HIVE Digital Technologies (NASDAQ:HIVE) Stock Price Up 12.2% - What's Next?

Key Points

• Shares jumped 12.2% intraday to $2.435 with 3.15 million shares traded, though volume was about 70% below its average session volume of 10.65 million.
• Analysts maintain a consensus "Moderate Buy" rating with an average target price of $6.17; six analysts rate the stock Buy, two Hold and one Sell, with targets roughly in the $3–$6 range.
• HIVE is a blockchain mining company operating data centers in North America and Europe, with a market cap of $626.6M, a negative P/E (-4.01), 50-/200-day SMAs of $2.12/$3.27, very low debt-to-equity (0.02) and a beta of 3.56.

HIVE Digital Technologies Ltd. (NASDAQ:HIVE - Get Free Report)'s share price shot up 12.2% during mid-day trading on Tuesday . The company traded as high as $2.43 and last traded at $2.4350. 3,151,681 shares were traded during mid-day trading, a decline of 70% from the average session volume of 10,654,487 shares. The stock had previously closed at $2.17.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Northland Securities set a $6.00 target price on shares of HIVE Digital Technologies in a research note on Wednesday, February 18th. Cantor Fitzgerald decreased their price target on HIVE Digital Technologies from $5.00 to $3.00 and set an "overweight" rating on the stock in a report on Thursday, April 9th. New Street Research set a $5.00 price objective on HIVE Digital Technologies in a report on Thursday, February 19th. Rosenblatt Securities lowered their price target on shares of HIVE Digital Technologies from $6.50 to $4.50 and set a "buy" rating for the company in a research report on Wednesday, February 18th. Finally, HC Wainwright reaffirmed a "buy" rating on shares of HIVE Digital Technologies in a research note on Tuesday, February 17th. Six analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, HIVE Digital Technologies has a consensus rating of "Moderate Buy" and an average target price of $6.17.

HIVE Digital Technologies Stock Performance

The stock's 50 day simple moving average is $2.12 and its two-hundred day simple moving average is $3.27. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.74 and a quick ratio of 1.74. The stock has a market cap of $626.60 million, a P/E ratio of -4.01 and a beta of 3.56.

Hedge Funds Weigh In On HIVE Digital Technologies

A number of large investors have recently modified their holdings of HIVE. NewEdge Advisors LLC increased its position in shares of HIVE Digital Technologies by 1,885.8% in the fourth quarter. NewEdge Advisors LLC now owns 9,929 shares of the company's stock valued at $26,000 after acquiring an additional 9,429 shares during the last quarter. WMG Financial Advisors LLC acquired a new position in shares of HIVE Digital Technologies in the third quarter valued at $40,000. HBW Advisory Services LLC acquired a new position in HIVE Digital Technologies in the 3rd quarter valued at about $40,000. Ground Swell Capital LLC acquired a new position in shares of HIVE Digital Technologies in the fourth quarter valued at approximately $27,000. Finally, Rafferty Asset Management LLC bought a new position in HIVE Digital Technologies during the 4th quarter worth $28,000. 24.42% of the stock is currently owned by institutional investors and hedge funds.

HIVE Digital Technologies Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.