Short Interest in HIVE Digital Technologies Ltd. (NASDAQ:HIVE) Declines By 7.8%

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) saw a large drop in short interest during the month of July. As of July 31st, there was short interest totalling 5,710,000 shares, a drop of 7.8% from the July 15th total of 6,190,000 shares. Based on an average daily volume of 4,050,000 shares, the short-interest ratio is currently 1.4 days. Currently, 5.5% of the shares of the company are short sold.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. B. Riley began coverage on shares of HIVE Digital Technologies in a report on Friday, July 19th. They issued a “buy” rating and a $6.00 target price for the company. HC Wainwright raised HIVE Digital Technologies from a “neutral” rating to a “buy” rating and upped their price objective for the company from $4.00 to $5.00 in a research note on Thursday, August 15th. StockNews.com upgraded HIVE Digital Technologies to a “sell” rating in a research note on Sunday, June 9th. Finally, Canaccord Genuity Group restated a “buy” rating and set a $6.00 price target on shares of HIVE Digital Technologies in a research note on Wednesday, June 26th. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $5.75.

HIVE Digital Technologies Trading Up 0.3 %

NASDAQ HIVE opened at $3.08 on Wednesday. The company has a quick ratio of 6.77, a current ratio of 6.77 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $362.57 million, a P/E ratio of -5.22 and a beta of 3.52. HIVE Digital Technologies has a 52-week low of $2.18 and a 52-week high of $5.74. The firm has a 50-day moving average price of $3.31 and a 200 day moving average price of $3.17.

HIVE Digital Technologies (NASDAQ:HIVE) last released its earnings results on Monday, June 24th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.10. The company had revenue of $36.88 million for the quarter, compared to analysts’ expectations of $39.70 million. HIVE Digital Technologies had a negative return on equity of 28.52% and a negative net margin of 44.73%. Equities research analysts expect that HIVE Digital Technologies will post -0.36 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Personalized Indexing Management LLC purchased a new stake in shares of HIVE Digital Technologies during the 2nd quarter worth $36,000. Impact Partnership Wealth LLC lifted its stake in shares of HIVE Digital Technologies by 202.4% in the second 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 period. Van ECK Associates Corp boosted its holdings in HIVE Digital Technologies by 35.4% during the second quarter. Van ECK Associates Corp now owns 3,894,605 shares of the company’s stock worth $11,995,000 after buying an additional 1,018,231 shares in the last quarter. Vident Advisory LLC boosted its holdings in HIVE Digital Technologies by 78.6% during the first quarter. Vident Advisory LLC now owns 1,737,308 shares of the company’s stock worth $5,856,000 after buying an additional 764,387 shares in the last quarter. Finally, MMCAP International Inc. SPC acquired a new position in HIVE Digital Technologies during the first quarter worth about $11,227,000. Institutional investors and hedge funds own 24.42% of the company’s stock.

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.