Canaccord Genuity Group Reiterates “Buy” Rating for HIVE Digital Technologies (NASDAQ:HIVE)

Canaccord Genuity Group reaffirmed their buy rating on shares of HIVE Digital Technologies (NASDAQ:HIVE) in a report published on Wednesday morning, Benzinga reports. The brokerage currently has a $6.00 target price on the stock.

A number of other analysts have also recently issued reports on HIVE. B. Riley started coverage on shares of HIVE Digital Technologies in a research note on Friday, July 19th. They set a buy rating and a $6.00 target price for the company. StockNews.com upgraded HIVE Digital Technologies to a sell rating in a report on Sunday, June 9th. Finally, HC Wainwright upgraded HIVE Digital Technologies from a neutral rating to a buy rating and increased their target price for the stock from $4.00 to $5.00 in a research note on Thursday, August 15th. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus price target of $5.75.

HIVE Digital Technologies Stock Up 14.9 %

HIVE Digital Technologies stock opened at $3.63 on Wednesday. The company has a debt-to-equity ratio of 0.07, a current ratio of 6.77 and a quick ratio of 6.77. The company’s 50-day moving average is $3.33 and its 200-day moving average is $3.17. The firm has a market capitalization of $427.31 million, a PE ratio of -6.15 and a beta of 3.52. HIVE Digital Technologies has a fifty-two week low of $2.18 and a fifty-two week high of $5.74.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in HIVE. MMCAP International Inc. SPC bought a new stake in shares of HIVE Digital Technologies in the first quarter valued at approximately $11,227,000. Van ECK Associates Corp raised its holdings in HIVE Digital Technologies by 56.0% in the 1st quarter. Van ECK Associates Corp now owns 2,876,374 shares of the company’s stock valued at $9,693,000 after acquiring an additional 1,032,672 shares in the last quarter. Vident Advisory LLC lifted its position in shares of 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 acquiring an additional 764,387 shares during the period. Quadrature Capital Ltd acquired a new stake in shares of HIVE Digital Technologies during the 4th quarter worth $458,000. Finally, Impact Partnership Wealth LLC grew its holdings in shares of HIVE Digital Technologies by 202.4% during the 2nd quarter. Impact Partnership Wealth LLC now owns 48,945 shares of the company’s stock worth $151,000 after purchasing an additional 32,760 shares in the last quarter. Institutional investors and hedge funds own 24.42% of the company’s stock.

About HIVE Digital Technologies

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.