HIVE Digital Technologies (NASDAQ:HIVE) Stock Price Up 6.6% – Still a Buy?

HIVE Digital Technologies Ltd. (NASDAQ:HIVE)’s share price was up 6.6% during mid-day trading on Friday . The stock traded as high as $3.30 and last traded at $3.3150. Approximately 10,336,626 shares traded hands during trading, a decline of 46% from the average session volume of 19,158,992 shares. The stock had previously closed at $3.11.

Analysts Set New Price Targets

A number of analysts recently weighed in on HIVE shares. Wall Street Zen downgraded shares of HIVE Digital Technologies from a “sell” rating to a “strong sell” rating in a research report on Sunday, July 12th. Rosenblatt Securities boosted their price objective on shares of 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 reiterated a “buy” rating and issued a $10.00 target price on shares of HIVE Digital Technologies in a report on Tuesday, August 18th. B. Riley Financial lifted their price target on shares of HIVE Digital Technologies from $5.00 to $8.00 and gave the stock a “buy” rating in a research report on Wednesday, June 3rd. Finally, Keefe, Bruyette & Woods boosted their price target on shares of HIVE Digital Technologies from $3.00 to $5.00 and gave the company a “market perform” rating in a report on Friday, June 5th. Six equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price 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 cap of $907.90 million, a P/E ratio of -2.58 and a beta of 3.75. The company has a fifty day moving average price of $2.94 and a two-hundred day moving average price of $2.97.

HIVE Digital Technologies (NASDAQ:HIVE) last posted 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 business had revenue of $79.12 million for the quarter, compared to the consensus estimate of $81.72 million. HIVE Digital Technologies had a negative return on equity of 31.98% and a negative net margin of 98.49%.During the same period in the previous year, the company posted $0.18 earnings per share. Equities analysts anticipate that HIVE Digital Technologies Ltd. will post -0.61 earnings per share for the current year.

Insider Buying and Selling

In other HIVE Digital Technologies news, Director Dave Perrill sold 100,000 shares of the stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $2.72, for a total transaction of $272,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 9.44% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of HIVE. Situational Awareness LP raised its position in HIVE Digital Technologies by 169.3% in the 2nd quarter. Situational Awareness LP now owns 9,133,726 shares of the company’s stock valued at $33,247,000 after buying an additional 5,742,179 shares during the last quarter. Empowered Funds LLC bought a new position in shares of HIVE Digital Technologies during the 1st quarter worth approximately $1,934,000. Acasta Partners UK LLP acquired a new stake in shares of HIVE Digital Technologies in the second quarter valued at approximately $3,640,000. UBS Group AG raised its holdings in shares of HIVE Digital Technologies by 3,992.2% in the fourth quarter. UBS Group AG now owns 929,390 shares of the company’s stock valued at $2,398,000 after purchasing an additional 906,679 shares during the last quarter. Finally, BTG Pactual Asset Management US LLC bought a new stake in shares of HIVE Digital Technologies in the second quarter worth $2,730,000. 24.42% of the stock is owned by institutional investors and hedge funds.

About HIVE Digital Technologies

HIVE Digital Technologies Ltd. is a digital infrastructure company that develops and operates data centers designed for high-performance computing. Its primary business has historically been the mining of Bitcoin using specialized computing equipment, with operations supported by renewable and low-carbon energy sources where available.

The company is also expanding beyond cryptocurrency mining by evaluating and developing infrastructure for artificial intelligence, cloud computing and other high-performance computing applications.