HIVE Digital Technologies (NASDAQ:HIVE) Trading Up 8.3% – Still a Buy?

HIVE Digital Technologies Ltd. (NASDAQ:HIVE)’s stock price was up 8.3% during trading on Wednesday . The company traded as high as $4.39 and last traded at $4.4390. Approximately 28,011,207 shares traded hands during mid-day trading, an increase of 77% from the average daily volume of 15,836,507 shares. The stock had previously closed at $4.10.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on HIVE shares. Canaccord Genuity Group reiterated a “buy” rating and set a $10.00 price target on shares of HIVE Digital Technologies in a research report on Friday, April 24th. Rosenblatt Securities reduced their price target on shares of HIVE Digital Technologies from $6.50 to $4.50 and set a “buy” rating for the company in a research report on Wednesday, February 18th. Northland Securities set a $6.00 price target on shares of HIVE Digital Technologies in a research report on Wednesday, February 18th. B. Riley Financial reduced their price target on shares of HIVE Digital Technologies from $7.00 to $6.00 and set a “buy” rating for the company in a research report on Friday, February 13th. Finally, New Street Research set a $5.00 price target on shares of HIVE Digital Technologies in a research report on Thursday, February 19th. Six equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, HIVE Digital Technologies currently has an average rating of “Moderate Buy” and an average target price of $6.34.

HIVE Digital Technologies Price Performance

The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.74 and a current ratio of 1.74. The stock has a market capitalization of $1.16 billion, a price-to-earnings ratio of -7.29 and a beta of 3.50. The company has a 50-day moving average of $2.62 and a 200-day moving average of $2.75.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of HIVE. Two Sigma Investments LP acquired a new position in shares of HIVE Digital Technologies during the 3rd quarter worth approximately $17,584,000. Renaissance Technologies LLC acquired a new position in shares of HIVE Digital Technologies during the 4th quarter worth approximately $10,914,000. Situational Awareness LP acquired a new position in shares of HIVE Digital Technologies during the 1st quarter worth approximately $6,444,000. Millennium Management LLC grew its stake in HIVE Digital Technologies by 58.1% in the 4th quarter. Millennium Management LLC now owns 6,900,828 shares of the company’s stock worth $17,804,000 after acquiring an additional 2,536,135 shares during the period. Finally, Vident Advisory LLC grew its stake in HIVE Digital Technologies by 53.0% in the 2nd quarter. Vident Advisory LLC now owns 3,766,446 shares of the company’s stock worth $6,780,000 after acquiring an additional 1,305,057 shares during the period. 24.42% of the stock is currently owned by institutional investors and hedge funds.

HIVE Digital Technologies Company Profile

HIVE Digital Technologies Ltd is a publicly traded blockchain infrastructure company that specializes in the mining of digital assets such as Bitcoin and Ethereum. Using high-performance GPU and ASIC hardware, HIVE deploys proprietary mining rigs across multiple data centers to validate transactions on major blockchain networks. The company’s operations are designed to maximize hashing power while maintaining efficiency and uptime, enabling it to build and hold a portfolio of mined cryptocurrencies.

Headquartered in Vancouver, British Columbia, HIVE Digital operates data center facilities in North America and Europe, including Canada, Sweden and Iceland.