HIVE Digital Technologies (NASDAQ:HIVE) Trading Up 5.8% - Still a Buy?

Key Points

• HIVE Digital Technologies shares rose by 5.8% during mid-day trading, reaching a high of $2.66, with a trading volume significantly surpassing average levels.
• Analysts currently have an average rating of "Buy" on HIVE, with price targets ranging from $5.00 to $10.00, reflecting varying levels of confidence in the company's future performance.
• HIVE reported earnings of ($0.06) per share, surpassing analysts' expectations, with quarterly revenue of $45.61 million, indicating a potential improvement in financial health.

HIVE Digital Technologies Ltd. (NASDAQ:HIVE - Get Free Report) shares were up 5.8% during mid-day trading on Monday . The stock traded as high as $2.66 and last traded at $2.67. Approximately 17,606,259 shares were traded during mid-day trading, an increase of 20% from the average daily volume of 14,632,672 shares. The stock had previously closed at $2.52.

Analyst Ratings Changes

Several equities analysts recently issued reports on HIVE shares. Zacks Research upgraded shares of HIVE Digital Technologies to a "hold" rating in a research note on Friday, August 8th. HC Wainwright decreased 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 research note on Friday, June 27th. Rosenblatt Securities cut their price target 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. Canaccord Genuity Group boosted their price target on shares of HIVE Digital Technologies from $9.00 to $10.00 and gave the stock a "buy" rating in a report on Wednesday, August 20th. Finally, Cantor Fitzgerald boosted their price target on shares of HIVE Digital Technologies from $5.00 to $5.50 and gave the stock an "overweight" rating in a report on Friday, June 27th. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, HIVE Digital Technologies has an average rating of "Buy" and an average price target of $6.83.

HIVE Digital Technologies Price Performance

The firm has a market cap of $604.31 million, a PE ratio of -13.24 and a beta of 3.41. The stock's fifty day moving average price is $2.14 and its 200-day moving average price is $1.97. 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 (EPS) for the quarter, topping 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 business had revenue of $45.61 million during the quarter, compared to analyst estimates of $45.16 million. As a group, equities analysts expect that HIVE Digital Technologies Ltd. will post -0.32 EPS for the current fiscal year.

Institutional Investors Weigh In On HIVE Digital Technologies

A number of large investors have recently modified their holdings of the business. Generali Investments CEE investicni spolecnost a.s. boosted its position in shares of HIVE Digital Technologies by 18.5% during the 1st quarter. Generali Investments CEE investicni spolecnost a.s. now owns 855,950 shares of the company's stock valued at $1,241,000 after acquiring an additional 133,840 shares during the last quarter. Man Group plc acquired a new position in shares of HIVE Digital Technologies during the 4th quarter valued at about $1,118,000. Vident Advisory LLC boosted its position in shares of HIVE Digital Technologies by 26.1% during the 4th quarter. Vident Advisory LLC now owns 2,831,492 shares of the company's stock valued at $8,072,000 after acquiring an additional 585,511 shares during the last quarter. Wells Fargo & Company MN boosted its position in shares of HIVE Digital Technologies by 60.9% during the 4th quarter. Wells Fargo & Company MN now owns 15,320 shares of the company's stock valued at $44,000 after acquiring an additional 5,800 shares during the last quarter. Finally, Invesco Ltd. boosted its position in shares of HIVE Digital Technologies by 12.8% during the 4th quarter. Invesco Ltd. now owns 101,092 shares of the company's stock valued at $288,000 after acquiring an additional 11,458 shares during the last quarter. Hedge funds and other 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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