HIVE Digital Technologies Ltd. (NASDAQ:HIVE) Receives Average Rating of “Buy” from Brokerages

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) has been assigned an average recommendation of “Buy” from the six ratings firms that are currently covering the company, Marketbeat.com reports. Five research analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $7.40.

HIVE has been the subject of several research analyst reports. HC Wainwright reissued a “buy” rating and issued a $8.00 price objective on shares of HIVE Digital Technologies in a research report on Tuesday, December 3rd. Northland Capmk raised HIVE Digital Technologies to a “strong-buy” rating in a research report on Thursday, September 19th. 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. Cantor Fitzgerald reissued 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, StockNews.com upgraded HIVE Digital Technologies to a “sell” rating in a research note on Tuesday, December 3rd.

HIVE Digital Technologies Stock Down 7.1 %

Shares of NASDAQ:HIVE opened at $4.04 on Tuesday. The firm has a market cap of $534.53 million, a P/E ratio of -28.86 and a beta of 3.40. The company has a quick ratio of 5.56, a current ratio of 5.56 and a debt-to-equity ratio of 0.06. HIVE Digital Technologies has a 12-month low of $2.18 and a 12-month high of $5.74. The business has a fifty day simple moving average of $3.86 and a 200 day simple moving average of $3.41.

HIVE Digital Technologies (NASDAQ:HIVE) last announced its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.03. The business had revenue of $22.65 million during the quarter, compared to analyst estimates 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 period last year, the company earned ($0.29) EPS. Analysts predict that HIVE Digital Technologies will post -0.33 earnings per share for the current year.

Hedge Funds Weigh In On HIVE Digital Technologies

Hedge funds have recently added to or reduced their stakes in the stock. Van ECK Associates Corp boosted its stake in HIVE Digital Technologies by 35.4% during the 2nd quarter. Van ECK Associates Corp now owns 3,894,605 shares of the company’s stock valued at $11,995,000 after purchasing an additional 1,018,231 shares during the last quarter. Impact Partnership Wealth LLC boosted its stake in HIVE Digital Technologies by 202.4% during the 2nd quarter. Impact Partnership Wealth LLC now owns 48,945 shares of the company’s stock valued at $151,000 after purchasing an additional 32,760 shares during the last quarter. Vanguard Personalized Indexing Management LLC acquired a new position in HIVE Digital Technologies during the 2nd quarter valued at about $36,000. Gladstone Institutional Advisory LLC acquired a new position in HIVE Digital Technologies during the 3rd quarter valued at about $44,000. Finally, Lifeworks Advisors LLC acquired a new position in HIVE Digital Technologies during the 3rd quarter valued at about $35,000. Institutional investors and hedge funds own 24.42% of the company’s stock.

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.