HIVE Digital Technologies (NASDAQ:HIVE) Trading Down 8.3% - Time to Sell?

Key Points

• HIVE Digital Technologies shares fell 8.3% during trading, with a last trading price of $3.72, significantly below its previous close of $4.05.
• Analysts have mixed ratings with an average rating of "Moderate Buy" and a consensus target price of $6.93, following an earnings report that exceeded expectations.
• Institutional ownership in HIVE Digital Technologies is currently at 24.42%, with several funds increasing their stakes significantly in the past quarters.

HIVE Digital Technologies Ltd. (NASDAQ:HIVE - Get Free Report) shares fell 8.3% during trading on Thursday . The company traded as low as $3.68 and last traded at $3.72. 7,034,310 shares traded hands during mid-day trading, a decline of 58% from the average session volume of 16,769,725 shares. The stock had previously closed at $4.05.

Analyst Upgrades and Downgrades

A number of research firms recently commented on HIVE. Cantor Fitzgerald lifted their price target on HIVE Digital Technologies from $5.00 to $5.50 and gave the stock an "overweight" rating in a report on Friday, June 27th. Zacks Research upgraded HIVE Digital Technologies to a "hold" rating in a research note on Friday, August 8th. Canaccord Genuity Group lifted their price objective on shares of HIVE Digital Technologies from $9.00 to $10.00 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. HC Wainwright reduced their target price on shares of HIVE Digital Technologies from $9.00 to $6.00 and set a "buy" rating for the company in a report on Friday, June 27th. Finally, Rosenblatt Securities reduced their target price on shares of HIVE Digital Technologies from $5.50 to $5.00 and set a "buy" rating for the company in a report on Friday, June 27th. Eight equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, HIVE Digital Technologies currently has an average rating of "Moderate Buy" and a consensus target price of $6.93.

HIVE Digital Technologies Trading Down 7.5%

The business has a 50-day moving average price of $2.71 and a two-hundred day moving average price of $2.12. The company has a current ratio of 3.42, a quick ratio of 3.42 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $872.59 million, a P/E ratio of -18.87 and a beta of 3.45.

HIVE Digital Technologies (NASDAQ:HIVE - Get Free Report) last posted its quarterly earnings data on Thursday, August 14th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $45.61 million during the quarter, compared to analysts' expectations of $45.16 million. On average, analysts expect that HIVE Digital Technologies Ltd. will post -0.32 EPS for the current fiscal year.

Institutional Trading of HIVE Digital Technologies

Institutional investors and hedge funds have recently modified their holdings of the business. Y Intercept Hong Kong Ltd bought a new position in shares of HIVE Digital Technologies in the first quarter worth about $31,000. Zhang Financial LLC bought a new position in HIVE Digital Technologies in the 1st quarter valued at approximately $33,000. Caitong International Asset Management Co. Ltd lifted its stake in HIVE Digital Technologies by 3,966.3% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 24,845 shares of the company's stock valued at $36,000 after purchasing an additional 24,234 shares during the last quarter. Ethos Financial Group LLC bought a new position in HIVE Digital Technologies in the 2nd quarter valued at approximately $36,000. Finally, Vanguard Personalized Indexing Management LLC bought a new position in shares of HIVE Digital Technologies in the 2nd quarter valued at $38,000. 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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