HIVE Digital Technologies (NASDAQ:HIVE) Stock Price Down 5.6% - What's Next?

Key Points

• HIVE Digital Technologies shares fell 5.6% to $3.115, with trading volume down 66% from its average. The stock remains highly volatile, with a beta of 3.75.
• Analysts remain broadly optimistic, with six Buy ratings, one Hold and one Sell, producing a “Moderate Buy” consensus and an average price target of $6.95.
• The company reported weaker-than-expected quarterly results, including an EPS loss of $0.54 versus the expected $0.21 loss and revenue of $79.12 million versus an $81.72 million estimate. HIVE is also expanding beyond Bitcoin mining into AI, cloud computing and other high-performance computing markets.

HIVE Digital Technologies Ltd. (NASDAQ:HIVE - Get Free Report)'s share price traded down 5.6% during trading on Friday. The stock traded as low as $3.13 and last traded at $3.1150. 6,481,868 shares traded hands during trading, a decline of 66% from the average daily volume of 18,987,434 shares. The stock had previously closed at $3.30.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on HIVE. Canaccord Genuity Group restated a "buy" rating and issued a $10.00 price objective on shares of HIVE Digital Technologies in a report on Tuesday, August 18th. B. Riley Financial boosted their price target on HIVE Digital Technologies from $5.00 to $8.00 and gave the stock a "buy" rating in a research report on Wednesday, June 3rd. HC Wainwright reaffirmed a "buy" rating and set a $7.00 price objective on shares of HIVE Digital Technologies in a research report on Monday, August 17th. Weiss Ratings raised HIVE Digital Technologies from a "sell (d-)" rating to a "sell (d)" rating in a research note on Friday, August 14th. Finally, Cantor Fitzgerald set a $7.00 price target on HIVE Digital Technologies in a report on Thursday, June 4th. Six analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, HIVE Digital Technologies has a consensus rating of "Moderate Buy" and an average price target of $6.95.

HIVE Digital Technologies Stock Performance

The business's 50 day simple moving average is $2.96 and its two-hundred day simple moving average is $3.01. 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 $852.86 million, a PE ratio of -2.41 and a beta of 3.75.

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

Insider Transactions at HIVE Digital Technologies

In related 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 value of $272,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 9.44% of the company's stock.

Institutional Investors Weigh In On HIVE Digital Technologies

Several institutional investors and hedge funds have recently modified their holdings of the stock. Situational Awareness LP increased 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 purchasing an additional 5,742,179 shares during the last quarter. Acasta Partners UK LLP purchased a new stake in shares of HIVE Digital Technologies during the second quarter valued at $3,640,000. BTG Pactual Asset Management US LLC purchased a new position in HIVE Digital Technologies in the 2nd quarter worth about $2,730,000. Empowered Funds LLC bought a new stake in HIVE Digital Technologies during the 1st quarter valued at about $1,934,000. Finally, Hennion & Walsh Asset Management Inc. boosted its position in HIVE Digital Technologies by 8.0% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 398,871 shares of the company's stock valued at $1,452,000 after buying an additional 29,641 shares during the period. Institutional investors own 24.42% of the company's stock.

HIVE Digital Technologies Company Profile

HIVE Digital Technologies Ltd. is a digital infrastructure company that develops and operates data centers designed for high-performance computing. Its primary business has historically been the mining of Bitcoin using specialized computing equipment, with operations supported by renewable and low-carbon energy sources where available.

The company is also expanding beyond cryptocurrency mining by evaluating and developing infrastructure for artificial intelligence, cloud computing and other high-performance computing applications.

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