Canaccord Genuity Group Reaffirms Buy Rating for HIVE Digital Technologies (NASDAQ:HIVE)

HIVE Digital Technologies (NASDAQ:HIVE)‘s stock had its “buy” rating restated by equities research analysts at Canaccord Genuity Group in a research note issued on Thursday,Benzinga reports. They currently have a $9.00 price target on the stock. Canaccord Genuity Group’s price objective points to a potential upside of 287.10% from the stock’s previous close.

Other equities analysts have also recently issued reports about the stock. Wall Street Zen raised shares of HIVE Digital Technologies to a “sell” rating in a report on Saturday, May 17th. HC Wainwright cut their target price on shares of HIVE Digital Technologies from $9.00 to $6.00 and set a “buy” rating on the stock in a report on Friday, June 27th. Rosenblatt Securities cut their target price on shares of HIVE Digital Technologies from $5.50 to $5.00 and set a “buy” rating on the stock in a report on Friday, June 27th. Finally, Cantor Fitzgerald boosted their price objective on shares of HIVE Digital Technologies from $5.00 to $5.50 and gave the company an “overweight” rating in a research note on Friday, June 27th. One equities research analyst has rated the stock with a sell rating, eight have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $6.57.

HIVE Digital Technologies Stock Performance

Shares of HIVE Digital Technologies stock opened at $2.33 on Thursday. The firm’s fifty day simple moving average is $1.89 and its 200-day simple moving average is $2.18. The stock has a market capitalization of $463.12 million, a price-to-earnings ratio of -6.46 and a beta of 3.40. HIVE Digital Technologies has a 12 month low of $1.26 and a 12 month high of $5.54. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.72 and a quick ratio of 3.72.

HIVE Digital Technologies (NASDAQ:HIVE) last announced its earnings results on Wednesday, June 25th. The company reported ($0.31) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.20). The business had revenue of $31.16 million during the quarter, compared to analyst estimates of $31.47 million. HIVE Digital Technologies had a negative net margin of 48.65% and a negative return on equity of 20.30%. As a group, equities analysts forecast that HIVE Digital Technologies will post -0.32 earnings per share for the current year.

Hedge Funds Weigh In On HIVE Digital Technologies

Several institutional investors have recently bought and sold shares of the company. Tidal Investments LLC increased its stake in HIVE Digital Technologies by 5.0% in the 4th quarter. Tidal Investments LLC now owns 4,210,339 shares of the company’s stock valued at $11,999,000 after buying an additional 200,024 shares during the period. Vident Advisory LLC boosted its position in shares of HIVE Digital Technologies by 26.1% during the 4th quarter. Vident Advisory LLC now owns 2,831,492 shares of the company’s stock worth $8,072,000 after purchasing an additional 585,511 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of HIVE Digital Technologies by 87.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,383,446 shares of the company’s stock worth $2,006,000 after purchasing an additional 647,159 shares in the last quarter. Cubist Systematic Strategies LLC boosted its position in shares of HIVE Digital Technologies by 332.8% during the 4th quarter. Cubist Systematic Strategies LLC now owns 962,677 shares of the company’s stock worth $2,744,000 after purchasing an additional 740,247 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of HIVE Digital Technologies by 18.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 878,457 shares of the company’s stock worth $1,283,000 after purchasing an additional 137,651 shares in the last quarter. 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.