HIVE Digital Technologies Ltd. (NASDAQ:HIVE) Sees Large Growth in Short Interest

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) was the recipient of a significant growth in short interest in December. As of December 31st, there was short interest totalling 3,960,000 shares, a growth of 13.1% from the December 15th total of 3,500,000 shares. Based on an average daily volume of 7,250,000 shares, the short-interest ratio is currently 0.5 days. Approximately 3.1% of the shares of the company are sold short.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on HIVE shares. Northland Securities lifted their price objective on HIVE Digital Technologies from $5.50 to $7.00 and gave the company an “outperform” rating in a report on Thursday, November 14th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $9.00 price objective on shares of HIVE Digital Technologies in a report on Tuesday, November 19th. Roth Capital raised HIVE Digital Technologies to a “strong-buy” rating in a report on Wednesday, December 18th. HC Wainwright reiterated a “buy” rating and issued a $8.00 price target on shares of HIVE Digital Technologies in a report on Tuesday, December 3rd. Finally, Canaccord Genuity Group upped their target price on shares of HIVE Digital Technologies from $6.00 to $7.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. One research analyst has rated the stock with a sell rating, seven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $7.42.

HIVE Digital Technologies Stock Performance

Shares of HIVE opened at $3.20 on Monday. HIVE Digital Technologies has a 12-month low of $2.18 and a 12-month high of $5.54. The stock has a market cap of $452.61 million, a P/E ratio of -22.86 and a beta of 3.46. 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 company has a 50-day moving average of $3.68 and a two-hundred day moving average of $3.47.

HIVE Digital Technologies (NASDAQ:HIVE) last posted its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.03. The firm had revenue of $22.65 million for 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 quarter in the prior year, the company earned ($0.29) EPS. As a group, research analysts predict that HIVE Digital Technologies will post -0.34 EPS for the current fiscal year.

Institutional Trading of HIVE Digital Technologies

Large investors have recently made changes to their positions in the stock. Lifeworks Advisors LLC purchased a new position in HIVE Digital Technologies in the 3rd quarter valued at about $35,000. Vanguard Personalized Indexing Management LLC acquired a new stake in HIVE Digital Technologies during the second quarter worth approximately $36,000. Gladstone Institutional Advisory LLC purchased a new stake in HIVE Digital Technologies in the 3rd quarter worth approximately $44,000. Quadrature Capital Ltd acquired a new position in HIVE Digital Technologies in the 3rd quarter valued at $50,000. Finally, Wellington Management Group LLP purchased a new position in shares of HIVE Digital Technologies during the 3rd quarter worth $120,000. Institutional investors and hedge funds own 24.42% of the company’s stock.

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.