HIVE Digital Technologies Ltd. (NASDAQ:HIVE) Sees Large Increase in Short Interest

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) was the target of a significant increase in short interest in February. As of February 28th, there was short interest totalling 9,670,000 shares, an increase of 38.5% from the February 13th total of 6,980,000 shares. Based on an average trading volume of 10,220,000 shares, the short-interest ratio is presently 0.9 days. Approximately 6.3% of the company’s shares are sold short.

Analysts Set New Price Targets

Several research firms have recently commented on HIVE. Roth Capital raised shares of HIVE Digital Technologies to a “strong-buy” rating in a research report on Wednesday, December 18th. Rosenblatt Securities assumed coverage on HIVE Digital Technologies in a research report on Friday, March 7th. They set a “buy” rating and a $6.00 price objective on the stock. Roth Mkm assumed coverage on HIVE Digital Technologies in a research report on Thursday, December 19th. They issued a “buy” rating and a $7.50 target price for the company. Canaccord Genuity Group upped their price target on HIVE Digital Technologies from $8.00 to $9.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. Finally, StockNews.com raised HIVE Digital Technologies to a “sell” rating in a research report on Tuesday, January 14th. One research analyst has rated the stock with a sell rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, HIVE Digital Technologies presently has a consensus rating of “Buy” and an average price target of $7.64.

Institutional Investors Weigh In On HIVE Digital Technologies

A number of large investors have recently made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. bought a new position in HIVE Digital Technologies in the fourth quarter worth approximately $26,000. Lifeworks Advisors LLC purchased a new stake in shares of HIVE Digital Technologies during the third quarter worth about $35,000. Wells Fargo & Company MN increased its holdings in shares of HIVE Digital Technologies by 60.9% in the fourth quarter. Wells Fargo & Company MN now owns 15,320 shares of the company’s stock worth $44,000 after purchasing an additional 5,800 shares during the last quarter. Quadrature Capital Ltd purchased a new position in shares of HIVE Digital Technologies in the 3rd quarter worth $50,000. Finally, Franklin Resources Inc. purchased a new stake in shares of HIVE Digital Technologies in the fourth quarter valued at $53,000. 24.42% of the stock is currently owned by institutional investors.

HIVE Digital Technologies Price Performance

Shares of NASDAQ:HIVE opened at $1.75 on Tuesday. The business has a 50-day simple moving average of $2.61 and a two-hundred day simple moving average of $3.22. The company has a debt-to-equity ratio of 0.03, a quick ratio of 10.41 and a current ratio of 10.41. The firm has a market cap of $276.66 million, a price-to-earnings ratio of -35.00 and a beta of 3.51. HIVE Digital Technologies has a fifty-two week low of $1.65 and a fifty-two week high of $5.54.

HIVE Digital Technologies (NASDAQ:HIVE) last issued its earnings results on Tuesday, February 11th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.05. HIVE Digital Technologies had a negative net margin of 5.45% and a negative return on equity of 8.95%. On average, analysts expect that HIVE Digital Technologies will post -0.32 earnings per share for the current year.

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.