HIVE Digital Technologies Target of Unusually High Options Trading (NASDAQ:HIVE)

Key Points

• HIVE Digital Technologies experienced an unusual surge in options trading, with investors purchasing 19,336 call options—an increase of about 288% compared to the average daily volume.
• The company’s stock price rose 6.8% on Monday, reaching $2.37, with a trading volume significantly higher than its average.
• HIVE Digital Technologies reported a quarterly revenue of $45.61 million, exceeding analyst expectations, along with earnings per share of ($0.06) for the period.

HIVE Digital Technologies Ltd. (NASDAQ:HIVE - Get Free Report) saw unusually large options trading activity on Monday. Investors acquired 19,336 call options on the stock. Thisisanincreaseofapproximately288% compared to the average daily volume of 4,987 call options.

HIVE Digital Technologies Stock Up 6.8%

NASDAQ:HIVE traded up $0.15 during mid-day trading on Monday, hitting $2.37. The stock had a trading volume of 23,185,564 shares, compared to its average volume of 14,574,243. The stock has a 50-day simple moving average of $2.10 and a two-hundred day simple moving average of $1.99. The company has a market capitalization of $543.54 million, a PE ratio of -11.85 and a beta of 3.41. HIVE Digital Technologies has a twelve month low of $1.26 and a twelve month high of $5.54. The company has a current ratio of 3.72, a quick ratio of 3.72 and a debt-to-equity ratio of 0.03.

HIVE Digital Technologies (NASDAQ:HIVE - Get Free Report) last issued its 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 firm had revenue of $45.61 million for 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 19.33%. On average, equities research analysts anticipate that HIVE Digital Technologies will post -0.32 EPS for the current year.

Hedge Funds Weigh In On HIVE Digital Technologies

Several hedge funds have recently added to or reduced their stakes in HIVE. LPL Financial LLC purchased a new position in HIVE Digital Technologies in the fourth quarter valued at approximately $54,000. Franklin Resources Inc. purchased a new position in shares of HIVE Digital Technologies during the fourth quarter worth approximately $53,000. Wells Fargo & Company MN grew its position in shares of HIVE Digital Technologies by 60.9% during the fourth quarter. Wells Fargo & Company MN now owns 15,320 shares of the company's stock worth $44,000 after acquiring an additional 5,800 shares during the last quarter. Russell Investments Group Ltd. purchased a new position in shares of HIVE Digital Technologies during the fourth quarter worth approximately $126,000. Finally, Invesco Ltd. grew its position in shares of HIVE Digital Technologies by 12.8% during the fourth quarter. Invesco Ltd. now owns 101,092 shares of the company's stock worth $288,000 after acquiring an additional 11,458 shares during the last quarter. 24.42% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on HIVE shares. Cantor Fitzgerald increased their target price on shares of HIVE Digital Technologies from $5.00 to $5.50 and gave the stock an "overweight" rating in a research note on Friday, June 27th. Zacks Research raised shares of HIVE Digital Technologies to a "hold" rating in a research report on Friday, August 8th. Rosenblatt Securities reduced their price target on shares of HIVE Digital Technologies from $5.50 to $5.00 and set a "buy" rating on the stock in a research report on Friday, June 27th. Wall Street Zen raised shares of HIVE Digital Technologies from a "strong sell" rating to a "hold" rating in a research report on Saturday. Finally, Canaccord Genuity Group reissued a "buy" rating and set a $9.00 price target on shares of HIVE Digital Technologies in a research report on Thursday, July 3rd. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $6.67.

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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