HIVE Digital Technologies (NASDAQ:HIVE) Issues Earnings Results

HIVE Digital Technologies (NASDAQ:HIVE) announced its quarterly earnings results on Friday. The company reported ($0.19) earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.02, Zacks reports. HIVE Digital Technologies had a negative return on equity of 23.12% and a negative net margin of 49.21%.

HIVE Digital Technologies Price Performance

Shares of NASDAQ HIVE traded up $0.11 during midday trading on Friday, hitting $2.69. 29,542,555 shares of the company’s stock were exchanged, compared to its average volume of 18,969,832. HIVE Digital Technologies has a 12-month low of $1.73 and a 12-month high of $7.84. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.10. The company has a market cap of $722.61 million, a price-to-earnings ratio of -4.80 and a beta of 3.78. The business’s fifty day moving average price is $3.37 and its two-hundred day moving average price is $2.86.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on HIVE shares. B. Riley Financial raised their price objective on shares of HIVE Digital Technologies from $5.00 to $8.00 and gave the company a “buy” rating in a research report on Wednesday, June 3rd. Chardan Capital began coverage on shares of HIVE Digital Technologies in a report on Monday, July 27th. They set a “buy” rating and a $7.50 target price on the stock. HC Wainwright reiterated a “buy” rating and issued a $7.00 target price on shares of HIVE Digital Technologies in a research note on Wednesday, June 3rd. Canaccord Genuity Group reiterated a “buy” rating and issued a $10.00 target price on shares of HIVE Digital Technologies in a research note on Friday, June 5th. Finally, UBS Group set a $8.00 price target on shares of HIVE Digital Technologies in a report on Wednesday, June 3rd. Seven research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $6.95.

Insider Activity at HIVE Digital Technologies

In other HIVE Digital Technologies news, Director Susan B. Mcgee sold 125,000 shares of the business’s stock in a transaction that occurred on Friday, June 19th. The shares were 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 of the company’s stock, valued at $531,250. The trade was a 50.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Luke Rossy sold 215,000 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $3.97, for a total transaction of $853,550.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 681,700 shares of company stock valued at $2,937,876 over the last three months. 9.44% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Two Sigma Investments LP bought a new position in HIVE Digital Technologies in the third quarter valued at $17,584,000. Renaissance Technologies LLC bought a new stake in HIVE Digital Technologies during the fourth quarter worth about $10,914,000. Millennium Management LLC increased its position in shares of HIVE Digital Technologies by 58.1% during the 4th quarter. Millennium Management LLC now owns 6,900,828 shares of the company’s stock valued at $17,804,000 after purchasing an additional 2,536,135 shares during the last quarter. Vident Advisory LLC lifted its position in 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. Finally, Jump Financial LLC bought a new stake in HIVE Digital Technologies in the 4th quarter worth approximately $3,344,000. 24.42% of the stock is currently owned by hedge funds and other institutional investors.

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.