HIVE Digital Technologies (NASDAQ:HIVE) Shares Down 8.9% – Time to Sell?

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) shares were down 8.9% on Thursday. The company traded as low as $2.51 and last traded at $2.5050. Approximately 6,771,311 shares were traded during trading, a decline of 64% from the average session volume of 18,585,453 shares. The stock had previously closed at $2.75.

Analyst Ratings Changes

HIVE has been the topic of a number of research reports. Canaccord Genuity Group reissued a “buy” rating and issued a $10.00 price objective on shares of HIVE Digital Technologies in a research note on Tuesday, August 18th. Chardan Capital reissued a “buy” rating and issued a $7.50 target price on shares of HIVE Digital Technologies in a research report on Wednesday, September 16th. Weiss Ratings upgraded shares of HIVE Digital Technologies from a “sell (d-)” rating to a “sell (d)” rating in a research report on Friday, August 14th. Wall Street Zen lowered HIVE Digital Technologies from a “sell” rating to a “strong sell” rating in a report on Sunday, July 12th. Finally, Rosenblatt Securities lifted their price target on HIVE Digital Technologies from $5.50 to $6.00 and gave the company a “buy” rating in a report on Thursday, August 20th. Six equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, HIVE Digital Technologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $6.95.

HIVE Digital Technologies Price Performance

The stock has a 50-day simple moving average of $2.96 and a 200 day simple moving average of $3.06. The stock has a market capitalization of $693.79 million, a P/E ratio of -1.96 and a beta of 3.76. 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 posted its quarterly earnings results 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 firm had revenue of $79.12 million during the quarter, compared to the consensus estimate 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 prior year, the business earned $0.18 EPS. On average, equities analysts forecast that HIVE Digital Technologies Ltd. will post -0.61 earnings per share for the current fiscal year.

Insider Buying and Selling at HIVE Digital Technologies

In other news, Director Dave Perrill sold 100,000 shares of the firm’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $2.72, for a total value of $272,000.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. 9.44% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On HIVE Digital Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Situational Awareness LP bought a new position in HIVE Digital Technologies during the 1st quarter worth approximately $6,444,000. BTG Pactual Asset Management US LLC bought a new position in HIVE Digital Technologies in the second quarter valued at approximately $2,730,000. Acasta Partners UK LLP bought a new stake in shares of HIVE Digital Technologies during the second quarter worth $3,640,000. Empowered Funds LLC acquired a new stake in shares of HIVE Digital Technologies during the first quarter worth $1,934,000. Finally, Engineers Gate Manager LP bought a new stake in HIVE Digital Technologies in the 2nd quarter valued at $628,000. Institutional investors own 24.42% of the company’s stock.

HIVE Digital Technologies Company Profile

HIVE Digital Technologies Ltd. is a digital-asset and data-center infrastructure company focused primarily on the mining of Bitcoin. The company operates specialized computing facilities designed to support energy-intensive digital-asset mining and has also been developing capabilities for high-performance computing and artificial-intelligence applications.

HIVE was founded in 2017 and was formerly known as HIVE Blockchain Technologies Ltd. Its operations have historically included data centers in Canada, Sweden and Iceland, and the company has expanded its infrastructure footprint internationally, including through development activities in Paraguay.