HIVE Digital Technologies (NASDAQ:HIVE) Trading 8.2% Higher – Here’s What Happened

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) shares traded up 8.2% during trading on Friday . The company traded as high as $4.05 and last traded at $4.0990. 44,832,951 shares were traded during trading, an increase of 134% from the average session volume of 19,119,428 shares. The stock had previously closed at $3.79.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on HIVE shares. UBS Group set a $8.00 target price on shares of HIVE Digital Technologies in a research note on Wednesday, June 3rd. Rosenblatt Securities raised their price target on shares of HIVE Digital Technologies from $5.00 to $5.50 and gave the stock a “buy” rating in a research note on Wednesday, June 3rd. Cantor Fitzgerald set a $7.00 price objective on shares of HIVE Digital Technologies in a research report on Thursday, June 4th. Canaccord Genuity Group reissued a “buy” rating and set a $10.00 price objective on shares of HIVE Digital Technologies in a research note on Friday, June 5th. Finally, Keefe, Bruyette & Woods raised their target price on shares of HIVE Digital Technologies from $3.00 to $5.00 and gave the stock a “market perform” rating in a research report on Friday, June 5th. Six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, HIVE Digital Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $6.90.

HIVE Digital Technologies Trading Up 6.3%

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 stock has a market capitalization of $1.07 billion, a price-to-earnings ratio of -7.20 and a beta of 3.74. The business has a 50 day simple moving average of $3.50 and a 200-day simple moving average of $2.86.

HIVE Digital Technologies (NASDAQ:HIVE) last posted its quarterly earnings data on Tuesday, June 2nd. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.07). The company had revenue of $71.82 million for the quarter, compared to analyst estimates of $79.99 million. HIVE Digital Technologies had a negative net margin of 49.21% and a negative return on equity of 23.12%. On average, equities analysts predict that HIVE Digital Technologies Ltd. will post -0.74 earnings per share for the current year.

Insider Buying and Selling

In other HIVE Digital Technologies news, COO Luke Rossy sold 215,000 shares of the stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $3.97, for a total transaction of $853,550.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Dave Perrill sold 175,000 shares of the business’s stock in a transaction on Friday, June 19th. The shares were sold at an average price of $4.69, for a total transaction of $820,750.00. Following the sale, the director directly owned 162,500 shares of the company’s stock, valued at $762,125. This represents a 51.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 681,700 shares of company stock valued at $2,937,876. Insiders own 9.44% of the company’s stock.

Institutional Investors Weigh In On HIVE Digital Technologies

A number of institutional investors have recently added to or reduced their stakes in the company. NewEdge Advisors LLC raised its holdings in shares of HIVE Digital Technologies by 1,885.8% in the 4th quarter. NewEdge Advisors LLC now owns 9,929 shares of the company’s stock worth $26,000 after purchasing an additional 9,429 shares during the period. Ground Swell Capital LLC purchased a new stake in shares of HIVE Digital Technologies during the 4th quarter worth about $27,000. Rafferty Asset Management LLC acquired a new stake in HIVE Digital Technologies during the 4th quarter worth approximately $28,000. State of Wyoming purchased a new position in HIVE Digital Technologies in the fourth quarter valued at approximately $28,000. Finally, PKS Advisory Services LLC purchased a new position in HIVE Digital Technologies in the third quarter valued at approximately $44,000. Hedge funds and other institutional investors own 24.42% of the company’s stock.

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.