HIVE Digital Technologies (NASDAQ:HIVE) Shares Down 6.3% – Time to Sell?

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) shares dropped 6.3% during mid-day trading on Wednesday . The company traded as low as $4.84 and last traded at $4.91. Approximately 5,382,515 shares traded hands during mid-day trading, an increase of 52% from the average daily volume of 3,536,763 shares. The stock had previously closed at $5.24.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on HIVE shares. Canaccord Genuity Group increased their price target on shares of HIVE Digital Technologies from $6.00 to $7.00 and gave the stock a “buy” rating in a research note on Thursday. Cantor Fitzgerald assumed coverage on shares of HIVE Digital Technologies in a report on Tuesday, October 29th. They set an “overweight” rating and a $9.00 target price for the company. HC Wainwright raised their price objective on HIVE Digital Technologies from $5.00 to $8.00 and gave the company a “buy” rating in a research report on Thursday. Northland Securities lifted their price target on HIVE Digital Technologies from $5.50 to $7.00 and gave the stock an “outperform” rating in a research report on Thursday. Finally, 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 on the stock. One equities research analyst has rated the stock with a sell rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $7.17.

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 7.35. The company’s fifty day moving average is $3.51 and its 200-day moving average is $3.20.

HIVE Digital Technologies (NASDAQ:HIVE) last issued its quarterly earnings data on Monday, August 12th. The company reported ($0.08) EPS for the quarter, hitting the consensus estimate of ($0.08). 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 $32.24 million during the quarter, compared to analyst estimates of $31.85 million. As a group, equities analysts predict that HIVE Digital Technologies Ltd. will post -0.28 EPS for the current year.

Hedge Funds Weigh In On HIVE Digital Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in HIVE. Van ECK Associates Corp raised its position 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 worth $11,995,000 after acquiring an additional 1,018,231 shares during the period. Vident Advisory LLC increased its stake in shares of HIVE Digital Technologies by 78.6% in the 1st quarter. Vident Advisory LLC now owns 1,737,308 shares of the company’s stock worth $5,856,000 after purchasing an additional 764,387 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in HIVE Digital Technologies by 48.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 325,216 shares of the company’s stock worth $1,018,000 after purchasing an additional 106,103 shares during the period. Impact Partnership Wealth LLC lifted its position in HIVE Digital Technologies by 202.4% during 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 in the last quarter. Finally, Gladstone Institutional Advisory LLC bought a new stake in HIVE Digital Technologies during the third quarter valued at about $44,000. Hedge funds and other institutional investors 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.