HIVE Digital Technologies (NASDAQ:HIVE) Trading Down 4.2% – Should You Sell?

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) fell 4.2% during mid-day trading on Friday . The stock traded as low as $2.90 and last traded at $2.93. Approximately 1,390,653 shares were traded during trading, a decline of 93% from the average daily volume of 19,607,811 shares. The stock had previously closed at $3.06.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Canaccord Genuity Group reiterated a “buy” rating and set a $10.00 price target on shares of HIVE Digital Technologies in a research report on Tuesday, August 18th. HC Wainwright reissued a “buy” rating and set a $7.00 price objective on shares of HIVE Digital Technologies in a research note on Monday, August 17th. B. Riley Financial upped their target price on 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 lifted their price target on HIVE Digital Technologies from $5.50 to $6.00 and gave the stock a “buy” rating in a research note on Thursday, August 20th. Finally, Weiss Ratings raised shares of HIVE Digital Technologies from a “sell (d-)” rating to a “sell (d)” rating in a research note on Friday, August 14th. Six analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $6.95.

HIVE Digital Technologies Stock Down 9.2%

The firm’s 50-day simple moving average is $3.18 and its two-hundred day simple moving average is $2.89. The stock has a market cap of $762.49 million, a price-to-earnings ratio of -2.16 and a beta of 3.78. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.96 and a current ratio of 1.96.

HIVE Digital Technologies (NASDAQ:HIVE) last issued its quarterly earnings data on Friday, August 14th. The company reported ($0.54) EPS for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.33). 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 31.98% and a negative net margin of 98.49%.During the same quarter in the previous year, the business earned $0.18 earnings per share. On average, sell-side analysts expect that HIVE Digital Technologies Ltd. will post -0.61 EPS for the current fiscal year.

Insiders Place Their Bets

In other HIVE Digital Technologies news, Director Susan B. Mcgee sold 125,000 shares of HIVE Digital Technologies stock in a transaction dated Friday, June 19th. The shares were sold at an average price of $4.25, for a total value of $531,250.00. Following the completion of the sale, the director owned 125,000 shares in the company, valued at $531,250. The trade was a 50.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Dave Perrill sold 175,000 shares of the business’s 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 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 SEC filing for this sale provides additional information. Insiders have sold 781,700 shares of company stock worth $3,209,876 in the last 90 days. Company insiders own 9.44% of the company’s stock.

Institutional Trading of HIVE Digital Technologies

Several large investors have recently bought and sold shares of the business. Situational Awareness LP raised its stake in HIVE Digital Technologies by 169.3% during the second 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. Two Sigma Investments LP acquired a new position in HIVE Digital Technologies during the 3rd quarter worth approximately $17,584,000. Renaissance Technologies LLC bought a new position in HIVE Digital Technologies in the 4th quarter valued at approximately $10,914,000. Millennium Management LLC lifted its stake in 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. Finally, Vident Advisory LLC boosted its position in HIVE Digital Technologies by 53.0% in the second 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 in the last quarter. 24.42% of the stock is owned by institutional investors and hedge funds.

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.