HIVE Digital Technologies (NASDAQ:HIVE) Stock Price 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 share price rose 11.3% on Monday . The stock traded as high as $4.33 and last traded at $4.24. Approximately 10,205,885 shares changed hands during mid-day 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 Analysts Forecast Growth

HIVE has been the topic of a number of recent analyst reports. Rosenblatt Securities cut their target price on HIVE Digital Technologies from $5.50 to $5.00 and set a "buy" rating on the stock in a research report on Friday, June 27th. Roth Capital upped their price target on HIVE Digital Technologies from $6.00 to $7.50 and gave the company a "buy" rating in a research report on Tuesday, August 26th. Cantor Fitzgerald upped their price target on HIVE Digital Technologies from $5.00 to $5.50 and gave the company an "overweight" rating in a research report on Friday, June 27th. Zacks Research raised HIVE Digital Technologies to a "hold" rating in a research report on Friday, August 8th. Finally, Canaccord Genuity Group upped their price target on HIVE Digital Technologies from $9.00 to $10.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $6.93.

HIVE Digital Technologies Stock Performance

The company has a market cap of $912.01 million, a P/E ratio of -19.62 and a beta of 3.44. The firm has a 50 day moving average price of $2.45 and a 200-day moving average price of $2.01. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.42 and a current ratio of 3.42.

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

Institutional Trading of HIVE Digital Technologies

Several hedge funds have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd boosted its stake in HIVE Digital Technologies by 21.9% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 30,280 shares of the company's stock valued at $55,000 after purchasing an additional 5,435 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in HIVE Digital Technologies by 11.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 69,309 shares of the company's stock valued at $100,000 after purchasing an additional 6,958 shares in the last quarter. SBI Securities Co. Ltd. increased its holdings in HIVE Digital Technologies by 30.9% during the 1st quarter. SBI Securities Co. Ltd. now owns 31,950 shares of the company's stock valued at $46,000 after purchasing an additional 7,535 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in HIVE Digital Technologies in the 4th quarter valued at $26,000. Finally, Invesco Ltd. boosted its position in HIVE Digital Technologies by 6.4% in the 2nd quarter. Invesco Ltd. now owns 152,782 shares of the company's stock valued at $275,000 after buying an additional 9,241 shares during the last quarter. Institutional investors own 24.42% of the company's stock.

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.

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