HIVE Digital Technologies Ltd. (NASDAQ:HIVE) Receives $7.42 Average Target Price from Brokerages

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) has been assigned a consensus recommendation of “Buy” from the eight brokerages that are currently covering the stock, MarketBeat Ratings reports. Six analysts have rated the stock with a buy recommendation and two have issued a strong buy recommendation on the company. The average twelve-month target price among analysts that have covered the stock in the last year is $7.42.

A number of research firms have weighed in on HIVE. StockNews.com upgraded shares of HIVE Digital Technologies to a “sell” rating in a research report on Tuesday, December 3rd. HC Wainwright reaffirmed a “buy” rating and issued a $8.00 price target on shares of HIVE Digital Technologies in a research note on Tuesday, December 3rd. Canaccord Genuity Group lifted their price objective on HIVE Digital Technologies from $6.00 to $7.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Northland Securities upped their target price on HIVE Digital Technologies from $5.50 to $7.00 and gave the company an “outperform” rating in a report on Thursday, November 14th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $9.00 price objective on shares of HIVE Digital Technologies in a report on Tuesday, November 19th.

HIVE Digital Technologies Price Performance

HIVE Digital Technologies stock opened at $2.91 on Friday. HIVE Digital Technologies has a 1 year low of $2.18 and a 1 year high of $5.54. The company has a current ratio of 5.56, a quick ratio of 5.56 and a debt-to-equity ratio of 0.06. The business has a 50-day moving average of $3.93 and a 200-day moving average of $3.48. The firm has a market capitalization of $399.54 million, a P/E ratio of -20.78 and a beta of 3.39.

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

Institutional Investors Weigh In On HIVE Digital Technologies

Several institutional investors and hedge funds have recently made changes to their positions in the business. Virtu Financial LLC lifted its holdings in HIVE Digital Technologies by 527.9% in the 3rd quarter. Virtu Financial LLC now owns 71,990 shares of the company’s stock valued at $225,000 after purchasing an additional 60,524 shares in the last quarter. Toronto Dominion Bank lifted its stake in shares of HIVE Digital Technologies by 86,334.5% during the third quarter. Toronto Dominion Bank now owns 50,132 shares of the company’s stock valued at $157,000 after buying an additional 50,074 shares during the period. XTX Topco Ltd purchased a new stake in HIVE Digital Technologies in the 3rd quarter worth approximately $463,000. Wellington Management Group LLP acquired a new position in HIVE Digital Technologies in the third quarter valued at $120,000. Finally, State Street Corp boosted its stake in HIVE Digital Technologies by 2.9% in the 3rd quarter. State Street Corp now owns 3,214,101 shares of the company’s stock worth $10,060,000 after buying an additional 91,056 shares during the last quarter. 24.42% of the stock is currently owned by hedge funds and other institutional investors.

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.