HIVE Digital Technologies (NASDAQ:HIVE) Trading Down 5.5% - What's Next?

Key Points

• HIVE Digital Technologies experienced a significant decline of 5.5% in its stock price, trading down to $3.74 after closing at $3.96.
• Several brokerages have issued mixed outlooks on HIVE, with target prices ranging from $5.00 to $10.00 and a consensus rating of "Buy."
• In its latest earnings report, HIVE reported a revenue of $45.61 million, surpassing analyst expectations, while also posting a negative earnings per share of ($0.06).

HIVE Digital Technologies Ltd. (NASDAQ:HIVE - Get Free Report)'s share price fell 5.5% during mid-day trading on Tuesday . The stock traded as low as $3.70 and last traded at $3.74. 7,331,737 shares traded hands during trading, a decline of 53% from the average session volume of 15,740,563 shares. The stock had previously closed at $3.96.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on HIVE. Cantor Fitzgerald raised their target price on shares of HIVE Digital Technologies from $5.00 to $5.50 and gave the stock an "overweight" rating in a research report on Friday, June 27th. Rosenblatt Securities lowered their target price on shares of 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. Canaccord Genuity Group increased their price target on shares of HIVE Digital Technologies from $9.00 to $10.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. Wall Street Zen raised shares of HIVE Digital Technologies from a "strong sell" rating to a "hold" rating in a research note on Saturday, August 16th. Finally, HC Wainwright cut their price target on shares of HIVE Digital Technologies from $9.00 to $6.00 and set a "buy" rating on the stock in a research note on Friday, June 27th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $6.93.

HIVE Digital Technologies Price Performance

The company has a quick ratio of 3.42, a current ratio of 3.42 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $902.74 million, a PE ratio of -19.37 and a beta of 3.44. The stock's 50-day moving average is $2.49 and its 200 day moving average is $2.02.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of HIVE Digital Technologies in the fourth quarter valued at approximately $26,000. Ethos Financial Group LLC purchased a new stake in shares of HIVE Digital Technologies during the 2nd quarter valued at $36,000. Vanguard Personalized Indexing Management LLC bought a new position in shares of HIVE Digital Technologies during the 2nd quarter worth $38,000. Y Intercept Hong Kong Ltd bought a new position in HIVE Digital Technologies in the 1st quarter worth about $31,000. Finally, Zhang Financial LLC bought a new stake in shares of HIVE Digital Technologies during the 1st quarter valued at about $33,000. Institutional investors and hedge funds 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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