HIVE Digital Technologies (NASDAQ:HIVE) Shares Gap Up – Here’s Why

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) shares gapped up before the market opened on Wednesday . The stock had previously closed at $3.66, but opened at $3.80. HIVE Digital Technologies shares last traded at $3.97, with a volume of 4,545,052 shares.

Analyst Ratings Changes

HIVE has been the subject of a number of research analyst reports. Canaccord Genuity Group increased 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. Northland Securities increased their price objective on shares of HIVE Digital Technologies from $5.50 to $7.00 and gave the company an “outperform” rating in a research report on Thursday, November 14th. StockNews.com raised shares of HIVE Digital Technologies to a “sell” rating in a research report on Wednesday. Northland Capmk raised shares of HIVE Digital Technologies to a “strong-buy” rating in a research report on Thursday, September 19th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $9.00 price objective on shares of HIVE Digital Technologies in a research report on Tuesday, November 19th. One 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $7.40.

HIVE Digital Technologies Price Performance

The company has a debt-to-equity ratio of 0.06, a quick ratio of 5.56 and a current ratio of 5.56. The business’s 50-day moving average price is $3.72 and its two-hundred day moving average price is $3.31.

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

Institutional Trading of HIVE Digital Technologies

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

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.