HIVE Digital Technologies (NASDAQ:HIVE) Shares Down 6.3% – Here’s Why

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) fell 6.3% during mid-day trading on Wednesday . The stock traded as low as $4.84 and last traded at $4.91. 5,382,515 shares changed hands during mid-day trading, an increase of 52% from the average session volume of 3,536,763 shares. The stock had previously closed at $5.24.

Analyst Upgrades and Downgrades

Several research firms have issued reports on HIVE. Northland Capmk upgraded shares of HIVE Digital Technologies to a “strong-buy” rating in a research report on Thursday, September 19th. Northland Securities began coverage on shares of HIVE Digital Technologies in a research report on Thursday, September 19th. They issued an “outperform” rating and a $5.50 price target on the stock. Cantor Fitzgerald began coverage on shares of HIVE Digital Technologies in a research report on Tuesday, October 29th. They issued an “overweight” rating and a $9.00 price target on the stock. Canaccord Genuity Group restated a “buy” rating and issued a $6.00 price target on shares of HIVE Digital Technologies in a research report on Wednesday, August 21st. Finally, HC Wainwright upgraded shares of HIVE Digital Technologies from a “neutral” rating to a “buy” rating and lifted their target price for the company from $4.00 to $5.00 in a research report on Thursday, August 15th. One analyst has rated the stock with a sell rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, HIVE Digital Technologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $6.25.

HIVE Digital Technologies Stock Performance

The company has a debt-to-equity ratio of 0.06, a quick ratio of 7.35 and a current ratio of 7.35. The firm’s 50-day moving average price is $3.44 and its two-hundred day moving average price is $3.18. The firm has a market capitalization of $580.62 million, a price-to-earnings ratio of -33.78 and a beta of 3.43.

HIVE Digital Technologies (NASDAQ:HIVE) last issued its earnings results on Monday, August 12th. The company reported ($0.08) earnings per share for the quarter, meeting the consensus estimate of ($0.08). HIVE Digital Technologies had a negative net margin of 12.04% and a negative return on equity of 11.25%. The business had revenue of $32.24 million for the quarter, compared to analyst estimates of $31.85 million. Sell-side analysts predict that HIVE Digital Technologies Ltd. will post -0.28 earnings per share for the current year.

Hedge Funds Weigh In On HIVE Digital Technologies

Several institutional investors have recently added to or reduced their stakes in HIVE. MMCAP International Inc. SPC bought a new position in HIVE Digital Technologies during the 1st quarter valued at about $11,227,000. Vident Advisory LLC lifted its holdings in HIVE Digital Technologies by 78.6% during the 1st quarter. Vident Advisory LLC now owns 1,737,308 shares of the company’s stock valued at $5,856,000 after purchasing an additional 764,387 shares during the last quarter. Van ECK Associates Corp lifted its holdings in HIVE Digital Technologies by 35.4% during the 2nd quarter. Van ECK Associates Corp now owns 3,894,605 shares of the company’s stock valued at $11,995,000 after purchasing an additional 1,018,231 shares during the last quarter. Impact Partnership Wealth LLC lifted its holdings in HIVE Digital Technologies by 202.4% during the 2nd quarter. Impact Partnership Wealth LLC now owns 48,945 shares of the company’s stock valued at $151,000 after purchasing an additional 32,760 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC bought a new position in HIVE Digital Technologies during the 2nd quarter valued at about $36,000. 24.42% of the stock is owned by 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.