HIVE Digital Technologies (NASDAQ:HIVE) Stock Falls 8.9% - What's Next?

Key Points

• HIVE Digital Technologies shares fell 8.9% to about $2.51, with trading volume below its daily average. The stock remains below its 50-day and 200-day moving averages.
• Analysts maintain a generally positive outlook, with an average rating of “Moderate Buy” and a consensus price target of $6.95, despite ratings ranging from “Strong Sell” to “Buy.”
• The company reported a significant quarterly loss, posting EPS of negative $0.54 versus expectations of negative $0.21, while revenue of $79.12 million also missed estimates. HIVE additionally disclosed a 100,000-share insider sale.

HIVE Digital Technologies Ltd. (NASDAQ:HIVE - Get Free Report) shares traded down 8.9% during mid-day trading on Thursday. The stock traded as low as $2.51 and last traded at $2.5050. 6,771,311 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 18,585,453 shares. The stock had previously closed at $2.75.

Analysts Set New Price Targets

A number of brokerages have weighed in on HIVE. 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. Wall Street Zen cut shares of HIVE Digital Technologies from a "sell" rating to a "strong sell" rating in a report on Sunday, July 12th. Canaccord Genuity Group reiterated a "buy" rating and set a $10.00 target price on shares of HIVE Digital Technologies in a research note on Tuesday, August 18th. Weiss Ratings upgraded HIVE Digital Technologies from a "sell (d-)" rating to a "sell (d)" rating in a report on Friday, August 14th. Finally, HC Wainwright restated a "buy" rating and issued a $7.00 target price on shares of HIVE Digital Technologies in a report on Monday, August 17th. Six equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, HIVE Digital Technologies presently has an average rating of "Moderate Buy" and an average target price of $6.95.

HIVE Digital Technologies Stock Down 8.2%

The business has a 50-day moving average of $2.96 and a 200 day moving average of $3.06. The company has a market capitalization of $693.79 million, a PE ratio of -1.96 and a beta of 3.76. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.96 and a quick ratio of 1.96.

HIVE Digital Technologies (NASDAQ:HIVE - Get Free Report) last announced its earnings results on Friday, August 14th. The company reported ($0.54) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($0.33). The business had revenue of $79.12 million for the quarter, compared to analysts' expectations of $81.72 million. HIVE Digital Technologies had a negative net margin of 98.49% and a negative return on equity of 31.98%. During the same quarter in the prior year, the company posted $0.18 earnings per share. Equities research analysts predict that HIVE Digital Technologies Ltd. will post -0.61 earnings per share for the current year.

Insider Activity

In other HIVE Digital Technologies news, Director Dave Perrill sold 100,000 shares of the business's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $2.72, for a total transaction of $272,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 9.44% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On HIVE Digital Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. TD Waterhouse Canada Inc. lifted its stake in HIVE Digital Technologies by 35.9% during the second quarter. TD Waterhouse Canada Inc. now owns 18,476 shares of the company's stock worth $64,000 after purchasing an additional 4,877 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its position in shares of HIVE Digital Technologies by 98.8% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 13,996 shares of the company's stock valued at $36,000 after buying an additional 6,956 shares during the last quarter. Verity Asset Management Inc. acquired a new stake in HIVE Digital Technologies during the second quarter worth about $44,000. Private Advisor Group LLC bought a new position in HIVE Digital Technologies in the first quarter worth about $27,000. Finally, CI Investments Inc. raised its position in shares of HIVE Digital Technologies by 37.9% during the 1st quarter. CI Investments Inc. now owns 54,429 shares of the company's stock worth $103,000 after purchasing an additional 14,964 shares during the period. Institutional investors and hedge funds own 24.42% of the company's stock.

About HIVE Digital Technologies

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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