HIVE Digital Technologies (NASDAQ:HIVE) Shares Gap Up – Still a Buy?

HIVE Digital Technologies Ltd. (NASDAQ:HIVE)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $4.29, but opened at $4.45. HIVE Digital Technologies shares last traded at $4.14, with a volume of 2,122,294 shares trading hands.

Analysts Set New Price Targets

A number of research firms recently issued reports on HIVE. HC Wainwright lifted their target price on HIVE Digital Technologies from $5.00 to $8.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $9.00 price objective on shares of HIVE Digital Technologies in a research note on Tuesday. Northland Capmk upgraded shares of HIVE Digital Technologies to a “strong-buy” rating in a report on Thursday, September 19th. Northland Securities raised their target price on shares of HIVE Digital Technologies from $5.50 to $7.00 and gave the stock an “outperform” rating in a report on Thursday, November 14th. Finally, Canaccord Genuity Group upped their price target on HIVE Digital Technologies from $6.00 to $7.00 and gave the company a “buy” rating in a report on Thursday, November 14th. One equities research analyst has rated the stock with a sell rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, HIVE Digital Technologies presently has an average rating of “Moderate Buy” and an average target price of $7.40.

HIVE Digital Technologies Stock Performance

The firm’s fifty day simple moving average is $3.64 and its 200 day simple moving average is $3.26. The company has a market capitalization of $507.95 million, a price-to-earnings ratio of -28.61 and a beta of 3.43. 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 (NASDAQ:HIVE) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.03. HIVE Digital Technologies had a negative net margin of 12.04% and a negative return on equity of 10.78%. The firm had revenue of $22.65 million during the quarter, compared to analyst estimates of $25.32 million. During the same quarter last year, the business posted ($0.29) EPS. On average, sell-side analysts forecast that HIVE Digital Technologies Ltd. will post -0.29 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of HIVE. Van ECK Associates Corp grew its position in HIVE Digital Technologies by 35.4% during the second quarter. Van ECK Associates Corp now owns 3,894,605 shares of the company’s stock valued at $11,995,000 after purchasing an additional 1,018,231 shares in the last quarter. State Street Corp grew its holdings in shares of HIVE Digital Technologies by 2.9% during the 3rd quarter. State Street Corp now owns 3,214,101 shares of the company’s stock valued at $10,060,000 after acquiring an additional 91,056 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of HIVE Digital Technologies by 48.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 325,216 shares of the company’s stock worth $1,018,000 after acquiring an additional 106,103 shares during the last quarter. XTX Topco Ltd purchased a new stake in shares of HIVE Digital Technologies during the third quarter worth $463,000. Finally, Centiva Capital LP acquired a new stake in HIVE Digital Technologies during the third quarter valued at $235,000. 24.42% of the stock is owned by institutional investors and hedge funds.

About HIVE Digital Technologies

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.