HIVE Digital Technologies (NASDAQ:HIVE) Shares Down 7.6% – Time to Sell?

Shares of HIVE Digital Technologies Ltd. (NASDAQ:HIVE) traded down 7.6% during mid-day trading on Wednesday . The stock traded as low as $4.42 and last traded at $4.2690. 4,315,846 shares were traded during trading, a decline of 78% from the average session volume of 19,773,615 shares. The stock had previously closed at $4.62.

Wall Street Analysts Forecast Growth

HIVE has been the topic of several recent research reports. Canaccord Genuity Group restated a “buy” rating and issued a $10.00 price target on shares of HIVE Digital Technologies in a research note on Monday, October 13th. Weiss Ratings reissued a “sell (d+)” rating on shares of HIVE Digital Technologies in a research note on Friday, October 31st. HC Wainwright restated a “buy” rating and set a $8.00 price target on shares of HIVE Digital Technologies in a report on Wednesday, October 29th. Rosenblatt Securities upped their price target on shares of HIVE Digital Technologies from $5.00 to $10.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. Finally, B. Riley reissued a “buy” rating on shares of HIVE Digital Technologies in a research report on Wednesday, October 22nd. Nine investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $8.00.

HIVE Digital Technologies Trading Down 11.3%

The stock has a fifty day simple moving average of $4.72 and a 200 day simple moving average of $3.02. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.42 and a current ratio of 3.42. The firm has a market cap of $974.57 million, a P/E ratio of -20.50 and a beta of 3.54.

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

Institutional Investors Weigh In On HIVE Digital Technologies

A number of hedge funds have recently added to or reduced their stakes in HIVE. Vident Advisory LLC boosted its stake in shares of HIVE Digital Technologies by 53.0% in the 2nd quarter. Vident Advisory LLC now owns 3,766,446 shares of the company’s stock worth $6,780,000 after buying an additional 1,305,057 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in HIVE Digital Technologies by 104.2% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,793,562 shares of the company’s stock valued at $3,233,000 after acquiring an additional 915,105 shares during the period. Generali Investments CEE investicni spolecnost a.s. boosted its position in HIVE Digital Technologies by 20.0% in the third quarter. Generali Investments CEE investicni spolecnost a.s. now owns 1,492,481 shares of the company’s stock worth $6,015,000 after purchasing an additional 248,251 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of HIVE Digital Technologies by 87.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,383,446 shares of the company’s stock valued at $2,006,000 after purchasing an additional 647,159 shares during the period. Finally, Geode Capital Management LLC increased its position in shares of HIVE Digital Technologies by 11.0% during the 2nd quarter. Geode Capital Management LLC now owns 1,296,531 shares of the company’s stock valued at $2,334,000 after purchasing an additional 128,760 shares during the last quarter. 24.42% of the stock is currently 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.