HIVE Digital Technologies (NASDAQ:HIVE) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded HIVE Digital Technologies from “sell” to “strong sell”, even though several other analysts remain bullish and the stock still carries a Moderate Buy consensus rating with a $6.90 average target.
• The company’s latest earnings disappointed: HIVE reported a loss of $0.28 per share versus expectations for a smaller loss, and revenue of $71.82 million also came in below estimates.
• Shares were down slightly to $3.35, while insider selling has been notable, with directors and executives selling 681,700 shares worth about $2.94 million over the past 90 days.

HIVE Digital Technologies (NASDAQ:HIVE - Get Free Report) was downgraded by analysts at Wall Street Zen from a "sell" rating to a "strong sell" rating in a research report issued on Sunday.

Several other equities analysts have also recently weighed in on the company. B. Riley Financial lifted their price objective on HIVE Digital Technologies from $5.00 to $8.00 and gave the company a "buy" rating in a report on Wednesday, June 3rd. HC Wainwright reaffirmed a "buy" rating and issued a $7.00 price target on shares of HIVE Digital Technologies in a research note on Wednesday, June 3rd. Canaccord Genuity Group reiterated a "buy" rating and issued a $10.00 price target on shares of HIVE Digital Technologies in a report on Friday, June 5th. Rosenblatt Securities increased their price objective on shares of HIVE Digital Technologies from $5.00 to $5.50 and gave the stock a "buy" rating in a research report on Wednesday, June 3rd. Finally, Cantor Fitzgerald set a $7.00 price objective on shares of HIVE Digital Technologies in a report on Thursday, June 4th. Six investment 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. Based on data from MarketBeat.com, HIVE Digital Technologies has a consensus rating of "Moderate Buy" and a consensus price target of $6.90.

HIVE Digital Technologies Trading Down 0.3%

Shares of HIVE traded down $0.01 during trading hours on Friday, reaching $3.35. The stock had a trading volume of 13,699,993 shares, compared to its average volume of 27,945,808. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.10. HIVE Digital Technologies has a 52 week low of $1.73 and a 52 week high of $7.84. The firm has a 50-day moving average of $3.69 and a 200 day moving average of $2.89. The company has a market cap of $885.91 million, a P/E ratio of -5.98 and a beta of 3.77.

HIVE Digital Technologies (NASDAQ:HIVE - Get Free Report) last posted its earnings results on Tuesday, June 2nd. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $71.82 million for the quarter, compared to the consensus estimate of $79.99 million. On average, sell-side analysts expect that HIVE Digital Technologies will post -0.74 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Susan B. Mcgee sold 125,000 shares of the firm's stock in a transaction on Friday, June 19th. The shares were sold at an average price of $4.25, for a total value of $531,250.00. Following the completion of the transaction, the director directly owned 125,000 shares of the company's stock, valued at approximately $531,250. This trade represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Luke Rossy sold 215,000 shares of the business's stock in a transaction on Monday, June 8th. The stock was sold at an average price of $3.97, for a total transaction 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 Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of HIVE. NewEdge Advisors LLC boosted its stake in shares of HIVE Digital Technologies by 1,885.8% during the 4th quarter. NewEdge Advisors LLC now owns 9,929 shares of the company's stock worth $26,000 after acquiring an additional 9,429 shares during the period. Ground Swell Capital LLC acquired a new stake in shares of HIVE Digital Technologies during the 4th quarter worth about $27,000. Private Advisor Group LLC bought a new stake in shares of HIVE Digital Technologies during the 1st quarter worth about $27,000. Rafferty Asset Management LLC bought a new stake in shares of HIVE Digital Technologies during the 4th quarter worth about $28,000. Finally, State of Wyoming acquired a new position in HIVE Digital Technologies in the 4th quarter valued at about $28,000. Institutional investors 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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