HIVE Digital Technologies (NASDAQ:HIVE) Stock Price Up 8.3% - Still a Buy?

Key Points

• HIVE shares rose 8.3% to $2.9450 during Thursday trading, although volume was 86% below the average session level.
• Analysts remain broadly positive, with six Buy ratings, one Hold and one Sell; the consensus rating is “Moderate Buy” with a $6.95 price target.
• 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 below estimates. Insiders also sold about $2.83 million of stock over the past 90 days.

HIVE Digital Technologies Ltd. (NASDAQ:HIVE - Get Free Report) shares were up 8.3% during mid-day trading on Thursday . The stock traded as high as $2.88 and last traded at $2.9450. 2,631,240 shares changed hands during trading, a decline of 86% from the average session volume of 19,446,246 shares. The stock had previously closed at $2.72.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on HIVE shares. HC Wainwright reaffirmed a "buy" rating and issued a $7.00 target price on shares of HIVE Digital Technologies in a research report on Monday, August 17th. B. Riley Financial raised their price objective on shares of HIVE Digital Technologies from $5.00 to $8.00 and gave the company a "buy" rating in a research note on Wednesday, June 3rd. Keefe, Bruyette & Woods upped their target price on shares of HIVE Digital Technologies from $3.00 to $5.00 and gave the stock a "market perform" rating in a research note on Friday, June 5th. Canaccord Genuity Group reiterated a "buy" rating and set a $10.00 target price on shares of HIVE Digital Technologies in a report on Tuesday, August 18th. Finally, Chardan Capital reiterated a "buy" rating and set a $7.50 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 issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, HIVE Digital Technologies has an average rating of "Moderate Buy" and a consensus target price of $6.95.

HIVE Digital Technologies Trading Up 13.8%

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 company has a market cap of $847.10 million, a PE ratio of -2.40 and a beta of 3.75. The company has a fifty day simple moving average of $3.04 and a two-hundred day simple moving average of $2.90.

HIVE Digital Technologies (NASDAQ:HIVE - Get Free Report) last announced its quarterly earnings data 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). HIVE Digital Technologies had a negative net margin of 98.49% and a negative return on equity of 31.98%. The company had revenue of $79.12 million during the quarter, compared to analysts' expectations of $81.72 million. During the same quarter in the previous year, the business posted $0.18 EPS. Analysts anticipate that HIVE Digital Technologies Ltd. will post -0.61 EPS for the current year.

Insiders Place Their Bets

In other news, COO Luke Rossy sold 215,000 shares of HIVE Digital Technologies stock in a transaction on Monday, June 8th. The shares were sold at an average price of $3.97, for a total transaction of $853,550.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Dave Perrill sold 175,000 shares of the business's stock in a transaction on Friday, June 19th. The stock was sold at an average price of $4.69, for a total transaction of $820,750.00. Following the transaction, the director owned 162,500 shares of the company's stock, valued at approximately $762,125. The trade was a 51.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 698,300 shares of company stock worth $2,830,742 in the last 90 days. Corporate insiders own 9.44% of the company's stock.

Institutional Trading of HIVE Digital Technologies

A number of hedge funds and other institutional investors have recently bought and sold shares of HIVE. Situational Awareness LP increased its holdings in shares of HIVE Digital Technologies by 169.3% in 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 during the last quarter. Millennium Management LLC lifted its stake in HIVE Digital Technologies by 58.1% during the fourth quarter. Millennium Management LLC now owns 6,900,828 shares of the company's stock worth $17,804,000 after purchasing an additional 2,536,135 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in HIVE Digital Technologies by 29.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,187,363 shares of the company's stock valued at $13,383,000 after purchasing an additional 1,193,991 shares in the last quarter. Tidal Investments LLC boosted its holdings in HIVE Digital Technologies by 15.4% in the third quarter. Tidal Investments LLC now owns 4,771,312 shares of the company's stock valued at $19,228,000 after purchasing an additional 637,679 shares in the last quarter. Finally, Two Sigma Investments LP purchased a new position in HIVE Digital Technologies in the third quarter valued at approximately $17,584,000. 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 publicly traded blockchain infrastructure company that specializes in the mining of digital assets such as Bitcoin and Ethereum. Using high-performance GPU and ASIC hardware, HIVE deploys proprietary mining rigs across multiple data centers to validate transactions on major blockchain networks. The company’s operations are designed to maximize hashing power while maintaining efficiency and uptime, enabling it to build and hold a portfolio of mined cryptocurrencies.

Headquartered in Vancouver, British Columbia, HIVE Digital operates data center facilities in North America and Europe, including Canada, Sweden and Iceland.

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