HIVE Digital Technologies (NASDAQ:HIVE) Releases Quarterly Earnings Results, Beats Estimates By $0.02 EPS

HIVE Digital Technologies (NASDAQ:HIVE) released its quarterly earnings results on Thursday. The company reported ($0.19) earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.02, Zacks reports. The company had revenue of $79.12 million for the quarter, compared to analyst estimates of $81.72 million. HIVE Digital Technologies had a negative return on equity of 23.12% and a negative net margin of 49.21%.During the same quarter in the prior year, the firm posted $0.18 EPS.

HIVE Digital Technologies Stock Up 4.3%

HIVE Digital Technologies stock traded up $0.11 during midday trading on Friday, reaching $2.69. The company’s stock had a trading volume of 29,542,555 shares, compared to its average volume of 16,380,363. HIVE Digital Technologies has a 52-week low of $1.73 and a 52-week high of $7.84. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.10 and a quick ratio of 1.10. The stock has a market capitalization of $722.61 million, a P/E ratio of -4.80 and a beta of 3.78. The stock’s 50-day simple moving average is $3.34 and its 200-day simple moving average is $2.86.

Insider Buying and Selling

In related news, Director Susan B. Mcgee sold 125,000 shares of the company’s stock in a transaction on Friday, June 19th. The stock was sold at an average price of $4.25, for a total value of $531,250.00. Following the transaction, the director directly owned 125,000 shares of the company’s stock, valued at $531,250. This represents a 50.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Luke Rossy sold 215,000 shares of HIVE Digital Technologies stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $3.97, for a total value of $853,550.00. The SEC filing for this sale provides additional information. Insiders sold 681,700 shares of company stock worth $2,937,876 in the last three months. Corporate insiders own 9.44% of the company’s stock.

Institutional Investors Weigh In On HIVE Digital Technologies

A number of large investors have recently bought and sold shares of HIVE. Two Sigma Investments LP purchased a new position in HIVE Digital Technologies during the 3rd quarter worth approximately $17,584,000. Renaissance Technologies LLC acquired a new position in HIVE Digital Technologies during the fourth quarter valued at $10,914,000. Millennium Management LLC grew its position in HIVE Digital Technologies by 58.1% during the 4th quarter. Millennium Management LLC now owns 6,900,828 shares of the company’s stock worth $17,804,000 after purchasing an additional 2,536,135 shares during the period. Vident Advisory LLC raised its stake in shares of HIVE Digital Technologies by 53.0% during the 2nd quarter. Vident Advisory LLC now owns 3,766,446 shares of the company’s stock valued at $6,780,000 after buying an additional 1,305,057 shares during the last quarter. Finally, Jump Financial LLC acquired a new position in shares of HIVE Digital Technologies in the 4th quarter valued at about $3,344,000. Hedge funds and other institutional investors own 24.42% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on HIVE shares. Cantor Fitzgerald set a $7.00 target price on shares of HIVE Digital Technologies in a research note on Thursday, June 4th. UBS Group set a $8.00 price target on HIVE Digital Technologies in a report on Wednesday, June 3rd. B. Riley Financial lifted their price objective on shares of HIVE Digital Technologies from $5.00 to $8.00 and gave the company a “buy” rating in a report on Wednesday, June 3rd. Rosenblatt Securities increased their price target on HIVE Digital Technologies from $5.00 to $5.50 and gave the stock a “buy” rating in a research report on Wednesday, June 3rd. Finally, Keefe, Bruyette & Woods boosted their price target on shares of HIVE Digital Technologies from $3.00 to $5.00 and gave the company a “market perform” rating in a report on Friday, June 5th. Seven analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, HIVE Digital Technologies has a consensus rating of “Moderate Buy” and a consensus target price of $6.95.

About HIVE Digital Technologies

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.