HIVE Digital Technologies (NASDAQ:HIVE) Shares Gap Up – Here’s Why

Shares of HIVE Digital Technologies Ltd. (NASDAQ:HIVE) gapped up before the market opened on Friday . The stock had previously closed at $2.08, but opened at $2.17. HIVE Digital Technologies shares last traded at $2.2350, with a volume of 2,375,406 shares.

Wall Street Analyst Weigh In

HIVE has been the subject of a number of recent analyst reports. HC Wainwright restated a “buy” rating on shares of HIVE Digital Technologies in a research report on Tuesday, February 17th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $3.50 price target (down from $11.00) on shares of HIVE Digital Technologies in a research note on Tuesday, January 27th. Wall Street Zen lowered shares of HIVE Digital Technologies from a “hold” rating to a “sell” rating in a report on Saturday, November 22nd. B. Riley Financial reduced their price objective 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, Canaccord Genuity Group reaffirmed a “buy” rating and set a $10.00 price objective on shares of HIVE Digital Technologies in a report on Friday, November 21st. Six analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $6.39.

HIVE Digital Technologies Price Performance

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 has a market capitalization of $549.67 million, a price-to-earnings ratio of -3.59 and a beta of 3.61. The stock has a 50 day moving average price of $2.59 and a 200-day moving average price of $3.47.

Hedge Funds Weigh In On HIVE Digital Technologies

Several hedge funds and other institutional investors have recently modified their holdings of HIVE. NewEdge Advisors LLC grew its stake in HIVE Digital Technologies by 1,885.8% during the 4th quarter. NewEdge Advisors LLC now owns 9,929 shares of the company’s stock valued at $26,000 after acquiring an additional 9,429 shares in the last quarter. WMG Financial Advisors LLC acquired a new stake in shares of HIVE Digital Technologies in the third quarter valued at approximately $40,000. HBW Advisory Services LLC purchased a new position in HIVE Digital Technologies during the third quarter worth approximately $40,000. Ground Swell Capital LLC purchased a new position in HIVE Digital Technologies during the fourth quarter worth approximately $27,000. Finally, Rafferty Asset Management LLC acquired a new position in HIVE Digital Technologies during the fourth quarter worth $28,000. 24.42% of the stock is owned by hedge funds and other institutional investors.

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.