HIVE Digital Technologies (NASDAQ:HIVE) Stock Price Down 6.3% – Here’s What Happened

Shares of HIVE Digital Technologies Ltd. (NASDAQ:HIVE) dropped 6.3% on Wednesday . The company traded as low as $4.84 and last traded at $4.91. Approximately 5,382,515 shares changed hands during trading, an increase of 52% from the average daily volume of 3,536,763 shares. The stock had previously closed at $5.24.

Wall Street Analysts Forecast Growth

HIVE has been the topic of a number of recent analyst reports. Northland Securities increased their price target on shares of HIVE Digital Technologies from $5.50 to $7.00 and gave the stock an “outperform” rating in a report on Thursday. Northland Capmk upgraded shares of HIVE Digital Technologies to a “strong-buy” rating in a research note on Thursday, September 19th. B. Riley started coverage on shares of HIVE Digital Technologies in a research report on Friday, July 19th. They set a “buy” rating and a $6.00 price target for the company. Canaccord Genuity Group increased 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. Finally, Cantor Fitzgerald started coverage on HIVE Digital Technologies in a research note on Tuesday, October 29th. They issued an “overweight” rating and a $9.00 target price on the stock. One analyst has rated the stock with a sell rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $7.17.

HIVE Digital Technologies Price Performance

The company has a debt-to-equity ratio of 0.06, a quick ratio of 7.35 and a current ratio of 5.56. The company has a 50 day simple moving average of $3.51 and a 200-day simple moving average of $3.20.

HIVE Digital Technologies (NASDAQ:HIVE) last issued its earnings results on Monday, August 12th. The company reported ($0.08) earnings per share for the quarter, meeting the consensus estimate of ($0.08). HIVE Digital Technologies had a negative return on equity of 10.78% and a negative net margin of 12.04%. The company had revenue of $32.24 million during the quarter, compared to analysts’ expectations of $31.85 million. Equities research analysts anticipate that HIVE Digital Technologies Ltd. will post -0.28 earnings per share for the current fiscal year.

Institutional Trading of HIVE Digital Technologies

Large investors have recently modified their holdings of the business. Lifeworks Advisors LLC purchased a new stake in HIVE Digital Technologies in the 3rd quarter worth approximately $35,000. Vanguard Personalized Indexing Management LLC purchased a new stake in HIVE Digital Technologies in the second quarter worth $36,000. Gladstone Institutional Advisory LLC bought a new stake in HIVE Digital Technologies in the third quarter valued at $44,000. Impact Partnership Wealth LLC boosted its holdings 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 valued at $151,000 after acquiring an additional 32,760 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in 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 worth $1,018,000 after purchasing an additional 106,103 shares in the last quarter. 24.42% of the stock is 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.