HIVE Digital Technologies (NASDAQ:HIVE) Trading Up 21.3% - What's Next?

Key Points

• HIVE Digital Technologies' share price surged by 21.3% during trading, reaching a high of $5.30 before closing at $5.40, despite a decline in trading volume.
• Recent analysis has resulted in varied price target changes from major investment firms, with a consensus target of $6.93 and a rating of "Moderate Buy" from analysts.
• Institutional investors have significantly increased their stakes in HIVE, collectively owning 24.42% of the company's stock as of the second quarter.

HIVE Digital Technologies Ltd. (NASDAQ:HIVE - Get Free Report)'s share price was up 21.3% during trading on Monday . The company traded as high as $5.30 and last traded at $5.40. Approximately 13,713,210 shares changed hands during trading, a decline of 25% from the average daily volume of 18,172,826 shares. The stock had previously closed at $4.45.

Analysts Set New Price Targets

HIVE has been the topic of several recent research reports. Rosenblatt Securities cut their target price on HIVE Digital Technologies from $5.50 to $5.00 and set a "buy" rating on the stock in a report on Friday, June 27th. HC Wainwright cut their target price on HIVE Digital Technologies from $9.00 to $6.00 and set a "buy" rating on the stock in a report on Friday, June 27th. Cantor Fitzgerald lifted their target price on HIVE Digital Technologies from $5.00 to $5.50 and gave the stock an "overweight" rating in a report on Friday, June 27th. Wall Street Zen raised HIVE Digital Technologies from a "strong sell" rating to a "hold" rating in a report on Saturday, August 16th. Finally, Weiss Ratings reaffirmed a "sell (d)" rating on shares of HIVE Digital Technologies in a report on Saturday, September 27th. Eight investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $6.93.

HIVE Digital Technologies Stock Performance

The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.42 and a current ratio of 3.42. The business has a 50-day moving average price of $2.95 and a 200 day moving average price of $2.23. The stock has a market capitalization of $1.31 billion, a P/E ratio of -27.85 and a beta of 3.51.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in HIVE. Vident Advisory LLC lifted its holdings 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 acquiring an additional 1,305,057 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of HIVE Digital Technologies by 104.2% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,793,562 shares of the company's stock worth $3,233,000 after acquiring an additional 915,105 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of HIVE Digital Technologies by 87.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,383,446 shares of the company's stock worth $2,006,000 after acquiring an additional 647,159 shares during the period. Geode Capital Management LLC increased its holdings in HIVE Digital Technologies by 11.0% during the second quarter. Geode Capital Management LLC now owns 1,296,531 shares of the company's stock valued at $2,334,000 after buying an additional 128,760 shares during the period. Finally, Generali Investments CEE investicni spolecnost a.s. increased its holdings in HIVE Digital Technologies by 45.4% during the second quarter. Generali Investments CEE investicni spolecnost a.s. now owns 1,244,230 shares of the company's stock valued at $2,240,000 after buying an additional 388,280 shares during the period. Institutional investors 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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