HIVE Digital Technologies (NASDAQ:HIVE) Stock Price Down 4.8% – Here’s Why

HIVE Digital Technologies Ltd. (NASDAQ:HIVE)’s share price dropped 4.8% during mid-day trading on Thursday . The stock traded as low as $3.91 and last traded at $3.96. Approximately 3,189,529 shares were traded during trading, a decline of 11% from the average daily volume of 3,599,033 shares. The stock had previously closed at $4.16.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $9.00 price objective on shares of HIVE Digital Technologies in a report on Tuesday. HC Wainwright lifted their target price on HIVE Digital Technologies from $5.00 to $8.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Canaccord Genuity Group lifted their price target on HIVE Digital Technologies from $6.00 to $7.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Northland Capmk upgraded HIVE Digital Technologies to a “strong-buy” rating in a research report on Thursday, September 19th. Finally, Northland Securities lifted their price target on HIVE Digital Technologies from $5.50 to $7.00 and gave the company an “outperform” rating in a research report on Thursday, November 14th. One investment analyst has rated the stock with a sell rating, five have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, HIVE Digital Technologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $7.40.

HIVE Digital Technologies Stock Performance

The company has a current ratio of 5.56, a quick ratio of 5.56 and a debt-to-equity ratio of 0.06. The business has a fifty day moving average price of $3.62 and a 200-day moving average price of $3.25.

HIVE Digital Technologies (NASDAQ:HIVE) last posted its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.03. HIVE Digital Technologies had a negative return on equity of 10.78% and a negative net margin of 12.04%. The company had revenue of $22.65 million for the quarter, compared to the consensus estimate of $25.32 million. During the same quarter in the prior year, the company earned ($0.29) earnings per share. On average, research analysts predict that HIVE Digital Technologies Ltd. will post -0.29 earnings per share for the current fiscal year.

Institutional Investors Weigh In On HIVE Digital Technologies

Institutional investors and hedge funds have recently modified their holdings of the business. Lifeworks Advisors LLC purchased a new position in HIVE Digital Technologies during the 3rd quarter worth $35,000. Vanguard Personalized Indexing Management LLC purchased a new position in HIVE Digital Technologies during the 2nd quarter worth $36,000. Gladstone Institutional Advisory LLC purchased a new position in HIVE Digital Technologies during the 3rd quarter worth $44,000. Quadrature Capital Ltd purchased a new position in HIVE Digital Technologies during the 3rd quarter worth $50,000. Finally, Impact Partnership Wealth LLC increased its holdings in HIVE Digital Technologies by 202.4% during the 2nd quarter. Impact Partnership Wealth LLC now owns 48,945 shares of the company’s stock worth $151,000 after purchasing an additional 32,760 shares during the period. 24.42% of the stock is owned by institutional investors.

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.