HIVE Digital Technologies’ (HIVE) Buy Rating Reiterated at Canaccord Genuity Group

Canaccord Genuity Group reaffirmed their buy rating on shares of HIVE Digital Technologies (NASDAQ:HIVE) in a research note released on Monday morning,Benzinga reports. The firm currently has a $10.00 price target on the stock.

HIVE has been the topic of several other research reports. Rosenblatt Securities upped their price target on HIVE Digital Technologies from $5.50 to $6.00 and gave the stock a “buy” rating in a report on Thursday, August 20th. Chardan Capital reiterated a “buy” rating and issued a $7.50 price objective on shares of HIVE Digital Technologies in a research note on Wednesday, September 16th. HC Wainwright reiterated a “buy” rating and issued a $7.00 price objective on shares of HIVE Digital Technologies in a research note on Monday, August 17th. Weiss Ratings raised HIVE Digital Technologies from a “sell (d-)” rating to a “sell (d)” rating in a research report on Friday, August 14th. Finally, Wall Street Zen lowered shares of HIVE Digital Technologies from a “sell” rating to a “strong sell” rating in a research note on Sunday, July 12th. Six investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, HIVE Digital Technologies presently has an average rating of “Moderate Buy” and a consensus price target of $6.95.

HIVE Digital Technologies Stock Up 2.8%

HIVE Digital Technologies stock opened at $2.03 on Monday. HIVE Digital Technologies has a twelve month low of $1.73 and a twelve month high of $6.30. The stock’s fifty day simple moving average is $2.85 and its 200-day simple moving average is $3.08. The company has a current ratio of 1.96, a quick ratio of 1.96 and a debt-to-equity ratio of 0.85. The firm has a market capitalization of $560.73 million, a P/E ratio of -1.57 and a beta of 3.76.

HIVE Digital Technologies (NASDAQ:HIVE) last announced its quarterly earnings data on Friday, August 14th. The company reported ($0.54) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($0.33). The company had revenue of $79.12 million during the quarter, compared to analyst estimates of $81.72 million. HIVE Digital Technologies had a negative net margin of 98.49% and a negative return on equity of 31.98%. During the same quarter in the previous year, the business posted $0.18 earnings per share. As a group, equities analysts expect that HIVE Digital Technologies will post -0.61 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Dave Perrill sold 12,500 shares of the business’s stock in a transaction on Wednesday, October 7th. The shares were sold at an average price of $2.75, for a total transaction of $34,375.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 9.44% of the company’s stock.

Hedge Funds Weigh In On HIVE Digital Technologies

Several large investors have recently bought and sold shares of the business. Situational Awareness LP raised its position in shares of HIVE Digital Technologies by 169.3% during the 2nd quarter. Situational Awareness LP now owns 9,133,726 shares of the company’s stock worth $33,247,000 after acquiring an additional 5,742,179 shares in the last quarter. Empowered Funds LLC acquired a new position in HIVE Digital Technologies in the first quarter valued at approximately $1,934,000. Acasta Partners UK LLP acquired a new position in HIVE Digital Technologies in the second quarter valued at approximately $3,640,000. BTG Pactual Asset Management US LLC acquired a new position in HIVE Digital Technologies in the second quarter valued at approximately $2,730,000. Finally, Engineers Gate Manager LP purchased a new position in HIVE Digital Technologies in the second quarter valued at approximately $628,000. 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 digital asset infrastructure company focused primarily on Bitcoin mining and the operation of data centers. The company uses specialized computing equipment and energy infrastructure to support cryptocurrency mining, while also developing facilities designed to accommodate high-performance computing and artificial intelligence applications.

Founded as HIVE Blockchain Technologies, the company adopted the HIVE Digital Technologies name in 2023 to reflect its broader focus beyond cryptocurrency mining.