HIVE Digital Technologies (NASDAQ:HIVE) Shares Up 10.5% - Here's Why

HIVE Digital Technologies Ltd. (NASDAQ:HIVE - Get Free Report)'s share price traded up 10.5% on Monday . The company traded as high as $2.44 and last traded at $2.47. 9,364,261 shares traded hands during trading, a decline of 30% from the average session volume of 13,431,148 shares. The stock had previously closed at $2.23.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Canaccord Genuity Group restated a "buy" rating and set a $9.00 target price on shares of HIVE Digital Technologies in a report on Thursday, July 3rd. Wall Street Zen upgraded HIVE Digital Technologies to a "sell" rating in a research note on Saturday, May 17th. 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. 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. Finally, HC Wainwright reduced 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. One analyst has rated the stock with a sell rating, seven have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $6.67.

HIVE Digital Technologies Stock Performance

The firm has a 50-day simple moving average of $2.03 and a two-hundred day simple moving average of $2.11. The company has a debt-to-equity ratio of 0.03, a quick ratio of 3.72 and a current ratio of 3.72.

HIVE Digital Technologies (NASDAQ:HIVE - Get Free Report) last announced its quarterly earnings results on Wednesday, June 25th. The company reported ($0.31) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.20). HIVE Digital Technologies had a negative return on equity of 20.30% and a negative net margin of 48.65%. The company had revenue of $31.16 million for the quarter, compared to analyst estimates of $31.47 million. On average, analysts expect that HIVE Digital Technologies Ltd. will post -0.32 EPS for the current year.

Institutional Investors Weigh In On HIVE Digital Technologies

A number of institutional investors have recently modified their holdings of HIVE. Charles Schwab Investment Management Inc. grew its position in shares of HIVE Digital Technologies by 126.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 736,287 shares of the company's stock valued at $2,098,000 after acquiring an additional 411,071 shares during the period. Quantbot Technologies LP acquired a new stake in shares of HIVE Digital Technologies during the 4th quarter valued at about $854,000. Sei Investments Co. acquired a new stake in HIVE Digital Technologies in the 4th quarter worth about $232,000. LPL Financial LLC acquired a new stake in HIVE Digital Technologies in the 4th quarter worth about $54,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in HIVE Digital Technologies by 15.1% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 62,351 shares of the company's stock worth $178,000 after buying an additional 8,158 shares during the last quarter. 24.42% of the stock is currently owned by institutional investors and hedge funds.

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.