HIVE Digital Technologies (NASDAQ:HIVE) Shares Gap Up – Here’s Why

HIVE Digital Technologies Ltd. (NASDAQ:HIVE)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $3.66, but opened at $3.80. HIVE Digital Technologies shares last traded at $3.97, with a volume of 4,545,052 shares traded.

Wall Street Analysts Forecast Growth

HIVE has been the topic of several recent research reports. Northland Securities boosted their price objective on shares of HIVE Digital Technologies from $5.50 to $7.00 and gave the stock an “outperform” rating in a research report on Thursday, November 14th. HC Wainwright boosted their price objective on shares of HIVE Digital Technologies from $5.00 to $8.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. StockNews.com upgraded shares of HIVE Digital Technologies to a “sell” rating in a research report on Wednesday. Cantor Fitzgerald reiterated an “overweight” rating and issued a $9.00 price objective on shares of HIVE Digital Technologies in a research report on Tuesday, November 19th. Finally, Northland Capmk upgraded shares of HIVE Digital Technologies to a “strong-buy” rating in a report on Thursday, September 19th. One analyst has rated the stock with a sell rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, HIVE Digital Technologies has an average rating of “Moderate Buy” and an average target price of $7.40.

HIVE Digital Technologies Stock Performance

The company has a quick ratio of 5.56, a current ratio of 5.56 and a debt-to-equity ratio of 0.06. The stock’s fifty day simple moving average is $3.72 and its 200-day simple moving average is $3.31.

HIVE Digital Technologies (NASDAQ:HIVE) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.03. The business had revenue of $22.65 million for the quarter, compared to analyst estimates of $25.32 million. HIVE Digital Technologies had a negative net margin of 12.04% and a negative return on equity of 10.78%. During the same period in the prior year, the firm posted ($0.29) EPS. Analysts forecast that HIVE Digital Technologies Ltd. will post -0.29 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of HIVE. Lifeworks Advisors LLC acquired a new stake in HIVE Digital Technologies during the 3rd quarter worth approximately $35,000. Vanguard Personalized Indexing Management LLC acquired a new stake in HIVE Digital Technologies during the 2nd quarter worth approximately $36,000. Gladstone Institutional Advisory LLC acquired a new stake in HIVE Digital Technologies during the 3rd quarter worth approximately $44,000. Quadrature Capital Ltd acquired a new stake in HIVE Digital Technologies during the 3rd quarter worth approximately $50,000. Finally, Wellington Management Group LLP acquired a new stake in HIVE Digital Technologies during the 3rd quarter worth approximately $120,000. 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.