HIVE Digital Technologies (NASDAQ:HIVE) Shares Gap Down – Should You Sell?

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) gapped down prior to trading on Friday . The stock had previously closed at $3.66, but opened at $3.37. HIVE Digital Technologies shares last traded at $3.4550, with a volume of 9,969,549 shares traded.

Wall Street Analysts Forecast Growth

HIVE has been the subject of several analyst reports. Northland Securities set a $7.50 price target on shares of HIVE Digital Technologies in a report on Tuesday, October 7th. Zacks Research upgraded HIVE Digital Technologies to a “hold” rating in a research report on Friday, August 8th. Weiss Ratings reissued a “sell (d+)” rating on shares of HIVE Digital Technologies in a research note on Friday, October 31st. Canaccord Genuity Group restated a “buy” rating and set a $10.00 price objective on shares of HIVE Digital Technologies in a research note on Monday, October 13th. Finally, Wall Street Zen upgraded shares of HIVE Digital Technologies from a “strong sell” rating to a “hold” rating in a research report on Saturday, August 16th. Eight investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $8.00.

HIVE Digital Technologies Trading Down 6.4%

The company’s 50-day moving average is $4.76 and its 200 day moving average is $3.03. The company has a current ratio of 3.42, a quick ratio of 3.42 and a debt-to-equity ratio of 0.02. The firm has a market cap of $814.16 million, a PE ratio of -17.17 and a beta of 3.54.

HIVE Digital Technologies (NASDAQ:HIVE) last released its earnings results on Thursday, August 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.02. The company had revenue of $45.61 million during the quarter, compared to analyst estimates of $45.16 million. HIVE Digital Technologies had a negative return on equity of 17.39% and a negative net margin of 17.47%. As a group, sell-side analysts predict that HIVE Digital Technologies Ltd. will post -0.32 EPS for the current year.

Hedge Funds Weigh In On HIVE Digital Technologies

Hedge funds have recently bought and sold shares of the business. SBI Securities Co. Ltd. raised its position in shares of HIVE Digital Technologies by 30.9% in the first quarter. SBI Securities Co. Ltd. now owns 31,950 shares of the company’s stock valued at $46,000 after purchasing an additional 7,535 shares during the period. Y Intercept Hong Kong Ltd acquired a new stake in HIVE Digital Technologies during the first quarter worth about $31,000. Phoenix Financial Ltd. increased its position in shares of HIVE Digital Technologies by 81.3% during the first quarter. Phoenix Financial Ltd. now owns 208,904 shares of the company’s stock valued at $304,000 after purchasing an additional 93,704 shares during the period. Arkadios Wealth Advisors acquired a new position in shares of HIVE Digital Technologies in the 1st quarter valued at $72,000. Finally, Baader Bank Aktiengesellschaft acquired a new stake in shares of HIVE Digital Technologies during the 1st quarter valued at about $51,000. 24.42% of the stock is owned by institutional investors and hedge funds.

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.