HIVE Digital Technologies (NASDAQ:HIVE) Stock Price Up 10% Following Analyst Upgrade

HIVE Digital Technologies Ltd. (NASDAQ:HIVE)’s share price was up 10% during mid-day trading on Wednesday after Cantor Fitzgerald raised their price target on the stock from $3.00 to $4.60. Cantor Fitzgerald currently has an overweight rating on the stock. HIVE Digital Technologies traded as high as $3.78 and last traded at $3.6840. Approximately 14,896,129 shares were traded during mid-day trading, an increase of 4% from the average daily volume of 14,344,814 shares. The stock had previously closed at $3.35.

Several other brokerages have also issued reports on HIVE. New Street Research set a $5.00 target price on shares of HIVE Digital Technologies in a research report on Thursday, February 19th. Canaccord Genuity Group restated a “buy” rating and set a $10.00 target price on shares of HIVE Digital Technologies in a research report on Friday, April 24th. HC Wainwright restated a “buy” rating on shares of HIVE Digital Technologies in a research report on Tuesday, February 17th. B. Riley Financial cut their target price on shares of HIVE Digital Technologies from $7.00 to $6.00 and set a “buy” rating for the company in a research report on Friday, February 13th. Finally, Northland Securities set a $6.00 target price on shares of HIVE Digital Technologies in a research report on Wednesday, February 18th. Six equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $6.34.

Hedge Funds Weigh In On HIVE Digital Technologies

Hedge funds have recently modified their holdings of the company. NewEdge Advisors LLC boosted its position in shares of HIVE Digital Technologies by 1,885.8% in the fourth quarter. NewEdge Advisors LLC now owns 9,929 shares of the company’s stock worth $26,000 after purchasing an additional 9,429 shares during the period. Ground Swell Capital LLC bought a new position in shares of HIVE Digital Technologies during the fourth quarter worth $27,000. Rafferty Asset Management LLC bought a new position in shares of HIVE Digital Technologies during the fourth quarter worth $28,000. State of Wyoming bought a new position in shares of HIVE Digital Technologies during the fourth quarter worth $28,000. Finally, PKS Advisory Services LLC bought a new position in shares of HIVE Digital Technologies during the third quarter worth $44,000. 24.42% of the stock is currently owned by institutional investors.

HIVE Digital Technologies Trading Up 10.0%

The company has a debt-to-equity ratio of 0.02, a current ratio of 1.74 and a quick ratio of 1.74. The stock’s 50-day moving average is $2.34 and its two-hundred day moving average is $2.79. The stock has a market cap of $974.50 million, a P/E ratio of -6.12 and a beta of 3.50.

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.