Short Interest in HIVE Digital Technologies Ltd. (NASDAQ:HIVE) Drops By 28.2%

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) was the recipient of a significant drop in short interest in October. As of October 15th, there was short interest totaling 10,840,000 shares, a drop of 28.2% from the September 30th total of 15,090,000 shares. Based on an average trading volume of 31,880,000 shares, the days-to-cover ratio is currently 0.3 days. Approximately 4.7% of the company’s stock are short sold. Approximately 4.7% of the company’s stock are short sold. Based on an average trading volume of 31,880,000 shares, the days-to-cover ratio is currently 0.3 days.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Northland Securities set a $7.50 price target on HIVE Digital Technologies in a report on Tuesday, October 7th. Roth Capital lifted their price objective on HIVE Digital Technologies from $6.00 to $7.50 and gave the stock a “buy” rating in a report on Tuesday, August 26th. Zacks Research upgraded HIVE Digital Technologies to a “hold” rating in a report on Friday, August 8th. Weiss Ratings reiterated a “sell (d+)” rating on shares of HIVE Digital Technologies in a report on Friday. Finally, Wall Street Zen upgraded HIVE Digital Technologies from a “strong sell” rating to a “hold” rating in a report on Saturday, August 16th. Nine analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, HIVE Digital Technologies has an average rating of “Moderate Buy” and an average price target of $8.00.

HIVE Digital Technologies Stock Performance

NASDAQ:HIVE traded down $0.39 on Tuesday, hitting $5.00. The stock had a trading volume of 18,773,567 shares, compared to its average volume of 19,829,568. The stock has a market cap of $1.19 billion, a price-to-earnings ratio of -24.76 and a beta of 3.54. The company has a quick ratio of 3.42, a current ratio of 3.42 and a debt-to-equity ratio of 0.02. The business’s 50-day simple moving average is $4.49 and its two-hundred day simple moving average is $2.89. HIVE Digital Technologies has a 52-week low of $1.26 and a 52-week high of $7.84.

HIVE Digital Technologies (NASDAQ:HIVE) last announced its earnings results on Thursday, August 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.02. The business had revenue of $45.61 million for the quarter, compared to analysts’ expectations of $45.16 million. HIVE Digital Technologies had a negative return on equity of 17.39% and a negative net margin of 17.47%. As a group, research analysts predict that HIVE Digital Technologies will post -0.32 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Personalized Indexing Management LLC boosted its position in HIVE Digital Technologies by 21.4% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 25,388 shares of the company’s stock worth $102,000 after purchasing an additional 4,472 shares during the last quarter. International Assets Investment Management LLC purchased a new position in HIVE Digital Technologies in the third quarter worth about $242,000. Chicago Partners Investment Group LLC boosted its position in HIVE Digital Technologies by 76.6% in the third quarter. Chicago Partners Investment Group LLC now owns 136,650 shares of the company’s stock worth $551,000 after purchasing an additional 59,256 shares during the last quarter. WMG Financial Advisors LLC purchased a new position in shares of HIVE Digital Technologies during the 3rd quarter valued at about $40,000. Finally, Hennion & Walsh Asset Management Inc. lifted its position in shares of HIVE Digital Technologies by 51.1% during the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 173,647 shares of the company’s stock valued at $700,000 after buying an additional 58,695 shares in the last quarter. 24.42% of the stock is owned by hedge funds and other institutional investors.

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.