HIVE Digital Technologies (NASDAQ:HIVE) Trading Down 6.3% - Here's What Happened

Key Points

• HIVE Digital Technologies Ltd. experienced a share price drop of 6.3%, trading as low as $6.54, with a significant decrease in trading volume.
• Analysts have mixed views, with 8 buy ratings, 1 hold rating, and 1 sell rating, while the consensus price target is $7.00.
• HIVE reported earnings of ($0.06) per share, beating expectations, with revenues of $45.61 million, showcasing a negative return on equity and net margin.

HIVE Digital Technologies Ltd. (NASDAQ:HIVE - Get Free Report)'s share price dropped 6.3% during mid-day trading on Wednesday . The company traded as low as $6.54 and last traded at $6.48. Approximately 12,847,215 shares changed hands during mid-day trading, a decline of 34% from the average daily volume of 19,386,785 shares. The stock had previously closed at $6.92.

Wall Street Analyst Weigh In

A number of research firms have recently commented on HIVE. Zacks Research upgraded HIVE Digital Technologies to a "hold" rating in a research report on Friday, August 8th. Rosenblatt Securities lowered their price target on HIVE Digital Technologies from $5.50 to $5.00 and set a "buy" rating for the company in a report on Friday, June 27th. Cantor Fitzgerald boosted their price objective 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. Northland Securities set a $7.50 price target on HIVE Digital Technologies in a research note on Tuesday, October 7th. Finally, Roth Capital upped their price target on HIVE Digital Technologies from $6.00 to $7.50 and gave the stock a "buy" rating in a report on Tuesday, August 26th. Eight research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, HIVE Digital Technologies has a consensus rating of "Moderate Buy" and an average price target of $7.00.

HIVE Digital Technologies Stock Performance

The stock has a market capitalization of $1.60 billion, a P/E ratio of -33.72 and a beta of 3.51. The company has a fifty day moving average of $3.56 and a two-hundred day moving average of $2.46. The company has a debt-to-equity ratio of 0.02, a current ratio of 3.42 and a quick ratio of 3.42.

HIVE Digital Technologies (NASDAQ:HIVE - Get Free Report) last released its earnings results on Thursday, August 14th. The company reported ($0.06) earnings per share for the quarter, topping analysts' consensus estimates of ($0.08) by $0.02. The firm 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, equities analysts anticipate that HIVE Digital Technologies Ltd. will post -0.32 EPS for the current year.

Institutional Investors Weigh In On HIVE Digital Technologies

A number of hedge funds have recently bought and sold shares of the company. Y Intercept Hong Kong Ltd bought a new stake in HIVE Digital Technologies in the 1st quarter valued at $31,000. Caitong International Asset Management Co. Ltd increased its position in shares of HIVE Digital Technologies by 3,966.3% during the first quarter. Caitong International Asset Management Co. Ltd now owns 24,845 shares of the company's stock worth $36,000 after buying an additional 24,234 shares during the period. Ethos Financial Group LLC acquired a new stake in HIVE Digital Technologies in the second quarter worth $36,000. Vanguard Personalized Indexing Management LLC bought a new position in shares of HIVE Digital Technologies during the second quarter valued at about $38,000. Finally, SBI Securities Co. Ltd. raised its holdings in shares of HIVE Digital Technologies by 30.9% in the 1st quarter. SBI Securities Co. Ltd. now owns 31,950 shares of the company's stock worth $46,000 after purchasing an additional 7,535 shares during the period. 24.42% of the stock is currently owned by institutional investors.

HIVE Digital Technologies Company Profile

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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