HIVE Digital Technologies Ltd. (NASDAQ:HIVE) Short Interest Up 15.7% in June

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) was the target of a significant increase in short interest during the month of June. As of June 15th, there was short interest totalling 3,840,000 shares, an increase of 15.7% from the May 31st total of 3,320,000 shares. Based on an average daily trading volume, of 2,880,000 shares, the short-interest ratio is presently 1.3 days. Approximately 3.7% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on HIVE shares. StockNews.com upgraded shares of HIVE Digital Technologies to a “sell” rating in a research note on Sunday, June 9th. Canaccord Genuity Group reiterated a “buy” rating and issued a $6.00 target price on shares of HIVE Digital Technologies in a research report on Wednesday, June 26th. Finally, HC Wainwright reissued a “neutral” rating and set a $3.50 price target on shares of HIVE Digital Technologies in a research report on Wednesday, June 26th.

HIVE Digital Technologies Price Performance

Shares of NASDAQ:HIVE opened at $3.14 on Wednesday. The company has a quick ratio of 6.77, a current ratio of 6.77 and a debt-to-equity ratio of 0.07. The firm has a 50-day simple moving average of $2.77 and a 200 day simple moving average of $3.31. HIVE Digital Technologies has a fifty-two week low of $2.18 and a fifty-two week high of $6.84. The company has a market cap of $367.64 million, a PE ratio of -5.32 and a beta of 3.51.

HIVE Digital Technologies (NASDAQ:HIVE) last announced its quarterly earnings results on Monday, June 24th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.10. HIVE Digital Technologies had a negative net margin of 44.73% and a negative return on equity of 28.52%. The company had revenue of $36.88 million during the quarter, compared to the consensus estimate of $39.70 million. On average, sell-side analysts anticipate that HIVE Digital Technologies will post -0.39 EPS for the current year.

Institutional Trading of HIVE Digital Technologies

Several hedge funds have recently added to or reduced their stakes in HIVE. MMCAP International Inc. SPC bought a new position in shares of HIVE Digital Technologies in the first quarter valued at approximately $11,227,000. Van ECK Associates Corp raised its holdings in HIVE Digital Technologies by 56.0% during the 1st quarter. Van ECK Associates Corp now owns 2,876,374 shares of the company’s stock worth $9,693,000 after buying an additional 1,032,672 shares during the period. Vident Advisory LLC lifted its stake in HIVE Digital Technologies by 78.6% during the first quarter. Vident Advisory LLC now owns 1,737,308 shares of the company’s stock valued at $5,856,000 after buying an additional 764,387 shares in the last quarter. Quadrature Capital Ltd acquired a new position in shares of HIVE Digital Technologies in the fourth quarter worth about $458,000. Finally, Invesco Ltd. increased its position in shares of HIVE Digital Technologies by 2.8% in the third quarter. Invesco Ltd. now owns 2,918,364 shares of the company’s stock worth $8,989,000 after acquiring an additional 80,788 shares in the last quarter. Institutional investors 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.