HIVE Digital Technologies (NASDAQ:HIVE) Shares Gap Up - Still a Buy?

Key Points

• HIVE Digital Technologies shares opened higher, rising from a $1.975 prior close to $2.08 before trading near $2.005, with more than 2.1 million shares changing hands.
• Analyst sentiment is broadly positive: six analysts rate HIVE a Buy, one a Hold and one a Sell, producing a “Moderate Buy” consensus and an average price target of $6.95.
• The company reported weak quarterly results, including a $0.54 per-share loss versus the expected $0.21 loss and revenue below estimates; HIVE also posted a negative net margin of 98.49% and negative return on equity.

HIVE Digital Technologies Ltd. (NASDAQ:HIVE - Get Free Report) gapped up prior to trading on Wednesday. The stock had previously closed at $1.9750, but opened at $2.08. HIVE Digital Technologies shares last traded at $2.0050, with a volume of 2,170,581 shares trading hands.

Analysts Set New Price Targets

HIVE has been the topic of several analyst reports. Canaccord Genuity Group restated a "buy" rating and set a $10.00 price target on shares of HIVE Digital Technologies in a research note on Monday. Chardan Capital restated a "buy" rating and set a $7.50 price target on shares of HIVE Digital Technologies in a report on Wednesday, September 16th. Wall Street Zen lowered shares of HIVE Digital Technologies from a "sell" rating to a "strong sell" rating in a research note on Sunday, July 12th. Rosenblatt Securities upped their price objective on shares of HIVE Digital Technologies from $5.50 to $6.00 and gave the stock a "buy" rating in a report on Thursday, August 20th. Finally, HC Wainwright reissued a "buy" rating and set a $7.00 target price on shares of HIVE Digital Technologies in a research report on Monday, August 17th. Six 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 company. According to MarketBeat.com, HIVE Digital Technologies currently has an average rating of "Moderate Buy" and a consensus target price of $6.95.

HIVE Digital Technologies Trading Up 1.0%

The company's fifty day moving average is $2.86 and its 200-day moving average is $3.08. The company has a current ratio of 1.96, a quick ratio of 1.96 and a debt-to-equity ratio of 0.85. The firm has a market capitalization of $551.06 million, a P/E ratio of -1.55 and a beta of 3.76.

HIVE Digital Technologies (NASDAQ:HIVE - Get Free Report) last released its earnings results on Friday, August 14th. The company reported ($0.54) earnings per share for the quarter, missing analysts' consensus estimates of ($0.21) by ($0.33). The firm had revenue of $79.12 million for the quarter, compared to analyst estimates of $81.72 million. HIVE Digital Technologies had a negative return on equity of 31.98% and a negative net margin of 98.49%. During the same period in the prior year, the firm earned $0.18 EPS. As a group, sell-side analysts anticipate that HIVE Digital Technologies Ltd. will post -0.61 earnings per share for the current fiscal year.

Insider Transactions at HIVE Digital Technologies

In other HIVE Digital Technologies news, Director Dave Perrill sold 12,500 shares of the firm's stock in a transaction that occurred on Wednesday, October 7th. The stock was sold at an average price of $2.75, for a total value of $34,375.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Institutional Trading of HIVE Digital Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Situational Awareness LP boosted its position in shares of HIVE Digital Technologies by 169.3% during the 2nd quarter. Situational Awareness LP now owns 9,133,726 shares of the company's stock valued at $33,247,000 after acquiring an additional 5,742,179 shares in the last quarter. Empowered Funds LLC acquired a new position in HIVE Digital Technologies in the first quarter worth about $1,934,000. Acasta Partners UK LLP acquired a new position in HIVE Digital Technologies in the second quarter worth about $3,640,000. BTG Pactual Asset Management US LLC bought a new position in HIVE Digital Technologies during the second quarter worth about $2,730,000. Finally, Engineers Gate Manager LP bought a new position in HIVE Digital Technologies during the second quarter worth about $628,000. 24.42% of the stock is currently owned by institutional investors and hedge funds.

HIVE Digital Technologies Company Profile

HIVE Digital Technologies Ltd. is a digital-asset and data-center infrastructure company focused primarily on the mining of Bitcoin. The company operates specialized computing facilities designed to support energy-intensive digital-asset mining and has also been developing capabilities for high-performance computing and artificial-intelligence applications.

HIVE was founded in 2017 and was formerly known as HIVE Blockchain Technologies Ltd. Its operations have historically included data centers in Canada, Sweden and Iceland, and the company has expanded its infrastructure footprint internationally, including through development activities in Paraguay.

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