HIVE Digital Technologies (NASDAQ:HIVE) Trading Down 8.7% Following Insider Selling

HIVE Digital Technologies Ltd. (NASDAQ:HIVE)’s share price was down 8.7% during mid-day trading on Wednesday following insider selling activity. The company traded as low as $4.18 and last traded at $4.2250. Approximately 10,415,848 shares were traded during trading, a decline of 44% from the average daily volume of 18,506,205 shares. The stock had previously closed at $4.63.

Specifically, Director Dave Perrill sold 175,000 shares of HIVE Digital Technologies stock in a transaction 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 of the company’s stock, valued at $762,125. The trade was a 51.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Susan B. Mcgee sold 125,000 shares of the firm’s stock in a transaction dated Friday, June 19th. The stock was sold at an average price of $4.25, for a total transaction of $531,250.00. Following the sale, the director owned 125,000 shares of the company’s stock, valued at approximately $531,250. This represents a 50.00% decrease in their position. The SEC filing for this sale provides additional information. In related news, Director Susan B. Mcgee sold 83,300 shares of HIVE Digital Technologies stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $4.24, for a total transaction of $353,192.00. Following the completion of the sale, the director owned 125,000 shares of the company’s stock, valued at approximately $530,000. The trade was a 39.99% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Keefe, Bruyette & Woods upped their price objective 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. UBS Group set a $8.00 target price on shares of HIVE Digital Technologies in a research report on Wednesday, June 3rd. B. Riley Financial upped their price target on shares of HIVE Digital Technologies from $5.00 to $8.00 and gave the stock a “buy” rating in a report on Wednesday, June 3rd. HC Wainwright reissued a “buy” rating and issued a $7.00 price objective on shares of HIVE Digital Technologies in a research note on Wednesday, June 3rd. Finally, Cantor Fitzgerald set a $7.00 price objective on shares of HIVE Digital Technologies in a research report on Thursday, June 4th. Six research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, HIVE Digital Technologies presently has a consensus rating of “Moderate Buy” and an average target price of $6.90.

HIVE Digital Technologies Price Performance

The stock has a market cap of $1.11 billion, a P/E ratio of -7.53 and a beta of 3.74. 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 business’s fifty day moving average price is $3.41 and its 200 day moving average price is $2.84.

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

Institutional Trading of HIVE Digital Technologies

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