of -$0.21 and revenue of $71.82 million versus the $79.99 million estimate. Insiders have also been selling shares, with 681,700 shares sold over the last 90 days.

HIVE Digital Technologies Ltd. (NASDAQ:HIVE - Get Free Report) rose 6.1% during mid-day trading on Monday . The company traded as high as $3.03 and last traded at $3.0230. 1,924,976 shares were traded during trading, a decline of 90% from the average daily volume of 19,090,396 shares. The stock had previously closed at $2.85.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on HIVE shares. Weiss Ratings downgraded HIVE Digital Technologies from a "sell (d)" rating to a "sell (d-)" rating in a research report on Monday, June 15th. UBS Group set a $8.00 target price on shares of HIVE Digital Technologies in a research report on Wednesday, June 3rd. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $10.00 price objective on shares of HIVE Digital Technologies in a research note on Friday, June 5th. B. Riley Financial raised their target price on HIVE Digital Technologies from $5.00 to $8.00 and gave the stock a "buy" rating in a report on Wednesday, June 3rd. Finally, HC Wainwright restated a "buy" rating and set a $7.00 target price on shares of HIVE Digital Technologies in a research report on Wednesday, June 3rd. Six equities 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 MarketBeat.com, HIVE Digital Technologies currently has a consensus rating of "Moderate Buy" and a consensus price target of $6.90.

HIVE Digital Technologies Price Performance

The stock has a market cap of $805.25 million, a price-to-earnings ratio of -5.44 and a beta of 3.77. The company has a 50 day simple moving average of $3.72 and a 200-day simple moving average of $2.90. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.10.

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

Insiders Place Their Bets

In other news, Director Susan B. Mcgee sold 125,000 shares of the company's stock in a transaction dated Friday, June 19th. The shares were sold at an average price of $4.25, for a total value of $531,250.00. Following the sale, the director directly owned 125,000 shares of the company's stock, valued at approximately $531,250. This represents a 50.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Luke Rossy sold 215,000 shares of the company's stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $3.97, for a total value of $853,550.00. The SEC filing for this sale provides additional information. Insiders have sold 681,700 shares of company stock valued at $2,937,876 in the last 90 days. 9.44% of the stock is currently owned by insiders.

Institutional Trading of HIVE Digital Technologies

A number of hedge funds have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in HIVE Digital Technologies by 18.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 878,457 shares of the company's stock valued at $1,283,000 after purchasing an additional 137,651 shares during the period. Goldman Sachs Group Inc. increased its position in shares of HIVE Digital Technologies by 328.2% in the first quarter. Goldman Sachs Group Inc. now owns 520,877 shares of the company's stock worth $755,000 after purchasing an additional 399,223 shares during the period. Geode Capital Management LLC increased its holdings in HIVE Digital Technologies by 11.0% in the 2nd quarter. Geode Capital Management LLC now owns 1,296,531 shares of the company's stock valued at $2,334,000 after buying an additional 128,760 shares during the period. JPMorgan Chase & Co. raised its position in HIVE Digital Technologies by 397,216.0% during the second quarter. JPMorgan Chase & Co. now owns 397,316 shares of the company's stock valued at $715,000 after purchasing an additional 397,216 shares in the last quarter. Finally, Franklin Resources Inc. increased its stake in shares of HIVE Digital Technologies by 232.8% in the 2nd quarter. Franklin Resources Inc. now owns 62,061 shares of the company's stock valued at $112,000 after purchasing an additional 43,413 shares during the last quarter. Institutional investors and hedge funds own 24.42% of the company's stock.

About HIVE Digital Technologies

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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