HIVE Digital Technologies Ltd. (NASDAQ:HIVE) Sees Large Increase in Short Interest

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) saw a significant growth in short interest in December. As of December 31st, there was short interest totalling 3,960,000 shares, a growth of 13.1% from the December 15th total of 3,500,000 shares. Currently, 3.1% of the company’s stock are sold short. Based on an average daily volume of 7,250,000 shares, the days-to-cover ratio is currently 0.5 days.

Institutional Trading of HIVE Digital Technologies

Hedge funds have recently bought and sold shares of the stock. Lifeworks Advisors LLC bought a new position in shares of HIVE Digital Technologies in the third quarter worth about $35,000. Vanguard Personalized Indexing Management LLC bought a new position in shares of HIVE Digital Technologies in the second quarter worth about $36,000. Gladstone Institutional Advisory LLC bought a new position in shares of HIVE Digital Technologies in the third quarter worth about $44,000. Quadrature Capital Ltd bought a new position in shares of HIVE Digital Technologies in the third quarter worth about $50,000. Finally, Wellington Management Group LLP bought a new position in shares of HIVE Digital Technologies in the third quarter worth about $120,000. Institutional investors own 24.42% of the company’s stock.

HIVE Digital Technologies Stock Performance

Shares of HIVE traded up $0.05 during trading hours on Friday, hitting $3.20. The stock had a trading volume of 13,382,429 shares, compared to its average volume of 8,295,840. The company has a debt-to-equity ratio of 0.06, a current ratio of 5.56 and a quick ratio of 5.56. HIVE Digital Technologies has a 12 month low of $2.18 and a 12 month high of $5.54. The firm has a market capitalization of $452.61 million, a PE ratio of -22.86 and a beta of 3.46. The stock has a fifty day moving average price of $3.68 and a 200 day moving average price of $3.47.

HIVE Digital Technologies (NASDAQ:HIVE) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.03. HIVE Digital Technologies had a negative return on equity of 10.78% and a negative net margin of 12.04%. The business had revenue of $22.65 million during the quarter, compared to analyst estimates of $25.32 million. During the same quarter in the previous year, the company posted ($0.29) earnings per share. Analysts anticipate that HIVE Digital Technologies will post -0.34 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Roth Capital upgraded HIVE Digital Technologies to a “strong-buy” rating in a research note on Wednesday, December 18th. Cantor Fitzgerald reiterated an “overweight” rating and set a $9.00 price objective on shares of HIVE Digital Technologies in a research note on Tuesday, November 19th. StockNews.com upgraded HIVE Digital Technologies to a “sell” rating in a research note on Tuesday, January 14th. Northland Securities lifted their price objective on HIVE Digital Technologies from $5.50 to $7.00 and gave the company an “outperform” rating in a research note on Thursday, November 14th. Finally, Canaccord Genuity Group lifted their price objective on HIVE Digital Technologies from $6.00 to $7.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. One analyst has rated the stock with a sell rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $7.42.

HIVE Digital Technologies Company Profile

HIVE Digital Technologies Ltd. operates as a cryptocurrency mining company in Canada, Sweden, and Iceland. The company engages in the mining and sale of digital currencies, including Ethereum Classic, Bitcoin, and other coins. It also operates data centers; and offers infrastructure solutions. The company was formerly known as HIVE Blockchain Technologies Ltd.