HIVE Digital Technologies (NASDAQ:HIVE) Shares Gap Up – Here’s What Happened

HIVE Digital Technologies Ltd. (NASDAQ:HIVE)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $4.29, but opened at $4.45. HIVE Digital Technologies shares last traded at $4.14, with a volume of 2,122,294 shares.

Analyst Upgrades and Downgrades

Several research firms have commented on HIVE. Northland Capmk raised HIVE Digital Technologies to a “strong-buy” rating in a research report on Thursday, September 19th. Cantor Fitzgerald reiterated an “overweight” rating and set a $9.00 target price on shares of HIVE Digital Technologies in a report on Tuesday. Northland Securities increased their price objective on shares of HIVE Digital Technologies from $5.50 to $7.00 and gave the company an “outperform” rating in a research report on Thursday, November 14th. Canaccord Genuity Group boosted their target price on shares of HIVE Digital Technologies from $6.00 to $7.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Finally, HC Wainwright raised their price target on shares of HIVE Digital Technologies from $5.00 to $8.00 and gave the company a “buy” rating in a report on Thursday, November 14th. One analyst has rated the stock with a sell rating, five have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $7.40.

HIVE Digital Technologies Trading Down 3.7 %

The firm has a market cap of $507.95 million, a P/E ratio of -28.61 and a beta of 3.43. The business’s 50 day moving average is $3.64 and its 200-day moving average is $3.26. The company has a quick ratio of 5.56, a current ratio of 5.56 and a debt-to-equity ratio of 0.06.

HIVE Digital Technologies (NASDAQ:HIVE) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.03. HIVE Digital Technologies had a negative return on equity of 10.78% and a negative net margin of 12.04%. The business had revenue of $22.65 million for the quarter, compared to analyst estimates of $25.32 million. During the same period in the prior year, the company posted ($0.29) EPS. As a group, analysts forecast that HIVE Digital Technologies Ltd. will post -0.29 earnings per share for the current fiscal year.

Institutional Trading of HIVE Digital Technologies

Institutional investors and hedge funds have recently made changes to their positions in the stock. Lifeworks Advisors LLC bought a new stake in shares of HIVE Digital Technologies during the third quarter valued at approximately $35,000. Vanguard Personalized Indexing Management LLC acquired a new position in shares of HIVE Digital Technologies during the second quarter valued at $36,000. Gladstone Institutional Advisory LLC acquired a new stake in HIVE Digital Technologies in the third quarter worth about $44,000. Quadrature Capital Ltd bought a new position in HIVE Digital Technologies in the 3rd quarter valued at about $50,000. Finally, Wellington Management Group LLP bought a new stake in shares of HIVE Digital Technologies during the 3rd quarter worth about $120,000. 24.42% of the stock is currently owned by institutional investors and hedge funds.

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.