HIVE Digital Technologies (NASDAQ:HIVE) Trading 17.1% Higher - Here's What Happened

Key Points

• HIVE Digital Technologies shares jumped 17.1% to approximately $2.98, with about 5.2 million shares traded.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $6.95; individual targets range from $5.00 to $10.00.
• The company missed quarterly earnings and revenue expectations, while insiders sold approximately 681,700 shares worth $2.94 million over the past quarter.

HIVE Digital Technologies Ltd. (NASDAQ:HIVE - Get Free Report)'s stock price was up 17.1% during trading on Thursday . The stock traded as high as $2.95 and last traded at $2.9750. Approximately 5,216,142 shares traded hands during trading, a decline of 72% from the average session volume of 18,884,518 shares. The stock had previously closed at $2.54.

Wall Street Analysts Forecast Growth

HIVE has been the subject of several research reports. UBS Group set a $8.00 price objective on HIVE Digital Technologies in a report on Wednesday, June 3rd. Cantor Fitzgerald set a $7.00 target price on HIVE Digital Technologies in a report on Thursday, June 4th. Chardan Capital started coverage on HIVE Digital Technologies in a research report on Monday. They issued a "buy" rating and a $7.50 price target for the company. Canaccord Genuity Group reaffirmed a "buy" rating and set a $10.00 price target on shares of HIVE Digital Technologies in a research note on Friday, June 5th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of HIVE Digital Technologies from $3.00 to $5.00 and gave the stock a "market perform" rating in a research report on Friday, June 5th. Seven equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, HIVE Digital Technologies presently has a consensus rating of "Moderate Buy" and a consensus target price of $6.95.

HIVE Digital Technologies Trading Up 19.9%

The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.10. The business's fifty day moving average is $3.70 and its 200-day moving average is $2.90. The stock has a market capitalization of $817.98 million, a PE ratio of -5.44 and a beta of 3.77.

HIVE Digital Technologies (NASDAQ:HIVE - Get Free Report) last released its quarterly earnings results on Tuesday, June 2nd. The company reported ($0.28) earnings per share for the quarter, missing analysts' consensus estimates 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 company had revenue of $71.82 million during the quarter, compared to analysts' expectations of $79.99 million. As a group, analysts anticipate that HIVE Digital Technologies Ltd. will post -0.74 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Susan B. Mcgee sold 125,000 shares of the business's stock in a transaction that occurred on Friday, June 19th. The stock was sold at an average price of $4.25, for a total transaction of $531,250.00. Following the sale, the director owned 125,000 shares of the company's stock, valued at $531,250. The trade was a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Dave Perrill sold 175,000 shares of the stock in a transaction on Friday, June 19th. The shares were sold at an average price of $4.69, for a total value of $820,750.00. Following the transaction, the director directly owned 162,500 shares of the company's stock, valued at approximately $762,125. The trade was a 51.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 681,700 shares of company stock valued at $2,937,876 over the last quarter. Insiders own 9.44% of the company's stock.

Hedge Funds Weigh In On HIVE Digital Technologies

Several large investors have recently made changes to their positions in the business. Two Sigma Investments LP bought a new stake in HIVE Digital Technologies during the third quarter worth approximately $17,584,000. Renaissance Technologies LLC acquired a new position in shares of HIVE Digital Technologies in the 4th quarter worth $10,914,000. Situational Awareness LP acquired a new stake in shares of HIVE Digital Technologies during the first quarter worth $6,444,000. Millennium Management LLC lifted its holdings in shares of HIVE Digital Technologies by 58.1% during the fourth quarter. Millennium Management LLC now owns 6,900,828 shares of the company's stock valued at $17,804,000 after purchasing an additional 2,536,135 shares during the last quarter. Finally, Vident Advisory LLC boosted its position in shares of HIVE Digital Technologies by 53.0% in the 2nd quarter. Vident Advisory LLC now owns 3,766,446 shares of the company's stock valued at $6,780,000 after purchasing an additional 1,305,057 shares during the period. 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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