HIVE Digital Technologies (NASDAQ:HIVE) Stock Price Down 5.6% – What’s Next?

HIVE Digital Technologies Ltd. (NASDAQ:HIVE)’s share price traded down 5.6% on Wednesday . The company traded as low as $3.32 and last traded at $3.2850. 4,068,904 shares changed hands during trading, a decline of 80% from the average session volume of 19,863,135 shares. The stock had previously closed at $3.48.

Wall Street Analyst Weigh In

A number of research firms have commented on HIVE. Rosenblatt Securities reaffirmed a “buy” rating and issued a $10.00 target price on shares of HIVE Digital Technologies in a research report on Tuesday. Northland Securities set a $7.50 price objective on HIVE Digital Technologies in a report on Tuesday, October 7th. HC Wainwright increased their target price on HIVE Digital Technologies from $8.00 to $10.00 and gave the company a “buy” rating in a report on Tuesday. Canaccord Genuity Group restated a “buy” rating and set a $10.00 price target on shares of HIVE Digital Technologies in a research note on Friday. Finally, Wall Street Zen raised shares of HIVE Digital Technologies from a “strong sell” rating to a “hold” rating in a research report on Saturday, August 16th. Eight equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, HIVE Digital Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $8.13.

HIVE Digital Technologies Price Performance

The firm has a market cap of $686.98 million, a PE ratio of -13.76 and a beta of 3.54. The firm’s fifty day simple moving average is $4.79 and its two-hundred day simple moving average is $3.09. The company has a quick ratio of 3.42, a current ratio of 2.55 and a debt-to-equity ratio of 0.02.

HIVE Digital Technologies (NASDAQ:HIVE) last announced its quarterly earnings data on Friday, November 14th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.01). HIVE Digital Technologies had a negative net margin of 16.18% and a negative return on equity of 14.15%. The firm had revenue of $83.37 million for the quarter, compared to the consensus estimate of $80.62 million. As a group, research analysts expect that HIVE Digital Technologies Ltd. will post -0.32 EPS for the current year.

Hedge Funds Weigh In On HIVE Digital Technologies

A number of hedge funds have recently made changes to their positions in HIVE. WMG Financial Advisors LLC purchased a new stake in shares of HIVE Digital Technologies during the third quarter worth about $40,000. HBW Advisory Services LLC bought a new position in HIVE Digital Technologies in the 3rd quarter worth approximately $40,000. PKS Advisory Services LLC purchased a new stake in HIVE Digital Technologies during the 3rd quarter valued at approximately $44,000. R Squared Ltd bought a new stake in shares of HIVE Digital Technologies during the third quarter valued at approximately $45,000. Finally, PFG Private Wealth Management LLC purchased a new position in shares of HIVE Digital Technologies in the third quarter worth $54,000. Institutional investors 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.