HIVE Digital Technologies (NASDAQ:HIVE) Trading Up 11.3% - What's Next?

Key Points

• HIVE Digital Technologies shares surged by 11.3% to a trading price of $4.24, following a previous closing price of $3.81, with a trading volume decline of 34% compared to the average.
• Multiple analysts have rated HIVE, with a consensus target price of $6.93 and a mix of ratings including one "Strong Buy" and eight "Buys".
• The company's recent quarterly earnings report showcased a revenue of $45.61 million with an EPS of ($0.06), outperforming estimates while facing negative profitability indicators.

HIVE Digital Technologies Ltd. (NASDAQ:HIVE - Get Free Report)'s stock price was up 11.3% during trading on Monday . The stock traded as high as $4.33 and last traded at $4.24. Approximately 10,205,885 shares were traded during trading, a decline of 34% from the average daily volume of 15,531,744 shares. The stock had previously closed at $3.81.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on HIVE shares. Wall Street Zen upgraded HIVE Digital Technologies from a "strong sell" rating to a "hold" rating in a report on Saturday, August 16th. HC Wainwright dropped their price objective on HIVE Digital Technologies from $9.00 to $6.00 and set a "buy" rating on the stock in a report on Friday, June 27th. Cantor Fitzgerald lifted their price objective on HIVE Digital Technologies from $5.00 to $5.50 and gave the stock an "overweight" rating in a report on Friday, June 27th. Rosenblatt Securities dropped their price objective on HIVE Digital Technologies from $5.50 to $5.00 and set a "buy" rating on the stock in a report on Friday, June 27th. Finally, Roth Capital lifted their price objective on HIVE Digital Technologies from $6.00 to $7.50 and gave the stock a "buy" rating in a report on Tuesday, August 26th. Eight investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $6.93.

HIVE Digital Technologies Stock Down 1.3%

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 stock has a 50 day moving average price of $2.62 and a 200 day moving average price of $2.08. The company has a market cap of $878.41 million, a P/E ratio of -18.95 and a beta of 3.45.

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

Institutional Investors Weigh In On HIVE Digital Technologies

A number of large investors have recently bought and sold shares of the business. Vident Advisory LLC raised its position in shares of HIVE Digital Technologies by 53.0% during the second quarter. Vident Advisory LLC now owns 3,766,446 shares of the company's stock valued at $6,780,000 after buying an additional 1,305,057 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of HIVE Digital Technologies by 104.2% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,793,562 shares of the company's stock valued at $3,233,000 after buying an additional 915,105 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of HIVE Digital Technologies by 87.9% during the first 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 last quarter. Goldman Sachs Group Inc. raised its position in shares of HIVE Digital Technologies by 328.2% during the first quarter. Goldman Sachs Group Inc. now owns 520,877 shares of the company's stock valued at $755,000 after buying an additional 399,223 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of 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 buying an additional 397,216 shares during the last quarter. 24.42% of the stock is currently owned by institutional investors.

About HIVE Digital Technologies

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.