Analysts Set HIVE Digital Technologies Ltd. (NASDAQ:HIVE) Price Target at $6.95

Shares of HIVE Digital Technologies Ltd. (NASDAQ:HIVE) have been assigned a consensus recommendation of “Moderate Buy” from the eight analysts that are covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and six have assigned a buy recommendation to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $6.95.

Several brokerages have recently issued reports on HIVE. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price objective on shares of HIVE Digital Technologies in a research note on Monday, August 17th. Cantor Fitzgerald set a $7.00 target price on shares of HIVE Digital Technologies in a research note on Thursday, June 4th. Canaccord Genuity Group reissued a “buy” rating and set a $10.00 target price on shares of HIVE Digital Technologies in a research note on Tuesday, August 18th. B. Riley Financial raised their target price on shares of HIVE Digital Technologies from $5.00 to $8.00 and gave the stock a “buy” rating in a report on Wednesday, June 3rd. Finally, Rosenblatt Securities lifted their price target on shares of HIVE Digital Technologies from $5.50 to $6.00 and gave the stock a “buy” rating in a research report on Thursday, August 20th.

HIVE Digital Technologies Trading Up 0.3%

Shares of HIVE Digital Technologies stock opened at $2.90 on Monday. The business has a fifty day simple moving average of $2.94 and a 200-day simple moving average of $2.96. HIVE Digital Technologies has a fifty-two week low of $1.73 and a fifty-two week high of $7.84. The firm has a market cap of $794.25 million, a price-to-earnings ratio of -2.25 and a beta of 3.75. The company has a quick ratio of 1.96, a current ratio of 1.96 and a debt-to-equity ratio of 0.85.

HIVE Digital Technologies (NASDAQ:HIVE) last released its earnings results on Friday, August 14th. The company reported ($0.54) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.33). HIVE Digital Technologies had a negative return on equity of 31.98% and a negative net margin of 98.49%.The firm had revenue of $79.12 million for the quarter, compared to analyst estimates of $81.72 million. During the same period in the previous year, the firm earned $0.18 earnings per share. On average, equities analysts forecast that HIVE Digital Technologies will post -0.61 EPS for the current fiscal year.

Insider Buying and Selling at HIVE Digital Technologies

In other news, Director Dave Perrill sold 100,000 shares of the business’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $2.72, for a total transaction of $272,000.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Susan B. Mcgee sold 125,000 shares of the business’s stock in a transaction on Friday, June 19th. The stock was sold at an average price of $4.25, for a total value of $531,250.00. Following the sale, the director directly owned 125,000 shares in the company, valued at $531,250. This trade represents a 50.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 400,000 shares of company stock valued at $1,624,000. Corporate insiders own 9.44% of the company’s stock.

Hedge Funds Weigh In On HIVE Digital Technologies

Institutional investors have recently bought and sold shares of the stock. Situational Awareness LP lifted its stake in HIVE Digital Technologies by 169.3% in 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 in the last quarter. Empowered Funds LLC acquired a new stake in HIVE Digital Technologies during the 1st quarter worth about $1,934,000. Acasta Partners UK LLP acquired a new stake in HIVE Digital Technologies during the 2nd quarter worth about $3,640,000. UBS Group AG grew its stake in HIVE Digital Technologies by 3,992.2% during the 4th quarter. UBS Group AG now owns 929,390 shares of the company’s stock valued at $2,398,000 after acquiring an additional 906,679 shares in the last quarter. Finally, BTG Pactual Asset Management US LLC purchased a new position in HIVE Digital Technologies during the 2nd quarter valued at about $2,730,000. 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 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.