HIVE Digital Technologies (NASDAQ:HIVE) Trading Down 8.9% – Here’s Why

HIVE Digital Technologies Ltd. (NASDAQ:HIVE)’s share price traded down 8.9% during mid-day trading on Tuesday . The stock traded as low as $3.16 and last traded at $3.1610. 3,314,642 shares traded hands during trading, a decline of 76% from the average session volume of 13,608,678 shares. The stock had previously closed at $3.47.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Wall Street Zen lowered shares of HIVE Digital Technologies from a “hold” rating to a “sell” rating in a research note on Saturday, November 22nd. B. Riley cut their price target on shares of HIVE Digital Technologies from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Friday, November 21st. HC Wainwright increased their price target on HIVE Digital Technologies from $8.00 to $10.00 and gave the stock a “buy” rating in a report on Tuesday, November 18th. Canaccord Genuity Group reissued a “buy” rating and issued a $10.00 price objective on shares of HIVE Digital Technologies in a research report on Friday, November 21st. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $10.00 price objective on shares of HIVE Digital Technologies in a research note on Tuesday, November 18th. Six analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $8.21.

HIVE Digital Technologies Trading Down 5.0%

The firm’s 50 day simple moving average is $3.07 and its two-hundred day simple moving average is $3.44. The stock has a market capitalization of $763.82 million, a P/E ratio of -14.62 and a beta of 3.58. The company has a quick ratio of 2.55, a current ratio of 2.55 and a debt-to-equity ratio of 0.02.

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

Hedge Funds Weigh In On HIVE Digital Technologies

A number of institutional investors have recently modified their holdings of HIVE. Two Sigma Investments LP bought a new position in shares of HIVE Digital Technologies in the third quarter valued at $17,584,000. Vident Advisory LLC increased its position in shares of HIVE Digital Technologies by 53.0% during the second quarter. Vident Advisory LLC now owns 3,766,446 shares of the company’s stock worth $6,780,000 after acquiring an additional 1,305,057 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of HIVE Digital Technologies by 55.0% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,780,876 shares of the company’s stock worth $11,212,000 after acquiring an additional 987,314 shares during the last quarter. Tidal Investments LLC lifted its position in HIVE Digital Technologies by 15.4% in the 3rd quarter. Tidal Investments LLC now owns 4,771,312 shares of the company’s stock valued at $19,228,000 after acquiring an additional 637,679 shares in the last quarter. Finally, Voya Investment Management LLC acquired a new position in HIVE Digital Technologies during the 3rd quarter valued at about $1,672,000. 24.42% of the stock is owned by institutional investors and hedge funds.

About HIVE Digital Technologies

HIVE Digital Technologies Ltd is a publicly traded blockchain infrastructure company that specializes in the mining of digital assets such as Bitcoin and Ethereum. Using high-performance GPU and ASIC hardware, HIVE deploys proprietary mining rigs across multiple data centers to validate transactions on major blockchain networks. The company’s operations are designed to maximize hashing power while maintaining efficiency and uptime, enabling it to build and hold a portfolio of mined cryptocurrencies.

Headquartered in Vancouver, British Columbia, HIVE Digital operates data center facilities in North America and Europe, including Canada, Sweden and Iceland.