HIVE Digital Technologies (NASDAQ:HIVE) Trading Down 7.6% – What’s Next?

Shares of HIVE Digital Technologies Ltd. (NASDAQ:HIVE) fell 7.6% during mid-day trading on Monday . The company traded as low as $4.00 and last traded at $4.02. 9,104,933 shares were traded during mid-day trading, an increase of 138% from the average session volume of 3,831,793 shares. The stock had previously closed at $4.35.

Analyst Upgrades and Downgrades

HIVE has been the subject of several analyst reports. Northland Securities increased their price objective on shares of HIVE Digital Technologies from $5.50 to $7.00 and gave the company an “outperform” rating in a research note on Thursday, November 14th. Cantor Fitzgerald restated an “overweight” rating and issued a $9.00 price objective on shares of HIVE Digital Technologies in a research note on Tuesday, November 19th. StockNews.com upgraded shares of HIVE Digital Technologies to a “sell” rating in a report on Tuesday, December 3rd. Canaccord Genuity Group boosted their target price on shares of HIVE Digital Technologies from $6.00 to $7.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Finally, HC Wainwright reissued a “buy” rating and set a $8.00 price objective on shares of HIVE Digital Technologies in a report on Tuesday, December 3rd. 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. According to MarketBeat, HIVE Digital Technologies has an average rating of “Moderate Buy” and an average price target of $7.40.

HIVE Digital Technologies Stock Up 1.0 %

The company has a debt-to-equity ratio of 0.06, a current ratio of 5.56 and a quick ratio of 5.56. The stock has a market capitalization of $526.59 million, a P/E ratio of -28.14 and a beta of 3.40. The stock has a fifty day moving average price of $3.88 and a 200 day moving average price of $3.42.

HIVE Digital Technologies (NASDAQ:HIVE) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.09) by $0.03. The company had revenue of $22.65 million during the quarter, compared to analysts’ expectations of $25.32 million. HIVE Digital Technologies had a negative net margin of 12.04% and a negative return on equity of 10.78%. During the same quarter in the previous year, the company earned ($0.29) earnings per share. On average, research analysts forecast that HIVE Digital Technologies Ltd. will post -0.33 earnings per share for the current year.

Institutional Investors Weigh In On HIVE Digital Technologies

Several hedge funds have recently bought and sold shares of the stock. Van ECK Associates Corp boosted its holdings in shares of HIVE Digital Technologies by 35.4% in the 2nd quarter. Van ECK Associates Corp now owns 3,894,605 shares of the company’s stock worth $11,995,000 after purchasing an additional 1,018,231 shares in the last quarter. State Street Corp lifted its stake in HIVE Digital Technologies by 2.9% in the third quarter. State Street Corp now owns 3,214,101 shares of the company’s stock worth $10,060,000 after purchasing an additional 91,056 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of HIVE Digital Technologies by 48.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 325,216 shares of the company’s stock valued at $1,018,000 after buying an additional 106,103 shares during the last quarter. XTX Topco Ltd purchased a new position in shares of HIVE Digital Technologies in the third quarter worth about $463,000. Finally, Centiva Capital LP bought a new stake in shares of HIVE Digital Technologies in the 3rd quarter valued at about $235,000. 24.42% of the stock is currently owned by institutional investors.

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.