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

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) shares gapped up prior to trading on Monday . The stock had previously closed at $2.69, but opened at $3.60. HIVE Digital Technologies shares last traded at $3.6030, with a volume of 44,778,095 shares traded.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on HIVE. HC Wainwright reissued a “buy” rating on shares of HIVE Digital Technologies in a research note on Tuesday, February 17th. Weiss Ratings reissued a “sell (d)” rating on shares of HIVE Digital Technologies in a research note on Monday, May 11th. Rosenblatt Securities dropped their price objective on HIVE Digital Technologies from $6.50 to $4.50 and set a “buy” rating on the stock in a research note on Wednesday, February 18th. B. Riley Financial dropped their price objective on HIVE Digital Technologies from $7.00 to $6.00 and set a “buy” rating on the stock in a research note on Friday, February 13th. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $10.00 price objective on shares of HIVE Digital Technologies in a research note on Friday, April 24th. Six equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $6.34.

HIVE Digital Technologies Stock Down 3.2%

The business has a 50-day moving average price of $2.34 and a 200-day moving average price of $2.79. The company has a market capitalization of $885.91 million, a price-to-earnings ratio of -5.58 and a beta of 3.50. 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

A number of institutional investors and hedge funds have recently modified their holdings of HIVE. NewEdge Advisors LLC grew its holdings in shares of HIVE Digital Technologies by 1,885.8% during the fourth quarter. NewEdge Advisors LLC now owns 9,929 shares of the company’s stock valued at $26,000 after buying an additional 9,429 shares in the last quarter. Ground Swell Capital LLC purchased a new position in shares of HIVE Digital Technologies during the fourth quarter valued at $27,000. Private Advisor Group LLC purchased a new position in shares of HIVE Digital Technologies during the first quarter valued at $27,000. Rafferty Asset Management LLC purchased a new position in shares of HIVE Digital Technologies during the fourth quarter valued at $28,000. Finally, State of Wyoming purchased a new position in shares of HIVE Digital Technologies during the fourth quarter valued at $28,000. Hedge funds and other institutional investors own 24.42% of the company’s stock.

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.