HIVE Digital Technologies (NASDAQ:HIVE) Shares Gap Up – What’s Next?

HIVE Digital Technologies Ltd. (NASDAQ:HIVE)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $4.34, but opened at $4.57. HIVE Digital Technologies shares last traded at $4.51, with a volume of 2,570,982 shares changing hands.

Analyst Upgrades and Downgrades

HIVE has been the subject of several research reports. StockNews.com raised HIVE Digital Technologies to a “sell” rating in a report on Tuesday. Northland Capmk raised HIVE Digital Technologies to a “strong-buy” rating in a report on Thursday, September 19th. Cantor Fitzgerald reissued an “overweight” rating and set a $9.00 target price on shares of HIVE Digital Technologies in a report on Tuesday, November 19th. Canaccord Genuity Group lifted their target price on HIVE Digital Technologies from $6.00 to $7.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Finally, HC Wainwright reissued a “buy” rating and set a $8.00 target price on shares of HIVE Digital Technologies in a report on Tuesday. One investment 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’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $7.40.

HIVE Digital Technologies Stock Performance

The firm has a market cap of $570.59 million, a price-to-earnings ratio of -32.93 and a beta of 3.39. The stock has a 50 day moving average of $3.81 and a 200 day moving average of $3.37. 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) EPS for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.03. The business had revenue of $22.65 million during the quarter, compared to the consensus estimate of $25.32 million. HIVE Digital Technologies had a negative return on equity of 10.78% and a negative net margin of 12.04%. During the same quarter in the previous year, the firm earned ($0.29) earnings per share. As a group, analysts anticipate that HIVE Digital Technologies Ltd. will post -0.31 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Van ECK Associates Corp grew its position in HIVE Digital Technologies by 35.4% in the second quarter. Van ECK Associates Corp now owns 3,894,605 shares of the company’s stock valued at $11,995,000 after acquiring an additional 1,018,231 shares during the last quarter. Impact Partnership Wealth LLC grew its position in 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 acquiring an additional 32,760 shares during the last quarter. Vanguard Personalized Indexing Management LLC bought a new position in HIVE Digital Technologies in the second quarter valued at about $36,000. Gladstone Institutional Advisory LLC bought a new position in HIVE Digital Technologies in the third quarter valued at about $44,000. Finally, Lifeworks Advisors LLC bought a new position in HIVE Digital Technologies in the third quarter valued at about $35,000. 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.