HIVE Digital Technologies (NASDAQ:HIVE) Sees Large Volume Increase – Should You Buy?

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) shares saw strong trading volume on Tuesday . 4,560,488 shares changed hands during trading, an increase of 16% from the previous session’s volume of 3,936,002 shares.The stock last traded at $3.80 and had previously closed at $3.92.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on HIVE shares. Canaccord Genuity Group lifted their price objective on HIVE Digital Technologies from $6.00 to $7.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Northland Securities lifted their price target on shares of HIVE Digital Technologies from $5.50 to $7.00 and gave the stock an “outperform” rating in a research note on Thursday, November 14th. Northland Capmk upgraded shares of HIVE Digital Technologies to a “strong-buy” rating in a research note on Thursday, September 19th. Cantor Fitzgerald reissued an “overweight” rating and issued a $9.00 target price on shares of HIVE Digital Technologies in a research report on Tuesday, November 19th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $8.00 price target on shares of HIVE Digital Technologies in a research report on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, HIVE Digital Technologies currently has an average rating of “Moderate Buy” and a consensus price target of $7.40.

HIVE Digital Technologies Stock Performance

The company has a debt-to-equity ratio of 0.06, a current ratio of 5.56 and a quick ratio of 5.56. The company has a fifty day moving average price of $3.94 and a two-hundred day moving average price of $3.45. The firm has a market cap of $523.70 million, a price-to-earnings ratio of -28.00 and a beta of 3.39.

HIVE Digital Technologies (NASDAQ:HIVE) last announced its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping 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 analyst estimates of $25.32 million. During the same period in the previous year, the firm earned ($0.29) earnings per share. As a group, equities research analysts expect that HIVE Digital Technologies Ltd. will post -0.33 EPS for the current year.

Institutional Investors Weigh In On HIVE Digital Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the company. Van ECK Associates Corp boosted its stake in HIVE Digital Technologies by 35.4% in the 2nd quarter. Van ECK Associates Corp now owns 3,894,605 shares of the company’s stock valued at $11,995,000 after buying an additional 1,018,231 shares in the last quarter. XTX Topco Ltd acquired a new stake in HIVE Digital Technologies in the 3rd quarter valued at approximately $463,000. Charles Schwab Investment Management Inc. raised its holdings in shares of HIVE Digital Technologies by 48.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 325,216 shares of the company’s stock valued at $1,018,000 after purchasing an additional 106,103 shares during the last quarter. State Street Corp grew 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 in the last quarter. Finally, Centiva Capital LP acquired a new position in shares of HIVE Digital Technologies during the 3rd quarter worth approximately $235,000. 24.42% of the stock is 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.