HIVE Digital Technologies Ltd. (NASDAQ:HIVE) Short Interest Down 20.6% in October

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) was the recipient of a significant decline in short interest in October. As of October 31st, there was short interest totalling 4,310,000 shares, a decline of 20.6% from the October 15th total of 5,430,000 shares. Based on an average daily trading volume, of 3,740,000 shares, the days-to-cover ratio is currently 1.2 days. Approximately 3.7% of the company’s stock are sold short.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on HIVE shares. Cantor Fitzgerald began coverage on HIVE Digital Technologies in a research note on Tuesday, October 29th. They issued an “overweight” rating and a $9.00 price target for the company. B. Riley assumed coverage on shares of HIVE Digital Technologies in a research report on Friday, July 19th. They set a “buy” rating and a $6.00 price objective for the company. Northland Capmk raised shares of HIVE Digital Technologies to a “strong-buy” rating in a research note on Thursday, September 19th. Northland Securities increased their price target on HIVE Digital Technologies from $5.50 to $7.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, HC Wainwright lifted their price objective on HIVE Digital Technologies from $5.00 to $8.00 and gave the stock a “buy” rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $7.17.

HIVE Digital Technologies Stock Up 3.0 %

NASDAQ HIVE traded up $0.13 on Friday, reaching $4.43. 5,597,037 shares of the stock traded hands, compared to its average volume of 3,567,318. The company has a debt-to-equity ratio of 0.06, a quick ratio of 7.35 and a current ratio of 5.56. The company has a fifty day moving average price of $3.51 and a 200-day moving average price of $3.20. The company has a market cap of $561.84 million, a price-to-earnings ratio of -31.64 and a beta of 3.43. HIVE Digital Technologies has a 12 month low of $2.18 and a 12 month high of $5.74.

HIVE Digital Technologies (NASDAQ:HIVE) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.03. The firm 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 in the previous year, the company posted ($0.29) EPS. As a group, research analysts forecast that HIVE Digital Technologies will post -0.28 EPS for the current fiscal year.

Institutional Investors Weigh In On HIVE Digital Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Van ECK Associates Corp grew its holdings in HIVE Digital Technologies by 35.4% in the second 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 period. Impact Partnership Wealth LLC raised its position in HIVE Digital Technologies by 202.4% in the second 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 period. Vanguard Personalized Indexing Management LLC purchased a new stake in HIVE Digital Technologies in the second quarter valued at $36,000. Gladstone Institutional Advisory LLC purchased a new stake in HIVE Digital Technologies in the third quarter valued at $44,000. Finally, State Street Corp raised its position in HIVE Digital Technologies by 2.9% in the third quarter. State Street Corp now owns 3,214,101 shares of the company’s stock valued at $10,060,000 after purchasing an additional 91,056 shares during the period. 24.42% of the stock is currently owned by hedge funds and other institutional investors.

HIVE Digital Technologies Company Profile

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.