HIVE Digital Technologies (NASDAQ:HIVE) Trading 6.6% Higher - Here's Why

Key Points

• HIVE Digital Technologies shares rose 6.6% to approximately $3.315 during Friday trading, with about 10.3 million shares changing hands.
• Analysts remain broadly optimistic, with a “Moderate Buy” consensus and an average price target of $6.95, substantially above the current share price.
• The company reported a quarterly loss of $0.54 per share, missing estimates, while revenue of $79.12 million also came in below expectations; HIVE is expanding its data-center business beyond Bitcoin mining into AI and high-performance computing.

Shares of HIVE Digital Technologies Ltd. (NASDAQ:HIVE - Get Free Report) shot up 6.6% during trading on Friday . The stock traded as high as $3.30 and last traded at $3.3150. Approximately 10,336,626 shares changed hands during mid-day trading, a decline of 46% from the average session volume of 19,158,992 shares. The stock had previously closed at $3.11.

Wall Street Analysts Forecast Growth

HIVE has been the topic of a number of recent analyst reports. Cantor Fitzgerald set a $7.00 price target on shares of HIVE Digital Technologies in a report on Thursday, June 4th. Keefe, Bruyette & Woods increased 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. HC Wainwright restated a "buy" rating and set a $7.00 target price on shares of HIVE Digital Technologies in a research report on Monday, August 17th. Rosenblatt Securities lifted their price target on HIVE Digital Technologies from $5.50 to $6.00 and gave the company a "buy" rating in a research note on Thursday, August 20th. Finally, UBS Group set a $8.00 price target on HIVE Digital Technologies in a report on Wednesday, June 3rd. Six investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, HIVE Digital Technologies has an average rating of "Moderate Buy" and a consensus price target of $6.95.

HIVE Digital Technologies Stock Performance

The company has a quick ratio of 1.96, a current ratio of 1.96 and a debt-to-equity ratio of 0.85. The firm has a 50-day moving average price of $2.94 and a two-hundred day moving average price of $2.97. The firm has a market cap of $907.90 million, a PE ratio of -2.58 and a beta of 3.75.

HIVE Digital Technologies (NASDAQ:HIVE - Get Free Report) last posted its quarterly earnings data on Friday, August 14th. The company reported ($0.54) EPS for the quarter, missing the consensus estimate of ($0.21) by ($0.33). The firm had revenue of $79.12 million during the quarter, compared to analyst estimates 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 period in the prior year, the company posted $0.18 earnings per share. Research analysts forecast that HIVE Digital Technologies Ltd. will post -0.61 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Dave Perrill sold 100,000 shares of the stock in a transaction that occurred on Wednesday, August 19th. The shares were 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 Securities & Exchange Commission, which is accessible through the SEC website. 9.44% of the stock is owned by insiders.

Institutional Trading of HIVE Digital Technologies

Institutional investors have recently made changes to their positions in the company. Situational Awareness LP grew its holdings in HIVE Digital Technologies by 169.3% during the 2nd quarter. Situational Awareness LP now owns 9,133,726 shares of the company's stock worth $33,247,000 after acquiring an additional 5,742,179 shares during the period. Empowered Funds LLC acquired a new position in shares of HIVE Digital Technologies in the 1st quarter valued at $1,934,000. Acasta Partners UK LLP bought a new position in shares of HIVE Digital Technologies in the 2nd quarter worth $3,640,000. UBS Group AG grew its stake in shares of HIVE Digital Technologies by 3,992.2% during the fourth quarter. UBS Group AG now owns 929,390 shares of the company's stock worth $2,398,000 after purchasing an additional 906,679 shares during the period. Finally, BTG Pactual Asset Management US LLC acquired a new stake in shares of HIVE Digital Technologies during the second quarter worth $2,730,000. Hedge funds and other institutional investors own 24.42% of the company's stock.

About HIVE Digital Technologies

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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