Canaccord Genuity Group Forecasts Strong Price Appreciation for HIVE Digital Technologies (NASDAQ:HIVE) Stock

HIVE Digital Technologies (NASDAQ:HIVE) had its price target hoisted by stock analysts at Canaccord Genuity Group from $8.00 to $9.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price would indicate a potential upside of 227.27% from the stock’s previous close.

A number of other research firms have also recently commented on HIVE. HC Wainwright reiterated a “buy” rating and set a $8.00 target price on shares of HIVE Digital Technologies in a research report on Wednesday, January 29th. Cantor Fitzgerald reiterated an “overweight” rating and set a $9.00 target price on shares of HIVE Digital Technologies in a research report on Tuesday, November 19th. Keefe, Bruyette & Woods started coverage on HIVE Digital Technologies in a research report on Wednesday, January 8th. They set an “outperform” rating on the stock. StockNews.com raised HIVE Digital Technologies to a “sell” rating in a report on Tuesday, January 14th. Finally, Roth Capital raised HIVE Digital Technologies to a “strong-buy” rating in a report on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $7.75.

HIVE Digital Technologies Trading Up 1.1 %

Shares of HIVE traded up $0.03 during midday trading on Wednesday, hitting $2.75. 8,204,257 shares of the stock were exchanged, compared to its average volume of 10,979,233. The firm has a market cap of $407.19 million, a P/E ratio of -19.64 and a beta of 3.46. The company has a debt-to-equity ratio of 0.06, a quick ratio of 5.56 and a current ratio of 5.56. HIVE Digital Technologies has a 52-week low of $2.18 and a 52-week high of $5.54. The stock has a fifty day simple moving average of $3.22 and a 200 day simple moving average of $3.38.

HIVE Digital Technologies (NASDAQ:HIVE) last announced its quarterly earnings data on Tuesday, February 11th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.05. HIVE Digital Technologies had a negative return on equity of 10.78% and a negative net margin of 12.04%. On average, research analysts anticipate that HIVE Digital Technologies will post -0.34 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. State Street Corp grew its stake in shares of HIVE Digital Technologies by 2.9% during the 3rd quarter. State Street Corp now owns 3,214,101 shares of the company’s stock valued at $10,060,000 after buying an additional 91,056 shares during the period. XTX Topco Ltd acquired a new stake in shares of HIVE Digital Technologies in the 3rd quarter valued at about $463,000. Wellington Management Group LLP acquired a new stake in HIVE Digital Technologies during the third quarter worth about $120,000. Centiva Capital LP acquired a new stake in HIVE Digital Technologies during the third quarter worth about $235,000. Finally, Charles Schwab Investment Management Inc. raised its stake in HIVE Digital Technologies by 48.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 325,216 shares of the company’s stock worth $1,018,000 after acquiring an additional 106,103 shares during the period. 24.42% of the stock is currently owned by institutional investors and hedge funds.

About HIVE Digital Technologies

HIVE Digital Technologies Ltd. operates as a cryptocurrency mining company in Canada, Sweden, and Iceland. The company engages in the mining and sale of digital currencies, including Ethereum Classic, Bitcoin, and other coins. It also operates data centers; and offers infrastructure solutions. The company was formerly known as HIVE Blockchain Technologies Ltd.