HIVE Digital Technologies (NASDAQ:HIVE) Shares Up 7.8% – Should You Buy?

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) was up 7.8% on Monday . The company traded as high as $2.62 and last traded at $2.62. Approximately 8,918,469 shares traded hands during trading, a decline of 30% from the average daily volume of 12,698,455 shares. The stock had previously closed at $2.43.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on HIVE shares. New Street Research set a $5.00 price target on HIVE Digital Technologies in a research report on Thursday, February 19th. Northland Securities set a $6.00 price target on HIVE Digital Technologies in a research report on Wednesday, February 18th. Rosenblatt Securities lowered their price target on HIVE Digital Technologies from $6.50 to $4.50 and set a “buy” rating on the stock in a research report on Wednesday, February 18th. Canaccord Genuity Group restated a “buy” rating and set a $10.00 price target on shares of HIVE Digital Technologies in a research report on Friday, April 24th. Finally, B. Riley Financial lowered their price target on HIVE Digital Technologies from $7.00 to $6.00 and set a “buy” rating on the stock in a research report on Friday, February 13th. Six equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $6.17.

HIVE Digital Technologies Stock Performance

The stock has a market cap of $682.22 million, a PE ratio of -4.33 and a beta of 3.51. The company has a fifty day moving average price of $2.17 and a 200 day moving average price of $3.00. The company has a quick ratio of 1.74, a current ratio of 1.74 and a debt-to-equity ratio of 0.02.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Bastion Asset Management Inc. purchased a new position in shares of HIVE Digital Technologies in the third quarter worth about $1,175,000. Alight Capital Management LP purchased a new position in shares of HIVE Digital Technologies in the third quarter worth about $1,310,000. J.W. Cole Advisors Inc. purchased a new position in shares of HIVE Digital Technologies in the third quarter worth about $116,000. PFG Private Wealth Management LLC purchased a new position in shares of HIVE Digital Technologies in the third quarter worth about $54,000. Finally, Hennion & Walsh Asset Management Inc. grew its stake in shares of HIVE Digital Technologies by 51.1% in the third quarter. Hennion & Walsh Asset Management Inc. now owns 173,647 shares of the company’s stock worth $700,000 after purchasing an additional 58,695 shares during the last quarter. Hedge funds and other institutional investors own 24.42% of the company’s stock.

About HIVE Digital Technologies

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.