HIVE Digital Technologies (NASDAQ:HIVE) Trading Up 9.2% - Still a Buy?

Key Points

• HIVE Digital Technologies saw a significant stock price increase of 9.2%, with shares last trading at $4.08, following a trading volume increase of 122%.
• Equities research analysts have mixed views, with eight analysts giving a buy rating while price targets are generally lower, with Roth Capital raising it to $7.50 and HC Wainwright lowering it to $6.00.
• The company reported a revenue of $45.61 million for the last quarter, exceeding expectations, but maintains a negative net margin of 17.47%.

HIVE Digital Technologies Ltd. (NASDAQ:HIVE - Get Free Report)'s stock price was up 9.2% during trading on Wednesday . The stock traded as high as $4.02 and last traded at $4.08. Approximately 37,077,084 shares changed hands during mid-day trading, an increase of 122% from the average daily volume of 16,721,176 shares. The stock had previously closed at $3.73.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on HIVE shares. HC Wainwright reduced their price target on shares of HIVE Digital Technologies from $9.00 to $6.00 and set a "buy" rating for the company in a research report on Friday, June 27th. Zacks Research upgraded shares of HIVE Digital Technologies to a "hold" rating in a research report on Friday, August 8th. Roth Capital increased their target price on shares of HIVE Digital Technologies from $6.00 to $7.50 and gave the stock a "buy" rating in a research report on Tuesday, August 26th. Wall Street Zen upgraded shares of HIVE Digital Technologies from a "strong sell" rating to a "hold" rating in a research report on Saturday, August 16th. Finally, Canaccord Genuity Group increased their price target on shares of HIVE Digital Technologies from $9.00 to $10.00 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. Eight equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $6.93.

HIVE Digital Technologies Price Performance

The company has a market cap of $961.13 million, a price-to-earnings ratio of -20.32 and a beta of 3.45. 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 company's fifty day moving average price is $2.68 and its two-hundred day moving average price is $2.10.

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

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in HIVE. Vident Advisory LLC boosted its holdings in HIVE Digital Technologies by 53.0% during the second quarter. Vident Advisory LLC now owns 3,766,446 shares of the company's stock worth $6,780,000 after purchasing an additional 1,305,057 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in HIVE Digital Technologies by 104.2% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,793,562 shares of the company's stock valued at $3,233,000 after acquiring an additional 915,105 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in HIVE Digital Technologies by 87.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,383,446 shares of the company's stock valued at $2,006,000 after acquiring an additional 647,159 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of HIVE Digital Technologies by 328.2% in the first quarter. Goldman Sachs Group Inc. now owns 520,877 shares of the company's stock valued at $755,000 after purchasing an additional 399,223 shares during the period. Finally, JPMorgan Chase & Co. raised its position in shares of HIVE Digital Technologies by 397,216.0% in the second quarter. JPMorgan Chase & Co. now owns 397,316 shares of the company's stock valued at $715,000 after purchasing an additional 397,216 shares during the period. Institutional investors and hedge funds own 24.42% of the company's stock.

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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