HIVE Digital Technologies (NASDAQ:HIVE) Lowered to “Strong Sell” Rating by Wall Street Zen

HIVE Digital Technologies (NASDAQ:HIVE) was downgraded by investment analysts at Wall Street Zen from a “sell” rating to a “strong sell” rating in a report issued on Sunday.

Other research analysts have also issued research reports about the stock. Keefe, Bruyette & Woods increased their target price on shares of HIVE Digital Technologies from $3.00 to $5.00 and gave the stock a “market perform” rating in a research report on Friday, June 5th. Rosenblatt Securities lifted their price target on shares of HIVE Digital Technologies from $5.00 to $5.50 and gave the company a “buy” rating in a research report on Wednesday, June 3rd. Cantor Fitzgerald set a $7.00 price target on HIVE Digital Technologies in a research note on Thursday, June 4th. HC Wainwright reissued a “buy” rating and set a $7.00 price target on shares of HIVE Digital Technologies in a research report on Wednesday, June 3rd. Finally, B. Riley Financial raised their price objective on HIVE Digital Technologies from $5.00 to $8.00 and gave the stock a “buy” rating in a research note on Wednesday, June 3rd. Six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $6.90.

HIVE Digital Technologies Stock Performance

Shares of HIVE traded down $0.01 during midday trading on Friday, reaching $3.35. 13,699,993 shares of the stock were exchanged, compared to its average volume of 27,945,808. The stock’s 50 day simple moving average is $3.69 and its 200 day simple moving average is $2.89. The company has a market cap of $885.91 million, a P/E ratio of -5.98 and a beta of 3.77. HIVE Digital Technologies has a twelve month low of $1.73 and a twelve month high of $7.84. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.10.

HIVE Digital Technologies (NASDAQ:HIVE) last released its quarterly earnings results on Tuesday, June 2nd. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.21) by ($0.07). HIVE Digital Technologies had a negative net margin of 49.21% and a negative return on equity of 23.12%. The business had revenue of $71.82 million during the quarter, compared to analyst estimates of $79.99 million. On average, sell-side analysts expect that HIVE Digital Technologies will post -0.74 earnings per share for the current year.

Insider Buying and Selling at HIVE Digital Technologies

In related news, COO Luke Rossy sold 215,000 shares of the stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $3.97, for a total transaction of $853,550.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Dave Perrill sold 175,000 shares of HIVE Digital Technologies stock in a transaction that occurred on Friday, June 19th. The shares were sold at an average price of $4.69, for a total transaction of $820,750.00. Following the completion of the transaction, the director directly owned 162,500 shares in the company, valued at $762,125. This trade represents a 51.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 681,700 shares of company stock valued at $2,937,876 in the last ninety days. 9.44% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On HIVE Digital Technologies

Large investors have recently modified their holdings of the business. Millennium Management LLC increased its stake in shares of HIVE Digital Technologies by 58.1% in the 4th quarter. Millennium Management LLC now owns 6,900,828 shares of the company’s stock valued at $17,804,000 after purchasing an additional 2,536,135 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in HIVE Digital Technologies by 29.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,187,363 shares of the company’s stock valued at $13,383,000 after buying an additional 1,193,991 shares in the last quarter. Tidal Investments LLC grew its position in HIVE Digital Technologies by 15.4% in the third quarter. Tidal Investments LLC now owns 4,771,312 shares of the company’s stock valued at $19,228,000 after acquiring an additional 637,679 shares during the last quarter. Two Sigma Investments LP bought a new position in HIVE Digital Technologies in the third quarter valued at about $17,584,000. Finally, Vident Advisory LLC raised its stake in HIVE Digital Technologies by 33.6% during the fourth quarter. Vident Advisory LLC now owns 4,327,141 shares of the company’s stock worth $11,164,000 after acquiring an additional 1,087,224 shares in the last quarter. Institutional investors and hedge funds 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.