HIVE Digital Technologies (NASDAQ:HIVE) Shares Gap Up – Should You Buy?

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) shares gapped up prior to trading on Wednesday. The stock had previously closed at $1.9750, but opened at $2.08. HIVE Digital Technologies shares last traded at $2.0050, with a volume of 2,170,581 shares changing hands.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. HC Wainwright reissued a “buy” rating and set a $7.00 target price on shares of HIVE Digital Technologies in a research report on Monday, August 17th. Rosenblatt Securities upped their price target on HIVE Digital Technologies from $5.50 to $6.00 and gave the company a “buy” rating in a report on Thursday, August 20th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $10.00 price target on shares of HIVE Digital Technologies in a report on Monday. Wall Street Zen lowered shares of HIVE Digital Technologies from a “sell” rating to a “strong sell” rating in a research note on Sunday, July 12th. Finally, Chardan Capital reiterated a “buy” rating and issued a $7.50 price target on shares of HIVE Digital Technologies in a research note on Wednesday, September 16th. Six equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $6.95.

HIVE Digital Technologies Price Performance

The company has a current ratio of 1.96, a quick ratio of 1.96 and a debt-to-equity ratio of 0.85. The firm has a market capitalization of $538.63 million, a PE ratio of -1.51 and a beta of 3.76. The company has a fifty day moving average price of $2.83 and a two-hundred day moving average price of $3.08.

HIVE Digital Technologies (NASDAQ:HIVE) last announced its earnings results on Friday, August 14th. The company reported ($0.54) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.33). The firm had revenue of $79.12 million during the quarter, compared to analyst estimates of $81.72 million. HIVE Digital Technologies had a negative net margin of 98.49% and a negative return on equity of 31.98%. During the same period last year, the company earned $0.18 earnings per share. Sell-side analysts forecast that HIVE Digital Technologies Ltd. will post -0.61 earnings per share for the current year.

Insider Buying and Selling at HIVE Digital Technologies

In other news, Director Dave Perrill sold 12,500 shares of the stock in a transaction that occurred on Wednesday, October 7th. The stock was sold at an average price of $2.75, for a total value of $34,375.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 9.44% of the company’s stock.

Institutional Trading of HIVE Digital Technologies

Several institutional investors and hedge funds have recently bought and sold shares of the business. Situational Awareness LP boosted its stake in HIVE Digital Technologies by 169.3% during the 2nd quarter. Situational Awareness LP now owns 9,133,726 shares of the company’s stock worth $33,247,000 after purchasing an additional 5,742,179 shares during the period. Empowered Funds LLC acquired a new position in HIVE Digital Technologies in the first quarter valued at $1,934,000. Acasta Partners UK LLP acquired a new position in HIVE Digital Technologies in the second quarter valued at $3,640,000. BTG Pactual Asset Management US LLC acquired a new position in HIVE Digital Technologies in the second quarter valued at $2,730,000. Finally, Hennion & Walsh Asset Management Inc. raised its holdings in shares of HIVE Digital Technologies by 8.0% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 398,871 shares of the company’s stock valued at $1,452,000 after buying an additional 29,641 shares during the last quarter. 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 digital asset infrastructure company focused primarily on Bitcoin mining and the operation of data centers. The company uses specialized computing equipment and energy infrastructure to support cryptocurrency mining, while also developing facilities designed to accommodate high-performance computing and artificial intelligence applications.

Founded as HIVE Blockchain Technologies, the company adopted the HIVE Digital Technologies name in 2023 to reflect its broader focus beyond cryptocurrency mining.