HIVE Digital Technologies (NASDAQ:HIVE) Stock Price Down 6.5% – Here’s What Happened

HIVE Digital Technologies Ltd. (NASDAQ:HIVE)’s share price traded down 6.5% during mid-day trading on Monday . The company traded as low as $2.68 and last traded at $2.6550. Approximately 4,961,850 shares traded hands during trading, a decline of 74% from the average session volume of 18,775,678 shares. The stock had previously closed at $2.84.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on HIVE shares. Weiss Ratings downgraded shares of HIVE Digital Technologies from a “sell (d)” rating to a “sell (d-)” rating in a research note on Monday, June 15th. Cantor Fitzgerald set a $7.00 target price on HIVE Digital Technologies in a research report on Thursday, June 4th. Rosenblatt Securities upped their price target on HIVE Digital Technologies from $5.00 to $5.50 and gave the stock a “buy” rating in a research note on Wednesday, June 3rd. Chardan Capital initiated coverage on HIVE Digital Technologies in a report on Monday, July 27th. They issued a “buy” rating and a $7.50 price target on the stock. Finally, UBS Group set a $8.00 price objective on HIVE Digital Technologies in a report on Wednesday, June 3rd. Seven equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $6.95.

HIVE Digital Technologies Price Performance

The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.10 and a current ratio of 1.10. The business has a 50 day simple moving average of $3.52 and a 200-day simple moving average of $2.88. The firm has a market cap of $705.15 million, a price-to-earnings ratio of -4.69 and a beta of 3.79.

HIVE Digital Technologies (NASDAQ:HIVE) last posted its quarterly earnings data on Tuesday, June 2nd. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.07). HIVE Digital Technologies had a negative return on equity of 23.12% and a negative net margin of 49.21%.The firm had revenue of $71.82 million for the quarter, compared to analysts’ expectations of $79.99 million. Equities research analysts expect that HIVE Digital Technologies Ltd. will post -0.78 earnings per share for the current year.

Insiders Place Their Bets

In other HIVE Digital Technologies news, Director Susan B. Mcgee sold 125,000 shares of the company’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 completion of the transaction, the director owned 125,000 shares in the company, valued at $531,250. This represents a 50.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Dave Perrill sold 175,000 shares of HIVE Digital Technologies stock in a transaction dated Friday, June 19th. The stock was sold at an average price of $4.69, for a total transaction of $820,750.00. Following the completion of the sale, the director directly owned 162,500 shares in the company, valued at approximately $762,125. This represents a 51.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 681,700 shares of company stock valued at $2,937,876.

Hedge Funds Weigh In On HIVE Digital Technologies

Several institutional investors have recently bought and sold shares of HIVE. Millennium Management LLC raised its stake in shares of HIVE Digital Technologies by 58.1% in the fourth quarter. Millennium Management LLC now owns 6,900,828 shares of the company’s stock valued at $17,804,000 after buying an additional 2,536,135 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of HIVE Digital Technologies by 29.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,187,363 shares of the company’s stock worth $13,383,000 after purchasing an additional 1,193,991 shares in the last quarter. Tidal Investments LLC increased its stake in shares of HIVE Digital Technologies by 15.4% in the third quarter. Tidal Investments LLC now owns 4,771,312 shares of the company’s stock worth $19,228,000 after purchasing an additional 637,679 shares in the last quarter. Two Sigma Investments LP bought a new stake in shares of HIVE Digital Technologies in the third quarter valued at approximately $17,584,000. Finally, Vident Advisory LLC raised its position in shares of HIVE Digital Technologies by 33.6% in the fourth quarter. Vident Advisory LLC now owns 4,327,141 shares of the company’s stock valued at $11,164,000 after purchasing an additional 1,087,224 shares during the period. 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 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.