HIVE Digital Technologies (NASDAQ:HIVE) Stock Price Up 8.9% – Here’s Why

HIVE Digital Technologies Ltd. (NASDAQ:HIVE)’s share price shot up 8.9% during mid-day trading on Friday . The company traded as high as $3.42 and last traded at $3.4860. 4,859,307 shares traded hands during mid-day trading, a decline of 76% from the average session volume of 19,852,336 shares. The stock had previously closed at $3.20.

Wall Street Analyst Weigh In

HIVE has been the subject of several research analyst reports. Wall Street Zen lowered shares of HIVE Digital Technologies from a “hold” rating to a “sell” rating in a research report on Saturday, November 22nd. HC Wainwright upped their price objective on HIVE Digital Technologies from $8.00 to $10.00 and gave the stock a “buy” rating in a report on Tuesday, November 18th. Northland Securities set a $7.50 price objective on HIVE Digital Technologies in a report on Tuesday, October 7th. Canaccord Genuity Group reiterated a “buy” rating and set a $10.00 target price on shares of HIVE Digital Technologies in a report on Friday, November 21st. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of HIVE Digital Technologies in a research note on Friday, October 31st. Eight 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 an average rating of “Moderate Buy” and an average target price of $8.13.

HIVE Digital Technologies Stock Up 7.0%

The stock has a market capitalization of $814.16 million, a price-to-earnings ratio of -16.31 and a beta of 3.54. The firm has a 50-day moving average of $4.72 and a 200 day moving average of $3.13. The company has a current ratio of 2.55, a quick ratio of 2.55 and a debt-to-equity ratio of 0.02.

HIVE Digital Technologies (NASDAQ:HIVE) last posted its quarterly earnings data on Friday, November 14th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01). HIVE Digital Technologies had a negative net margin of 16.18% and a negative return on equity of 14.15%. The firm had revenue of $83.37 million for the quarter, compared to analysts’ expectations of $80.62 million. On average, sell-side analysts anticipate that HIVE Digital Technologies Ltd. will post -0.32 earnings per share for the current year.

Hedge Funds Weigh In On HIVE Digital Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Tidal Investments LLC grew its stake in shares of HIVE Digital Technologies by 15.4% during the third quarter. Tidal Investments LLC now owns 4,771,312 shares of the company’s stock valued at $19,228,000 after acquiring 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 worth $17,584,000. Vident Advisory LLC raised its holdings in HIVE Digital Technologies by 53.0% in the second quarter. Vident Advisory LLC now owns 3,766,446 shares of the company’s stock valued at $6,780,000 after acquiring an additional 1,305,057 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in HIVE Digital Technologies by 55.0% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,780,876 shares of the company’s stock valued at $11,212,000 after acquiring an additional 987,314 shares in the last quarter. Finally, Generali Investments CEE investicni spolecnost a.s. boosted its stake in HIVE Digital Technologies by 20.0% during the 3rd quarter. Generali Investments CEE investicni spolecnost a.s. now owns 1,492,481 shares of the company’s stock valued at $6,015,000 after acquiring an additional 248,251 shares during the last quarter. 24.42% of the stock is owned by hedge funds and other institutional investors.

HIVE Digital Technologies Company Profile

HIVE Digital Technologies Ltd. operates as a cryptocurrency mining company in Canada, Sweden, and Iceland. The company engages in the mining and sale of digital currencies, including Ethereum Classic, Bitcoin, and other coins. It also operates data centers; and offers infrastructure solutions. The company was formerly known as HIVE Blockchain Technologies Ltd.