HIVE Digital Technologies (NASDAQ:HIVE) Stock Price Up 9.2% – Here’s Why

Shares of HIVE Digital Technologies Ltd. (NASDAQ:HIVE) were up 9.2% during trading on Thursday . The stock traded as high as $3.03 and last traded at $3.0150. Approximately 9,595,526 shares were traded during trading, a decline of 25% from the average daily volume of 12,867,531 shares. The stock had previously closed at $2.76.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. New Street Research set a $5.00 price target on HIVE Digital Technologies in a research note on Thursday, February 19th. Northland Securities set a $6.00 price target on shares of HIVE Digital Technologies in a research note on Wednesday, February 18th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $3.50 price objective (down from $11.00) on shares of HIVE Digital Technologies in a report on Tuesday, January 27th. HC Wainwright reaffirmed a “buy” rating on shares of HIVE Digital Technologies in a research report on Tuesday, February 17th. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $10.00 target price on shares of HIVE Digital Technologies in a research report on Friday, April 24th. Six research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $6.17.

HIVE Digital Technologies Stock Performance

The stock has a fifty day moving average of $2.26 and a 200-day moving average of $2.87. The company has a quick ratio of 1.74, a current ratio of 1.74 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $779.34 million, a PE ratio of -4.92 and a beta of 3.50.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in HIVE Digital Technologies by 18.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 878,457 shares of the company’s stock valued at $1,283,000 after buying an additional 137,651 shares in the last quarter. Goldman Sachs Group Inc. grew its position in shares of HIVE Digital Technologies by 328.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 520,877 shares of the company’s stock valued at $755,000 after buying an additional 399,223 shares during the last quarter. Geode Capital Management LLC raised its stake in 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 worth $2,334,000 after acquiring an additional 128,760 shares in the last quarter. JPMorgan Chase & Co. lifted its position in HIVE Digital Technologies by 397,216.0% in the second quarter. JPMorgan Chase & Co. now owns 397,316 shares of the company’s stock valued at $715,000 after acquiring an additional 397,216 shares during the last quarter. Finally, Franklin Resources Inc. boosted its stake in HIVE Digital Technologies by 232.8% in the second quarter. Franklin Resources Inc. now owns 62,061 shares of the company’s stock valued at $112,000 after acquiring an additional 43,413 shares in the last quarter. Institutional investors and hedge funds 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.