Short Interest in HIVE Digital Technologies Ltd. (NASDAQ:HIVE) Rises By 13.1%

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) was the target of a significant growth in short interest in January. As of January 15th, there was short interest totalling 3,960,000 shares, a growth of 13.1% from the December 31st total of 3,500,000 shares. Currently, 3.1% of the company’s stock are short sold. Based on an average trading volume of 7,250,000 shares, the days-to-cover ratio is presently 0.5 days.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Van ECK Associates Corp lifted its position in HIVE Digital Technologies by 17.9% during the fourth quarter. Van ECK Associates Corp now owns 4,562,489 shares of the company’s stock valued at $13,003,000 after purchasing an additional 692,799 shares during the last quarter. State Street Corp raised its position 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 buying an additional 91,056 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of HIVE Digital Technologies by 48.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 325,216 shares of the company’s stock valued at $1,018,000 after acquiring an additional 106,103 shares during the last quarter. XTX Topco Ltd purchased a new position in HIVE Digital Technologies in the third quarter worth about $463,000. Finally, Centiva Capital LP bought a new stake in HIVE Digital Technologies during the third quarter worth approximately $235,000. Institutional investors own 24.42% of the company’s stock.

HIVE Digital Technologies Stock Performance

HIVE Digital Technologies stock traded down $0.02 during midday trading on Monday, hitting $2.91. The stock had a trading volume of 13,791,041 shares, compared to its average volume of 11,261,685. HIVE Digital Technologies has a 52-week low of $2.18 and a 52-week high of $5.54. The company has a market capitalization of $430.88 million, a PE ratio of -20.78 and a beta of 3.46. The firm’s fifty day moving average is $3.38 and its two-hundred day moving average is $3.44. The company has a current ratio of 5.56, a quick ratio of 5.56 and a debt-to-equity ratio of 0.06.

HIVE Digital Technologies (NASDAQ:HIVE) last announced 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. HIVE Digital Technologies had a negative return on equity of 10.78% and a negative net margin of 12.04%. The business had revenue of $22.65 million for the quarter, compared to the consensus estimate of $25.32 million. During the same period in the previous year, the business earned ($0.29) earnings per share. On average, research analysts forecast that HIVE Digital Technologies will post -0.34 EPS for the current year.

Analyst Ratings Changes

Several brokerages have issued reports on HIVE. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $9.00 target price on shares of HIVE Digital Technologies in a report on Tuesday, November 19th. Roth Mkm started coverage on shares of HIVE Digital Technologies in a research note on Thursday, December 19th. They issued a “buy” rating and a $7.50 price target for the company. Keefe, Bruyette & Woods started coverage on shares of HIVE Digital Technologies in a research report on Wednesday, January 8th. They set an “outperform” rating on the stock. HC Wainwright reissued a “buy” rating and issued a $8.00 target price on shares of HIVE Digital Technologies in a research report on Wednesday, January 29th. Finally, 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 report on Thursday, November 14th. One investment analyst has rated the stock with a sell rating, seven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $7.42.

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.