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

Shares of HIVE Digital Technologies Ltd. (NASDAQ:HIVE) gapped down before the market opened on Thursday . The stock had previously closed at $4.38, but opened at $4.11. HIVE Digital Technologies shares last traded at $4.2670, with a volume of 11,892,390 shares changing hands.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on HIVE shares. Cantor Fitzgerald set a $7.00 target price on HIVE Digital Technologies in a research report on Thursday. HC Wainwright reiterated a “buy” rating and issued a $7.00 target price on shares of HIVE Digital Technologies in a report on Wednesday. Canaccord Genuity Group reiterated a “buy” rating and issued a $10.00 target price on shares of HIVE Digital Technologies in a report on Friday, April 24th. UBS Group set a $8.00 target price on shares of HIVE Digital Technologies in a report on Wednesday. Finally, New Street Research set a $5.00 target price on shares of HIVE Digital Technologies in a report on Thursday, February 19th. Six investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $6.75.

HIVE Digital Technologies Stock Down 0.6%

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 company has a market cap of $1.15 billion, a price-to-earnings ratio of -7.79 and a beta of 3.74. The business has a 50-day simple moving average of $2.82 and a 200-day simple moving average of $2.75.

HIVE Digital Technologies (NASDAQ:HIVE) last posted its quarterly earnings results on Tuesday, June 2nd. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.07). The company had revenue of $71.82 million during the quarter, compared to analyst estimates of $79.99 million. HIVE Digital Technologies had a negative net margin of 49.21% and a negative return on equity of 22.60%. On average, equities analysts anticipate that HIVE Digital Technologies Ltd. will post -0.65 earnings per share for the current fiscal year.

Hedge Funds Weigh In On HIVE Digital Technologies

Several large investors have recently bought and sold shares of HIVE. NewEdge Advisors LLC increased its holdings in HIVE Digital Technologies by 1,885.8% in the fourth quarter. NewEdge Advisors LLC now owns 9,929 shares of the company’s stock valued at $26,000 after buying an additional 9,429 shares during the last quarter. Ground Swell Capital LLC acquired a new position in shares of HIVE Digital Technologies in the 4th quarter valued at $27,000. Private Advisor Group LLC acquired a new position in shares of HIVE Digital Technologies in the 1st quarter valued at $27,000. Rafferty Asset Management LLC acquired a new position in shares of HIVE Digital Technologies in the 4th quarter valued at $28,000. Finally, State of Wyoming acquired a new position in shares of HIVE Digital Technologies in the 4th quarter valued at $28,000. Hedge funds and other institutional investors own 24.42% of the company’s stock.

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.