HIVE Digital Technologies (NASDAQ:HIVE) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

HIVE Digital Technologies (NASDAQ:HIVE) had its price target upped by stock analysts at Canaccord Genuity Group from $6.00 to $7.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price points to a potential upside of 59.45% from the stock’s current price.

A number of other brokerages have also issued reports on HIVE. Northland Capmk raised HIVE Digital Technologies to a “strong-buy” rating in a research report on Thursday, September 19th. Cantor Fitzgerald began coverage on shares of HIVE Digital Technologies in a research note on Tuesday, October 29th. They set an “overweight” rating and a $9.00 price objective on the stock. HC Wainwright raised shares of HIVE Digital Technologies from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $4.00 to $5.00 in a research report on Thursday, August 15th. Northland Securities began coverage on shares of HIVE Digital Technologies in a research report on Thursday, September 19th. They set an “outperform” rating and a $5.50 price target on the stock. Finally, B. Riley initiated coverage on HIVE Digital Technologies in a report on Friday, July 19th. They issued a “buy” rating and a $6.00 price objective for the company. One investment analyst has rated the stock with a sell rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, HIVE Digital Technologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $6.42.

HIVE Digital Technologies Stock Down 6.0 %

HIVE traded down $0.28 during trading hours on Thursday, reaching $4.39. 1,712,411 shares of the stock traded hands, compared to its average volume of 3,541,612. HIVE Digital Technologies has a fifty-two week low of $2.18 and a fifty-two week high of $5.74. The company has a market cap of $545.81 million, a price-to-earnings ratio of -31.35 and a beta of 3.43. The company has a debt-to-equity ratio of 0.06, a current ratio of 7.35 and a quick ratio of 7.35. The firm’s fifty day simple moving average is $3.47 and its two-hundred day simple moving average is $3.19.

HIVE Digital Technologies (NASDAQ:HIVE) last announced its earnings results on Monday, August 12th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.08). HIVE Digital Technologies had a negative return on equity of 11.25% and a negative net margin of 12.04%. The business had revenue of $32.24 million for the quarter, compared to analyst estimates of $31.85 million. As a group, analysts forecast that HIVE Digital Technologies will post -0.28 earnings per share for the current fiscal year.

Hedge Funds Weigh In On HIVE Digital Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Van ECK Associates Corp raised its position in shares of HIVE Digital Technologies by 35.4% during the 2nd quarter. Van ECK Associates Corp now owns 3,894,605 shares of the company’s stock worth $11,995,000 after buying an additional 1,018,231 shares in the last quarter. Vident Advisory LLC increased its stake in shares of HIVE Digital Technologies by 78.6% during the first quarter. Vident Advisory LLC now owns 1,737,308 shares of the company’s stock valued at $5,856,000 after acquiring an additional 764,387 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in 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 worth $1,018,000 after purchasing an additional 106,103 shares in the last quarter. Impact Partnership Wealth LLC lifted its position in HIVE Digital Technologies by 202.4% in the second quarter. Impact Partnership Wealth LLC now owns 48,945 shares of the company’s stock worth $151,000 after purchasing an additional 32,760 shares during the period. Finally, Gladstone Institutional Advisory LLC bought a new position in HIVE Digital Technologies during the 3rd quarter valued at $44,000. Institutional investors own 24.42% of the company’s stock.

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.